ICICI Prudential Life Insurance Company is a joint venture between the ICICI Bank, 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.
The ICICI Prudential Life Company’s board appointed Mr. N.S. Kannan as the CEO & Managing Director of ICICI Prudential Life Insurance Company Limited for five years starting from 19th June 2018.
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 Pru Life Insurance Company is a first private life insurance provider that has crossed Rs.1 trillion market for Asset Under Management (AUM). As per the data till 31st March’2018, this company has the AUM of approximately Rs. 1,395.32 billion and the Total Sum Assured of more than Rs.8 trillion. ICICI Prudential Life Insurance Company is now listed on BSE and NSE.
ICICI Prudential Life Insurance Plans
ICICI Pru 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 Smart
Affordable and customizable term insurance plan from ICICI Prudential Life Insurance Company. It offers enhanced coverage for policyholder and his or her family.
Provides improved protection by offering coverage against death, terminal illness and disability.
Comprehensive additional benefits available by way of various riders like Accidental Death Benefit and Critical Illness Benefit that covers 34 life threatening illnesses.
Policy can easily be bought online anytime of the day in just 10 minutes.
Special premium rates available especially for women and non-tobacco users.
Single premium option offers the provision of surrender value; the surrender value decrease with each passing year and people can check their policy status for more details of how much surrender value they will get back.
Gives a choice to increase the life cover at important milestones in life like marriage and child birth or adoption.
Tax benefits applicable on premiums paid as per prevailing tax laws.
Need based benefit payout option available in the form of lump sum or monthly income for 10 years.
Offers flexibility to pay premiums once, for a limited period or throughout the policy duration.
ICICI Pru iCare II
It is the pure term insurance plan of ICICI Prudential Life to cover the loved ones of the insured and ensures that no hurdle can come in the passage of their dreams.
Secures the future of the loved ones of the insured even in his/her absence.
This plan can be started with the minimum premium of Rs.2,400 per annum, excluding the cesses and taxes, which are applicable.
The insured gets the choice to pay the premium either at once or in a regular interval throughout the period of the plan.
Provides tax benefits.
ICICI Pru 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 for your savings and at the same time secure you against uncertainties of life.
ICICI Pru Guaranteed Wealth Protector
A unit linked insurance plan from ICICI Pru life insurance offers dual assurance of capital protection and life cover.
Potential for high returns by exposure of up to 60% in equities through Guaranteed Wealth Protector strategy.
The capital or investment is protected from market downturns through an assured benefit.
Life insurance cover secures family’s future.
Flexible premium payment term available - premium can be paid just once or for a limited period of 5 years.
Receive loyalty benefits by way of Loyalty Additions and Wealth Booster.
Tax benefits as per prevailing tax laws on premiums paid and benefits received.
Users have online access and can check their ICICI Prudential life insurance policy status through their computer, mobile phone and / or tablet.
ICICI Pru Wealth Builder II
A savings and protection oriented unit linked insurance plan from ICICI Prudential life insurance.
Offers a life insurance cover to secure family's future.
Offers a choice of portfolio strategies:
Fixed Portfolio Strategy gives the option to allocate savings in funds of one’s choice.
Life Cycle based Portfolio Strategy is a unique, personalized strategy based on one’s age to create an ideal balance between equity and debt.
The company offers a diverse choice of 7 fund options to invest in and improve the policy status for wealth creation.
Offers flexibility in payment of premiums. For instance, premiums can be paid for a limited period or for the entire policy term.
Receive loyalty benefits for staying invested for a long term by way of Loyalty Additions and Wealth Boosters.
Tax benefits can be availed as per the prevailing tax laws.
Coverage level can be chosen based on one’s needs.
ICICI Pru Elite Wealth II
A savings and protection oriented unit linked insurance plan.
Offers multiple choices for investments with respect to premium payment, investment horizon and fund choices.
Provides a life insurance cover to protect one’s family in case of death of the insured.
Provides flexibility in paying premium as it can be paid for a limited period or for the entire policy term.
Receive Loyalty Additions which reduce effective Fund Management Charge (FMC).
Avail Wealth Boosters - once every 5 years starting from the end of the 10th policy year.
Choice of protection level of a life cover available based on requirements
Ability to manage changing financial priorities and investment outlook with unlimited free switches.
