ICICI Prudential Life Insurance

*Data according to IRDA Annual Report (2013-14)

ICICI Prudential Life Insurance Company is a joint venture between the ICICI Bank, one of India's largest and most successful private financial services company and Prudential Plc., a leading international financial services group headquartered in the United Kingdom. ICICI Bank holds 74% and Prudential Plc. having 26% of the stake of the joint venture as per the government rules.

Mr. Sandeep Bakhshi is the Managing Director & Chief Executive Officer of ICICI Prudential Life Insurance Company Ltd.

The company is the first private life insurer in India to have received a National Insurer Financial Strength rating of AAA from Fitch ratings. Another feather was added in the cap when it has been voted as India's Most Trusted Private Life Insurer for three consecutive years in a row.

ICICI Prudential Life Insurance has won the first prize for its project on digitalization at the Qimpro Awards 2014. ICICI Prudential Life Insurance has been conferred the ‘Insurance Company of the Year Award 2011’ and ‘Company of the Year Award 2011 – Life Insurance’ at The Indian Insurance Awards 2011 instituted by the reputed insurance journal of India ‘Insurance Review’.

ICICI Prudential has earned a total premium of Rs. 124.29 billion for the financial year 2014. As on March 31, 2011, the company’s assets have reached over Rs. 805.97 billion.

Product Portfolio

ICICI Prudential Term Plans:

The term plans help in protecting your family’s future and ensure that they lead their lives comfortably without any financial worries, even in your absence.

  • ICICI Pru iProtect
  • ICICI Pru iCare II

ICICI Prudential ULIP Plans:

These are unit linked insurance plans which help you in managing your savings based on your risk appetite. They provide you with a choice of portfolio strategies for your savings and at the same time secure you against uncertainties of life.

  • ICICI Pru Smart Life
  • ICICI Pru Guaranteed Wealth Protector
  • ICICI Pru Wealth Builder II
  • ICICI Pru Elite Life II
  • ICICI Pru Elite Wealth II

ICICI Prudential Pension Plans:

  • ICICI Pru Easy Retirement
  • ICICI Pru Immediate Annuity
  • ICICI Pru Easy Retirement SP

ICICI Prudential Child Plans:

ICICI Prudential Child Plans help your child receive guaranteed educational benefits and protect his dreams and aspirations.

  • ICICI Pru SmartKid Regular Premium

ICICI Prudential Investment Plans:

These are low risk investment plans that help you save for specific goals in the future and provide protection for your family from financial distress in case of your untimely demise.

  • ICICI Pru Cash Advantage
  • ICICI Pru Savings Suraksha

It is advisable to compare all ICICI Prudential life insurance plans from other life insurance companies in India to choose the best insurance plan that suits you the most.

ICICI Prudential Distribution Network:

ICICI bank has about 2000 branches in its network including its 1,100 micro-offices. It has over and 24 bancassurance partners.  As on June 30, 2011 ICICI Prudential Life Insurance has a network of approximately 1,400 offices and over 1,75,0000 advisors. Their online products are available through their websites directly.

ICICI Prudential Life Insurance - FAQs

1. How to pay premium? What are the modes of payment available?

For receiving continuity of your policy benefits, it is critical to pay premiums on time. You can pay your ICICI Life Insurance premium through these 11 methods:

  • Net Banking
  • Credit card
  • Bill desk
  • Bank Website Debit Car+ ATM PIN
  • Debit Card
  • Bill junction
  • Infinity
  • E-collect
  • Rupay Debit Card
  • Skypack drop box
  • MINC Drop Box

For paying premium online, you can login to e-portal

Step 1: Enter your policy details – policy number and policyholder’s date of birth

Step 2: Select your online bank account, debit/ credit card or use the NEFT facility to pay the premium

Step 3: Authenticate and confirm your payment details and receive online confirmation

For further assistance, can call toll-free- 1860 266 7766.

2. How can I check policy status?

You can check the policy status via online, or opt for SMS and e-mail reminder facility.

You can check ICICI Prudential Life Insurance Policy Status Online as follows.

  • Open ICICI Prudential Life Insurance website in your browser
  • Now you will be directed to a new window. On the top right side of this new page you can see the customer login section
  • Enter user ID and password to navigate to checking the policy status

Only registered users can access the portal, so you need to sign up for the service, if you haven’t yet.

