ICICI Prudential Life Insurance

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.

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 19^th June’ 2018, which is subject to regulatory as well as other approvals.

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 Life 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 31^st 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 The Bombay Stock Exchange BSE) and National Stock Exchange (NSE).

Product Portfolio

ICICI Prudential Life Insurance: 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 customisable term insurance plan offering enhanced protection 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 optional 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 specially 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 ICICI Prudential life insurance 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 term
• The ICICI Prudential life insurance policy status can be monitored online

ICICI Pru iCare II:

It is the pure term insurance plan of ICICI Prudential Life to cover the loved ones of the policyholder and ensures that no hurdle can come in the passage of their dreams.

• The plan secures the future of the loved ones of the policyholder 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 plan provides tax benefits.
• The policyholder gets the option to pay the premium either at once or in a regular interval throughout the period of the policy.

ICICI Prudential Life Insurance: 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 Guaranteed Wealth Protector

• A unit linked insurance plan offering 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
• 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, personalised 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 ICICI Prudential life insurance 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 on premiums paid and benefits received as per the prevailing tax laws
• Protection level can be chosen based on one’s needs
• From enrolling to checking the ICICI Prudential life insurance policy status, everything can be done online

ICICI Pru Elite Wealth II

• A savings and protection oriented unit linked insurance plan
• Offers multiple options 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 policyholder
• Provides flexibility in paying premium as 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. This helps the insured to modify their ICICI Prudential life insurance policy status according to their needs that that point of time
• Fixed Portfolio Strategy gives the option to allocate savings in funds of choice
• Life Cycle based Portfolio Strategy - a unique, personalised strategy based on one’s age to create an ideal balance between equity and debt
• 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 (under the Fixed Portfolio Strategy)
• Tax benefits as per the prevailing tax laws on premiums paid and benefits received
• Online account that helps insured check his or her their ICICI Prudential life insurance policy status whenever they want

ICICI Pru Elite Life II

•  A savings and protection oriented unit linked insurance plan
•  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 policyholder
•  Provides flexibility in paying premium - premiums 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 Prudential 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 (under the Fixed Portfolio Strategy)
• Offers tax benefits as per the prevailing tax laws on premiums paid and benefits received
• Policyholders can check their ICICI Prudential life insurance policy status online to in increase cover or make any other changes to their policy

ICICI Pru Signature

• The plan provides financial protection to the loved ones of the policyholder 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 policyholder.
• With the option of Whole Life term of the policy, the policyholder can enjoy the benefits of the policy until he/she reaches the age of 99 years.
• The plan also offers a systematic withdrawal option for regular withdrawal of money from the policy.
• The minimum premium that a policyholder has to pay for this plan is Rs.2, 00, 000.
• The premiums can be paid once, for a limited period, or regularly.

ICICI Pru LifeTime Classic

• The plan provides life insurance coverage for protecting the loved ones of the policyholder.
• The plan provides a choice of funds wherein one can grow his/her money.
• Provides four portfolio strategies.
• 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.
• A policyholder can pay the premium once, for a limited period of 5, 6, 7, 8, or 10 years, or regularly.
• The policy term can be selected between 10 years to 25 years depending on the age and selected premium payment term.

ICICI Pru1Wealth

• The policyholder has to invest only for one time and he/she can reap the benefits for the entire term of the policy.
• The plan provides 100% amount investment in a broad range of funds.
• The plan 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

• The plan provides financial protection to the family of the policyholder by giving life insurance coverage.
• A policyholder can conveniently move his/her money between debt and equity funds.
• Provides four portfolio strategies to meet the requirements of the policyholder.
• 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 term between 10 years to 30 years.

ICICI Pru Elite Wealth Super

• The plan provides 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, the plan 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

• The plan provides different investment strategies to suit the needs of the policyholder.
• The premium waived option ensures the financial security of the family in the absence of the policyholder.
• 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 policyholder has the option 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 Prudential Life Insurance: 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 option to pay premiums for 5 years, 10 years or throughout the policy term
• Money can be invested in the policy 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

•  A non participating retirement plan
•  A suite of 5 immediate annuity options give income for life and provide best 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 Prudential Life
• 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 
• Investors can keep a track of their ICICI Prudential life insurance policy status online to find which option suits them best
• The company offers various payout options:
• Life Annuity: Under this option, the company 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. Checking their needs and their ICICI Prudential life insurance policy status will help people to understand which payout option works for them

ICICI Pru Easy Retirement:

• Provides the option to pay the premiums regularly.