Tax benefits as per the prevailing tax laws on premiums paid and benefits received.
Online account that helps insured check his or her policy status whenever they want.
ICICI Pru Elite Life II
A savings and protection oriented unit linked insurance plan from ICICI Prudential life insurance.
Offers multiple options for investments with respect to premium payment, investment horizon and fund choices.
Provides a life insurance cover to protect the family in case of death of the insured.
Provides flexibility in paying premium – it can be paid for a limited period or for the entire policy term.
Offers a choice of portfolio strategies based on one’s requirements:
Fixed Portfolio Strategy - gives the option to allocate savings in funds of choice.
Life Cycle based Portfolio Strategy - a unique, personalised strategy to create an ideal balance between equity and debt based on one’s age.
Allows insured to receive Loyalty Additions which reduce effective Fund Management Charge (FMC).
Policyholders can Avail Wealth Boosters - once every 5 years starting from the end of the 10th policy year.
ICICI life insurance offers a choice of protection level of a life cover available based on requirements.
Insured can manage changing financial priorities and investment outlook with unlimited free switches.
Offers tax benefits as per the prevailing tax laws on premiums paid and benefits received.
Policyholders can check their policy status online to in increase cover or make any other changes to their policy.
ICICI Pru Signature
Provides financial protection to the loved ones of the insured by providing life insurance cover.
There is the return of the Total Charges of Premium Allocation and that is more than once.
For rewarding higher premiums, the value benefits are given to the insured.
With the option of Whole Life, the insured can enjoy the benefits of the policy until he/she reaches the age of 99 years.
Offers a systematic withdrawal option for regular withdrawal of money from the policy.
The minimum premium for this plan is Rs.2,00,000.
The premiums can be paid once, for a limited period, or regularly.
ICICI Pru LifeTime Classic
Provides life insurance coverage for protecting the loved ones.
Provides a choice of funds wherein one can grow his/her money.
A policyholder can get the wealth booster and loyalty addition by keeping invested in the plan.
Provides tax benefits as per Section 80C of the Income Tax Act, 1961.
One can start investing in this plan by paying the minimum premium of Rs.30, 000 per annum. This is provided only for Limited and Regular pay options.
Insured can pay the premium once, for a limited period of 5, 6, 7, 8, or 10 years, or regularly.
The policy duration can be selected between 10 years to 25 years depending on the age and selected premium payment term.
The policyholder has to invest only for one time and he/she can reap the benefits for the entire term.
Provides 100% amount investment in a broad range of funds.
Provides a choice of seven funds.
The tax benefit is given on the paid premiums and maturity benefits as per Section 10D and 80C of the Income Tax Act, 1961.
The minimum premium needed to start investing in this plan is Rs.50, 000.
The premium has to be paid only once.
The term of the policy is five or ten years.
ICICI Pru Elite Life Super
Offers financial security to the family of the insured by giving life insurance coverage.
An insured can conveniently move his/her money between debt and equity funds.
Provides four portfolio strategies to meet the requirements of the insured.
The minimum premium required to start investing in this plan is Rs.2 Lakhs per annum.
The premiums can be paid once, for a regular limited period of 5, 6, 7, 8, 9 or 10 years, or on a regular basis.
One can select the policy duration between 10 years to 30 years.
ICICI Pru Elite Wealth Super
Offers financial security to the loved ones of the policyholder in his/her absence.
There is an option to customize the strategies of the portfolio if the policyholder wants.
For long term investments, it offers rewards like Loyalty Additions and Wealth Booster.
The minimum premium with which this plan can be started is Rs.6 Lakhs per annum.
The term of the policy can range from 10 years to 30 years.
The premiums can be paid once, for a limited period of 5, 6, 7, 8, 9 or 10 years or regularly.
ICICI Pru Smart Couple Plan
This plan from ICICI life insurance provides different investment strategies to suit the needs of the insured.
The premium waived option ensures the financial security of the family in the absence of the insured.
For long term investors, there are rewards of Loyalty Additions and Wealth Booster.
The minimum premium with which this plan can be started is Rs.45, 000 per annum.
The insured has the choice to pay the premium once, regularly throughout the policy term, or for a limited period of time.
The policy term for one payment option is 10 years, whereas, for Limited and Regular pay option, the policyholder can select between 10 years to 25 years.