3. What is the policy renewal process?

Online Policy Renewal facility is available to all ICICI Life Insurance customers. The process is as follows;

Step 1: Login into the website with your Client ID and password.

Step 2: Select the policy due for renewal payment. Click Pay Renewal Premium Now

Step 3: Choose payment option- NEFT, Credit Card/Debit Card

Step 4: Authenticate and confirm your payment details and print out the payment receipt

4. What is the company’s process to settle claim?

Step 1: Complete the claim form through -

Email - lifeline@iciciprufile.com

Phone-Call a claim care

Online claim

From branch office

Through SMS I CLAIM-space-policy no-56767

Write a letter-lifeline@iciciprufile[dot]com

Step 2: Form Evaluation

The Claim Care department examines the claim and if any essential documents are missing, the team immediately notifies the policyholder of the same. The team keeps the claimant up-to-date on the process via Emails, SMS and Letters.

Alternatively, you can call helpline number 1860-266-7766

Step 3: Claims Processing

On receipt of all the essential documents, the Claims department processes the application within 12 calendar days, if no investigation is needed for checking the claim made.

For quick access to claim funds, ICICI Life Insurance transfer funds directly into the beneficiary’s bank account.

In case of cashless hospitalization, you need to produce the relevant medical bills and reports, issued by the attending physician.

Upon completion of these documents, submit them to your nearest ICICI branch.

For more information on claim related issue call Customer Services Helpline at 1860-266-7766.

5. What is the policy cancellation process?

You need to keep your policy for a minimum of 3 years before you can cancel it. You need to fill a surrender form at any of the ICICI Prudential Life branches, and submit your policy documents. The cancellation process will take 30 days to complete and the surrender value funds will be directly transferred to your bank account.

If you signed up for a single premium policy, you can cancel it after the first policy year.

For more information on policy cancelation call toll free 1860-266-7766.

ICICI Lombard Life Insurance - Latest News

  • ICICI Lombard to settle 8.5 lakh Motor Insurance Claims this FY

    ICICI Lombard looks to settle 8.5 lakh claims under the division of motor insurance, specifically own-damage claims by this financial year just like it had settled 7.4 claims in the last financial year (FY’14-15). A major part of these claims is in relation to the devastating floods in Tamil Nadu, which people are expecting to be settled in this financial year. The motor insurance arm of the company accounts for about 45% of the total premium collected. As per Sanjay Datta, Chief – Underwriting and Claims, ICICI Lombard General Insurance said, the company so far has settled claims of Rs. 100 crore out of 10,000 claims received from Chennai only. Nevertheless, the company’s non-life insurance arm has a sum of Rs. 700 crore as the claim amount to settle, the company official said.
  • Stake Sale in ICICI Bank Life Insurance Joint Venture

    ICICI Bank recently reported a net profit of Rs. 3,018 crore for the third quarter of the FY’15-16, which at the same time in FY’14-15 was registered Rs. 2,889 crore by the largest lender throughout the private sector. This net profit of the Q3 ended December 31st last year includes a gain of 4% stake in the life insurance segment, which the company has already sold to Premji Invest. The company had more deals too, including 2% stake in the insurance venture with an investment vehicle of the government of Singapore, namely Temasek and 9% stake in the general insurance with Fairfax Financial Holdings of Canada. Once this venture will get the clearance from FIPB (Foreign Investment Promotion Board), it will be fetching another sum of Rs. 2100 crore. Chief Executive and Managing Director of ICICI Bank, Chanda Kocchar, gave credit to the asset quality review by Central Bank following instructions, which resulted in 60% growth in company’s gross NPA.
  • Paytm to Partner with ICICI Group for Insurance and Banking Co-ventures

    The digital wallet with its eCommerce portal, Paytm is looking forward to partnering with India’s leading banking and insurance companies, including ICICI Group (ICICi Lombard, ICICI Bank, and ICICI Prudential), Citibank and more. While in the mutual fund domain, Paytm is in constant touch with IIFL and SBI Mutual Fund since it in the final phase of partnering with multiple banking and insurance companies of India, including the mutual fund partners. Paytm recently partnered with ICICI Bank, aiming at letting its wallet users make both online and offline purchases using its virtual cards. After this tie-up, Paytm users can recharge their digital wallet at any ICICI bank branch through cash or cheque. Paytm’s founder is one among top 11 people in India to take RBI’s permission to build such a payments bank while he had expressed his strong desire to reach the top of the list.