ICICI Prudential Life Insurance: Child 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 and better their ICICI Prudential life insurance policy status for a smarter financial life
• Offers comprehensive protection 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
• Offers a choice of portfolio strategies based on one’s requirements:
• Fixed Portfolio Strategy - gives the option to allocate savings in funds of choice from a diverse suite of 8 funds
• Life Cycle based Portfolio Strategy - a unique, personalised strategy based on age to create an ideal balance between equity and debt
• Provides flexibility in paying premium - premium can be paid just once or for the entire policy term for the ICICI Prudential life insurance policy status to continue as required
• 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 the policyholder to change their ICICI Prudential life insurance policy status 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

• An insurance cum savings product 
• Provides the option 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 depending on ICICI Prudential life insurance policy status, as well as 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
• Provides a multiple portfolio strategy and the insured can choose between:
•  Fixed Portfolio Strategy: Gives the option to decide where the money is to be invested
•  LifeCycle based Portfolio Strategy: Allows the optimisation of the person’s portfolio depending on his or her age
•  Trigger Portfolio Strategy: Protects gains made from equity markets by protecting it against market risks
• 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 Prudential Life Insurance: 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

• Savings and protection oriented plan
• 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 policyholder
• Provides liquidity as the payout term begins immediately after premium payment term (PPT)
• The plan guarantees:
• Guaranteed Cash 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 option based on one’s needs - pay premiums for a limited period (limited pay) or for the entire policy term (regular pay)
• Life cover provides protection for the entire policy term
• The plan 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 the policyholder 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.
• The plan offers a lump sum payout as well.
• The plan provides 10 times of the Annual Premium as life cover.
• The plan 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 of the policyholder 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 by which a policyholder can start investing in this plan is Rs.12, 000.
• The premiums can be paid for 5, 7, 10, 15, or 20 years according to the convenience of the policyholder.
• 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 best insurance plan that suits you the most.

ICICI Prudential Life Insurance: Group Plans

ICICI Pru Loan Protect

• Provides protection against loan liabilities of the policyholder to his/her family when he/she is not around.
• Offers tax benefits.
• Various premium payment options to meet the need of the policyholder.
• 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 protection 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.
• A policyholder can choose the policy term of 5 years, 20 years, 25 years, or 30 years.

ICICI Pru Group Term Plus

• The plan provides life cover at an affordable cost.
• This plan can be started with life cover as low as Rs.5, 000 per annum.
• This plan also provides tax benefits.
• It also provides the option to pay the premiums on a yearly, half-yearly, quarterly, or monthly basis.

Group Gratuity Plan

• The plan provides 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 options for investment products according to the requirement of the policyholder.
• The policyholder can 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 Encashment

• The plan provides an option 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 policyholder.
• 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 options to the policyholder for covering terminal illness, death, disability, critical illness, and accidental death.
• The plan gives the flexibility to choose the term of coverage of 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 protection 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 option 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 protection 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 protection 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 Prudential Life Insurance: 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.

ICICI Prudential Life Insurance - FAQs

Q1. 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

Q2. How can I check policy status of ICICI life insurance?

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 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.

Q3. 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

Q4. What is the company’s process to settle claim?

Step 1: Complete the claim form through -

Email - lifeline@iciciprufile.com

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 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.

Q5. 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.

ICICI Prudential Life Insurance - Latest News

ICICI Prudential Life Insurance Company Reports 25.1% Growth

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 Prudential 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.

Life Insurance is One’s Primary Need, says ICICI Prudential Life Insurance Official

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 MF Introduces India Recovery Fund

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 Acquires 5.22 Lakh Shares of Mahindra Lifespace

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.

ICICI Prudential to stop selling policies in select localities

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.

Stake Sale in ICICI 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.

ICICI Prudential shows the fastest growth in business.

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.