ICICI Pru Pension Plans
ICICI Pru Easy Retirement
Helps build a retirement corpus as per the individual’s risk appetite.
Provides the benefit of equity participation with the comfort of a capital guarantee.
Savings are protected from market downturns through an Assured Benefit.
Gives the right to pay premiums for 5 years, 10 years or throughout the policy term.
Money can be invested in the plan in form of top ups.
Option to choose from available annuity options at retirement to receive regular income.
Retirement corpus can be enhanced through Pension Boosters.
Tax benefits can be availed on premiums paid - investors can receive up to 1/3rd of the accumulated value on retirement date as a tax-free lump sum as per prevailing income tax laws.
The investor can also keep a track of his or her ICICI Prudential life insurance policy status online.
ICICI Pru Immediate Annuity
It is a non-participating retirement plan from ICICI Life Insurance.
A suite of 5 immediate annuity options give income for life and provide returns for golden years to match one’s requirements.
One can purchase this plan by making a lump-sum payment at the time of retirement.
The plan will start paying a regular income in the form of an annuity for life, at a chosen frequency (in the from 4 annuity payout modes) - monthly, quarterly, half-yearly or yearly.
There is a choice of 5 payout options and you can select the ICICI Prudential life insurance policy status that suits your needs.
The annuity amount chosen at policy inception is guaranteed for life, and in certain circumstances, for some period thereafter.
Offers various annuity options. The immediate annuities offered to individual and group customers include:
Individual Tied Immediate Annuity: Used to pay annuities under the individual deferred pension plans offered by ICICI Life Insurance.
Individual Standalone Immediate Annuity: Used when individuals want to purchase an annuity otherwise.
Superannuation Tied Immediate Annuity: This is used for:
Paying annuities under superannuation funds managed by ICICI Prudential Life.
Paying annuities under superannuation funds not managed by ICICI Prudential Life, and under other groups, if the premium for annuity purchase is more than Rs. 2 crore in a financial year.
Superannuation Standalone Immediate Annuity: Used to pay annuities under superannuation funds not managed by ICICI Prudential Life, and under other groups, if the premium for annuity purchase is less than Rs. 2 crore in a financial year.
The company offers various payout options:
Life Annuity: Under this option, ICICI Life Insurance pays annuity for life.
Life Annuity with Return of Purchase Price: This option pays annuity for life to the annuitant. On his or her death, the premium paid in the beginning is returned to the nominee or beneficiary.
Joint Life, Last Survivor without Return of Purchase Price: This option pays annuity throughout the life of the annuitant and on his / her death, continues the annuity during the lifetime of the named spouse.
Joint Life, Last Survivor with Return of Purchase Price: This option pays annuity throughout the life of the annuitant and on his / her death, continues the annuity during the lifetime of the named spouse. On the demise of the named spouse (last survivor), the premium (purchase price) is returned to the nominee.
Life Annuity guaranteed for 5/10/15 years and thereafter: This option pays an annuity for a guaranteed period of 5/10/15 years as chosen by the annuitant. This number is irrespective of whether the annuitant is alive or not. If the annuitant survives the guarantee period, the annuity payments continue as long as the annuitant is alive.
ICICI Pru Easy Retirement
Provides the option to pay the premiums regularly.
ICICI Pru Child Insurance Plans
ICICI Prudential Child Plans help your child receive guaranteed educational benefits and protect his dreams and aspirations.
ICICI Pru Smart Life
A unit linked insurance plan that provides multiple choices for investment to achieve financial goals.
Offers comprehensive coverage to secure one’s goals; on death of the life assured, it offers:
Lump Sum Assured payment to take care of any immediate liabilities on the family.
A Smart Benefit option where all future premiums payable under the policy are waived off and allocated by the company to ensure that savings for desired goal continue uninterrupted.
Provides flexibility in paying premium - premium can be paid just once or for the entire policy term for the ICICI Prudential life insurance policy.
Allows partial withdrawals after completing 5 policy years to take care of any intermediate financial needs.
Receive loyalty benefits for staying invested over the long term by way of Loyalty Additions and Wealth Boosters.
Choose the level of protection as per personal needs; the level of cover helps to change their ICICI Prudential life policy according to their needs at different life stages.
Tax benefits on premiums paid and benefits received as per the prevailing tax laws.
ICICI Pru SmartKid Regular Premium
Insurance cum savings product from ICICI Life Insurance.
Provides the advantage to receive payouts at key educational milestones for the children of the insured.
Offers a Guaranteed Addition option in addition to the Sum Assured in case the insured (parent) passes away.
Additional units are allocated every year at 2% of annual premium, starting from the 6th policy year, provided regular premium has been paid.
Offers a premium waiver if the unfortunate comes to pass.
Gives the option to decide the portfolio strategy by allowing an optimal allocation between debt and equity.
Allows partial withdrawal and tax benefits.
ICICI Pru SmartKid Premier
A ULIP child plan that offers payment tenures of 5, 7 or 10 years (limited pay) or for the full term (regular pay) of the plan.
Offers both single life and joint life comprehensive insurance options.
ICICI Prudential life insurance policy status helps insured to track fund performance.
There are loyalty additions made at the end of every 5th year starting from the end of the 10th policy year provided the company has received all the premiums.
Provision to receive payments at along the child’s educational life
Offers tax benefits.
ICICI Pru Investment Plans
These are low risk investment plans that help you save for specific goals in the future and provide coverage for your family from financial distress in case of your untimely demise.
ICICI Pru Advantage
Savings and protection oriented plan from ICICI Life Insurance.
Offers a guaranteed amount for 10 years, a guaranteed lump sum at maturity, along with bonuses.
Life cover provides financial security to the family in case of death of the insured.
Provides liquidity as the payout term begins immediately after premium payment term (PPT).
The plan guarantees:
Guaranteed Benefit (GCB) equal to 1% of GMB every month over the 10 year payout term.
Guaranteed Maturity Benefit (GMB) at the end of the policy term.
Offers a limited premium payment term - 5/7/10 years.
Tax benefits apply to premiums paid and benefits received as per the prevailing tax laws.
Checking the ICICI Prudential life insurance policy status online helps the policyholder to plan his finances and cover better.
ICICI Pru Savings Suraksha
Savings and protection oriented plan.
Flexibility to choose premium payment preference based on one’s needs - pay premiums for a limited period (limited pay) or for the entire policy (regular pay).
Life cover provides coverage for the entire policy.
It offers savings with guarantees. At maturity, one receives:
Guaranteed Maturity Benefit (GMB)
Accrued Guaranteed Additions (GAs) - during each of the first 5 policy years, GA totalling 5% of GMB will accrue to the policy
Vested reversionary bonuses (if any)
Terminal bonus (if any)
Provides flexibility to choose premium payment mode, Sum Assured and policy term as per needs. One may also choose the premium payment term in case of limited pay option.
Tax benefits apply to premiums paid and benefits received as per the prevailing tax laws.
Offers to keep a tab on their coverage and savings by checking the ICICI Prudential life insurance policy status online.
ICICI Pru Assured Savings Insurance Plan
Wealth growth with guaranteed additions.
Payment of premium as per the comfort of the policyholder.
Offers a lump sum payout as well.
Provides 10 times of the Annual Premium as life cover.
Provides five pay options and one can start it with the minimum premium of Rs.30, 000 per annum.
With five pay options, the plan offers a term of 10 years.
ICICI Pru Future Perfect
The plan provides Guaranteed Maturity and Guaranteed Additions benefits if the policyholder stays invested in it.
Terminal and Revisionary bonuses are given on the maturity of the plan.
The plan provides financial security to the family by providing life cover and wealth creation features.
The tax benefits are offered under Section 10D and 80C of the Income Tax Act, 161.
The minimum premium per year to start investing in this plan is Rs.12, 000.
The premiums can be paid for 5, 7, 10, 15, or 20 years.
The policy can last from 10 years to 30 years.
It is advisable to compare all ICICI life insurance plans from other life insurance companies in India to choose the insurance plan that suits you the most.
ICICI Pru Group Insurance Plans
ICICI Pru Loan Protect
Provides security against loan liabilities of the policyholder to his/her family when he/she is not around.
Offers tax benefits.
Various premium payment options.
The minimum life cover provided in this plan is Rs.5, 00, 000 per annum.
The policy term can vary from 5 years to 30 years.
ICICI Pru Loan Protect Plus
Offers financial safety against liability of loan.
Premium payment according to the comfort of the policyholder.
Option to get disability and accidental cover for enhanced protection.
The minimum life cover that can be opted for this plan is Rs.5, 00, 000 per annum.
Option to pay the premium either regularly for 5 years or once.
Option to choose the policy term of 5 years, 20 years, 25 years, or 30 years.
ICICI Pru Group Term Plus
It provides life cover at an affordable cost.
This plan can be started with life cover as low as Rs.5,000 per annum.
Provides tax benefits.
It also provides the advantage to pay the premiums on a yearly, half-yearly, quarterly, or monthly basis.
Group Gratuity Plan
Offers a variety of investment products to suit the requirements of the policyholder.
It gives an option to select either a Non-participating Endowment Plan or a Unit Linked Plan in this policy.
The plan also provides tax benefits.
Group Superannuation Plan
The plan provides various opportunities for investment products according to the requirement of the policyholder.
Benefit to choose either Non-participating Endowment plan or a Unit Linked plan in this policy.
The policy also provides tax benefits.
The auto-renew feature is also there which automatically renews the plan on its anniversary.
Group Leave Enment
The plan provides an opportunity to select investment products as per the requirements of the policyholder.
A policyholder can either select a Non-participating Endowment or a Unit Linked plan in this policy.
The administration process of this policy is very easy.
The plan also provides tax benefits.
Group Immediate Annuity Plan
The plan is able to meet the annuity requirements of the insured.
The plan provides multiple payout options.
The employees get regular income throughout their life.
Depending upon the selected mode by the employer, the employees under this plan get monthly, quarterly, half-yearly, or yearly payouts.
The premium is paid only once, which is at the time of purchase of the plan.
ICICI Pru Group Loan Secure
It is a comprehensive plan that provides multiple benefits for covering terminal illness, death, disability, critical illness, and accidental death.
The plan gives the flexibility to choose the coverage up to 30 days.
It also gives the flexibility to select between different reducing cover options. The moratorium period provided in this plan is three and seven years.
The plan provides insurance coverage until the age of 75 years.
With Single Pay Option, the minimum sum assured can start with Rs.5, 000.
The administration process to add new members is simple and easy.
ICICI Pru Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Bima Yojana
This is one of the low premium insurance policy introduced by the Government of India like Pradhan Mantri Jeevan Jyoti Bima Jojana.
The scheme is available for the savings bank account holders who are eligible and come in the age range of 18 to 50 years.
ICICI Pru Shubh Raksha Credit
This scheme provides financial safety to the members who are availing the loan.
Simple and easy on-boarding process.
The minimum life cover with which this plan can be started is Rs.1000.
There is only one method of premium payment and is paid only once at the time of policy purchase.
ICICI Pru Shubh Raksha One
This plan offers financial protection to the members at a really affordable price.
The simple process of on-boarding.
This plan can be started by minimum Life Insurance Coverage of Rs.1000.
The plan provides very convenient frequencies of premium processing.
ICICI Pru Shubh Raksha Life
The plan offers financial shield to its members at a very affordable price.
Simple and easy onboarding process.
Convenient frequency of premium payment.
The minimum life cover with which this plan can be started is Rs.1000.
ICICI Pru Super Protect – Credit
This plan provides safeguarding to the members who have loan liability on them.
The plan also provides options for benefit and coverage to suit the requirements of the members.
The premium can be paid only once and that is at the time of purchase of the policy.
The minimum life cover with which this plan can be started is Rs.5,000.
ICICI Pru Rural Plans
ICICI Pru Sarv Jana Suraksha
This is the plan for those who want protection at an affordable price.
The plan offers financial security for the family when the policyholder is not there to help.
The plan lasts for five years.
The minimum premium with which this plan can be started is Rs.50 per annum.
The policy lasts for five years only.
The premium should be paid regularly throughout the policy tenure.
ICICI Pru Anmol Bachat
The plan provides financial protection at an affordable rate.
It provides savings with guaranteed returns.
This plan also provides tax benefits.
The flexibility of premium payments is offered.
This plan can be purchased for one, five, seven, or ten years.
The minimum premium with which this plan can be started is Rs.2, 400.
The policyholder can get the bonus during the term of the policy and is paid with for sure maturity benefits when the policy ends.
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.
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.
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 less 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.
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 Life insurance 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.
ICICI Prudential Life Insurance Company recently released audited financials for the quarter ending 31st December, 2017. The disclosure of audited financial results was made following the meeting of company’s board of directors held in Mumbai on 19th January, 2018.
The financials results presented to the exchanges reveal that ICICI Life Insurance Company registered an increase of 82.2% in VNB (Value of New Business). This increase, for 9M-FY2018, was in the tunes of Rs 7.67 billion, whereas VNB for 9M-FY2017 was Rs 4.21 billion.ICICI Prudential Life Insurance Company reported a year-on-year APE (Annual Premium Equivalent) of 25.1%. The savings APE increased in the tunes of 24.9% and protection APE registered a 32.2% growth on year-on-year basis. In addition, on a RWRP basis, the market share of the insurer was reported to be 13.1% for 9M-FY2018.
Additionally, for 8M-FY2018, the 13th month persistency rate increased to 86.7% and 49th month persistency rate increased to 61.8%. For 9M- FY2017, the 13th month persistency rate was 83.5% and 49th month persistency rate was 60.2%. Looking at the financial growth of ICICI Prudential Life Insurance Company, it would be interesting to see if the company decides on passing the benefits to its customers and patrons by the way of new, and lucrative investment opportunities.
Over the past a few years, affordable term life insurance plan have gained considerable buyers due a high-value proposition, whereas these plans are not as popular as the others. The executive vice president of ICICI Prudential Life Insurance, Mr. Sandeep Batra, said that that company has been primarily focusing on this particular category of life insurance, thereby aiming at creating consumer awareness about the least appreciated plans that offer high protection to customers. The ICICI Prudential Life Insurance official also said that one must opt for term life insurance plans while planning the security of their family. The policy must offer comprehensive protection with an assured focus on building savings for life. Another key point that one has to have in mind is that that insurer has a consistent claim settlement ratio over the years.
ICICI Prudential Mutual Fund recently launched the Series 4 of the India Recovery Fund, which is a close-ended equity fund and has the aim to provide increased capital holdings through invests in equity-related securities as well as equity. Such equity investments are likely to grow even faster with future recovery and further growth in the Indian economy. Mr. Nimesh Shah, Managing Director and CEO, ICICI Prudential Mutual Fund, said that equity markets in India have corrected in January 2016, giving a reflection of the global reviews on the prices of crude oil as well as on the advancements in China. This correction led by all these non-fundamental reasons is nothing but an opportunity that enables allocating towards the equities of India, especially in the large-cap space. These large-caps have well-established business models and these companies have set up the benchmark of management teams. In contrast, in absolute terms, these ratings are cheap in reference to mid-caps, as per the company.
ICICI Prudential Life Insurance Company Limited on Friday, 24th February 2016, bought 5, 22,000 shares of Mahindra Lifespace Developers at a price of Rs. 469.91, in which 2, 69,026 shares sold by Ashish Dhawan at a price of Rs. 469.86. Later on Wednesday, Mahindra Lifespace Developers ended down 3.05 percent or Rs. 14.35 on the NSE, at Rs. 455.67. In February 2015, the share price went high at Rs. 581.20 and went down in June 2015 at Rs. 401.00. The TTM (trailing 12-month) stood at Rs. 25.50 per share in December 2015, whereas the P/E (price-to-earning) ratio stood at 17.96. However, the company has its most recent book value standing at Rs. 322.47 per share. At the current book value, the company had its price-to-book value standing at 1.42 while the 2.62 percent was the dividend yield. ICICI Prudential has its capital infused at Rs. 48.16 billion. The company has been successful in maintaining its dominance over the private insurers across India.
Due to some recent fraudulent claims reported in small towns of Gujarat and Odisha, ICICI Prudential Life Insurance Company has instructed its agents to stop selling policies in about 60 localities of the states. In order to completely stop any further fraudulent claiming, several local hospitals have also been barred from selling the policies to the residents of the areas. Some serious administrative lapses, that were intentionally done, have also been discovered in a few medical centres. The company has lately discovered the same and also estimated that the activities have caused heavy losses to the insurance industry. To prevent the same from happening in future, the insurers have put the involved medical centres on the 'watch list'. Medical centres such as Bhagalpur, Begusarai, and Darbhanga in Bihar; and Moradabad and Meerut in Uttar Pradesh have been blacklisted by the insurers. Additionally, the negative location list includes some more centres, such as Kurnool, Vishakhapatnam, and Guntur in Andhra Pradesh are in the negative location list.
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.
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 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.
Although 2015-16 FY saw a volatile environment in business the insurance agents marked an incremental growth in premium income for the year. These private insurance service providers showed an increased Adjusted Premium Equivalent of 14% (Y-o-Y) of 24,112 crores for the year, giving a growth in the APE(Adjusted Premium Equivalent) of 12% Y-o-Y i.e. approx 52,000 crores for the year.
ICICI Pru Life closed its FY 2014-15 with the fastest growth of 41% and market a 10% growth in 2015-16. As per the observations, this dip is also because of a 12% Y-o-Y downsize of the tickets in their business. Though, notably, the product mix did not change the share of unit-linked insurance plans in the overall APE to 83% in the initial 9months of FY 2015-16 which was 86% in FY 2014-15. ICICI Prudential Life owns a good share in the business of unit linked plans.
Written By: PolicyBazaar - Updated: 12 October 2020
Sign up our newsletter and get email about term plans.
ICICI Pru Life Insurance Reviews & Ratings
4.2 / 5 (Based on 140 Reviews)
(Showing Newest 25 reviews)
Abu_road, March 19, 2019
ICICI Prudential Ulip Plan saved my time and money. I thought it would make me do feverish exercise at the time of claim but it was not that. it provided me quick access to claim funds with quick documentation process.
Chandigarh, January 23, 2019
One of my close friends had been using ICICI term insurance since last 8 years. He has married 2 years ago and due to unfortunate circumstances involved, he was severely injured in an accident. Thankfully, ICICI team was really considerate and helpful while helping his wife settling the claim. The claim settlement was fast and timely.
Following his steps, I have recently bought ICICI Pru iProtect Smart. It is safe to say that investing in ICICI term insurance is definitely worth every penny experience. It has worked as a great deal for me. The staff was really good and was prompt with their service.
Guwahati, October 10, 2016
Ulip Insurance Policy
My ulip insurance policy plan is very nice. It provides me the best service and benefits. I took it from icici prudential insurance company. Policy coverage is ~89% and claims are easy to get by getting help of the executives and staff members of the company.
West_tripura, October 10, 2016
My icici prudential life insurance pension plan is awesome which has some extra benefits of the policy. Services are on time and very quick facilitated by the staff of the company. Less paperwork and every update is mailed to me regularly.
Madhuban, October 10, 2016
Want to buy child insurance policy, go for icici prudential life insurance. Services are really good which is given by the entire members of the company. Online renewal make easy through online portal service. Policy coverage are good and claiming process is easy.
Karkala, September 22, 2016
Found a very good insurance policy which is a traditional insurance policy from icici prudential life insurance. Service facility is perfect given by the entire staff of the insurance company. Policy premium is less but the returns are high as compare to investments.
Garu, September 22, 2016
My term insurance policy is good one which i bought from icici prudential life insurance. The premium is low and paybacks are high. Coverage is about 85% and the claiming is very simple by the help of executives which working 24X7.
Bhowali, August 24, 2016
Ulip insurance plan i bought in low investment from icici prudential life insurance. Service provided by you guys is ultimate. The online renewal facility is the best way to reduce the paperwork which you provides. Policy coverage and claims are high with low premiums.
Hathgaon, August 24, 2016
I have secure my secure my retirement time by purchasing the pension plan from icici prudential life insurance. The insurance is good and large amount is given in the end of the insurance policy. Updates are mailed to me regularly about the insurance plan.
Dimapur, August 24, 2016
Child Insurance Plan
My child has safe future now because i buy him a child insurance plan from icici prudential life insurance. The insurance plan has full coverage and claiming is very simple because of good service given by the executives and staff members.
Jammu, July 20, 2016
Coverage Is High
ICICI term insurance plan of mine is very beneficial for me and my family. The service of your staff is so quick and claiming become due due to that. The updates of the policy plan is mailed to me regularly on my email address.
Haridwar, July 20, 2016
The icici term insurance is on of the best policy among all. Premium of the plan is low and returns are high. Service is fast and behaviour of the staff is very well. Good investment which reduces taxes too. Payments and premiums are done on online portal website of the company.
Firozabad, July 20, 2016
ICICI Insurance Plan
After long search i got ulip plan of icici prudential life insurance. The policy is nice and great returns in less investment. Policy coverage is ~90% and the claims are high which is easy to sanctioned. I purchase this policy for my whole family, really effective and protective plan.
Chandrapur, July 20, 2016
ICICI prudential life insurance is the best insurers which provides best policies with better terms and conditions. The service provided by them is fantastic with on time surety. This is best investment policy in the market. I'm really fully satisfied with my insurance policy plan.
Bikaner, July 20, 2016
Coverage Is High
I have icici life insurance pension plan which has low premium and returns are maximum. Service is the best and on time. Updates and renewals are done on online service. The future of mine and my family is secure with this great policy.
Jagadhri, July 11, 2016
My ulip plan is very good which has many benefits like low premiums and good returns. Policy coverage is good and claims are easy to sanctioned because of quick service provided by the staff members. Service is good and online service is easy to access by anybody.
Gajraula, July 11, 2016
My traditional insurance plan is fantastic which has some very nice features. Premium is less but the returns are high. Policy coverage is high and claims are easy sanctioned because of quick service facilitate by the members of the company.
Badayun, July 11, 2016
Pension plan is very durable according to me and it helps a lot in future time. Premium of the policy is very low but the returns are heavy. Accidental death benefits, health care, and many reimbursable funds. Policy coverage is good and claims are easy to sanctioned due to fast service.
Bawal, June 29, 2016
I purchase ulip insurance plan in low premiums. The policy coverage is good and claims are better. Internet service is good and easy to operate by anyone. It gives hassle free documentations and reduces paperwork.
Bangalore, June 29, 2016
The traditional insurance plan I purchase has low premiums. Policy coverage is high and claims are better. Service facilitate by the company is fantastic. Updates regarding the policy is mailed to my email address. The web service is also nice and easy to access.
Ajmer, June 29, 2016
The pension plan I have purchase is good. Policy come in very low investment and premium is also low. Policy coverage is high and claims are good. The service is fast and claiming become easy due to this. The online portal service is nice it reduces paperwork and hassle free documentations.
Agartala, April 15, 2016
The policy coverage is 95%, The claims are high and the claiming is easy because of the executives and the staff members service they provide. The benefits provided by you guys icici prudential ulip policy plans is fantastic. The premiums are less ~34 K and the returns are high ~Rs.40 L.
Nilgiris, April 15, 2016
From icici prudential life insurance i have taken a ulip policy plan for the tenure of 39 years in which we get lumps um amount after the maturity of the policy plan. Policy coverage is 89% of investment. Accident and natural death is inbuilt secure in this policy. Service is fast and on time which is facilitate from staff members.
Gwalior, April 15, 2016
My ulip policy plan is from icici prudential life insurance and the policy is the awesome because the policy has many benefits like the accident insurance is inbuilt in this policy. Policy coverage is high approx. 93% and the premiums are low. Claims are 1.75 times of the investment. The service is fast and very quick. Good policy plan.
Udyapur, April 15, 2016
slow service issue
One of the most convenient insurance policies provider is icici prudential life insurance ulip policy plan so my investments will be safe. As far as I seen this company is coming generation to generation. Everybody is been benefited with its benefits. Customer service need to be improved as that is bit slow and never on time.
**IMPORTANT NOTICE: We have received in-principle approval from IRDAI for our insurance broking business. In accordance with the in principle approval, since 24th January 2020 we have changed our name from Policybazaar Insurance Web Aggregator Private Limited to Policybazaar Insurance Brokers Private Limited. We thank our customers for their continued support and assure that our customers remain our priority.
**Discount is offered by the Insurance company as approved by IRDAI for the product under File & Use guidelines #On the basis of your profile
CIN: U74900HR2014PTC053454 Policybazaar Insurance Brokers Private Limited (formerly known as Policybazaar Insurance Web Aggregator Private Limited) Policybazaar is currently registered as a Web aggregator by IRDAI. Approval for registration as an Insurance Broker is pending with the IRDAI. Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001
Insurance is the subject matter of solicitation.Visitors are hereby informed that their information submitted on the website may be shared with insurers.
*The information provided on this website/page is only for information sake. Policybazaar does not in any form or manner endorse the information so provided on the website and strives to provide factual and unbiased information to customers to assist in making informed insurance choices.
The product information for comparison displayed on this website is of the insurers with whom our company has an agreement.