ICICI Prudential Life Insurance Company Limited is a joint venture between two reputed companies – ICICI Bank Limited and Prudential Corporation Holdings Limited. While ICICI Bank is a leading Indian private bank, Prudential is a leading financial services company. ICICI Prudential Life started its operations in the year 2001 and has been one of the most reputed life insurance companies in India. On 30 September 2021, the company’s Assets Under Management (AUM) stood at INR 2730.87 billion. The company also has a lot of awards in its kitty with the latest being the “Product of the Year 2021” in the life insurance category by Product of the Year (India) Private Limited.
Advantages of ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company offers its customers distinct advantages which are as follows:
- The company offers a wide range of products to suit every financial need
- The company has a high claim settlement ratio which increases the probability of customers’ claims being settled
- In the Financial Year 2019-20, ICICI Prudential recorded a Claim Settlement Ratio of 97.8%
- ICICI prudential has recently launched the service of “Claim For Sure” that guarantees a 1-Day death claim settlement. And pays interest for every day beyond 1 working day
- The company is backed by reputed promoters, both national and international
- The company has more than INR 2 trillion worth of assets under management
List of Plans
ICICI Prudential Life offers a range of life insurance solutions to meet the different needs of individuals. With the range of plans offered by the company, an individual can fulfil his insurance needs from one platform itself. Here is a list of insurance plans offered by ICICI Prudential Life –
- Term Insurance Plans offered by ICICI Prudential Life Insurance:
Term insurance plans are pure protection plans which promise a death benefit in case of death of the life insured. These plans have very low premiums which allow individuals to opt for higher coverage levels. A high coverage level allows individuals to create financial security for their families in their absence. ICICI Prudential Life offers the following types of term insurance plans –- ICICI Pru iProtect Smart Plan
- ICICI Pru iCare II Plan
- ICICI Pru Life Raksha Plan
- ICICI Pru POS iProtect Smart Plan
- ICICI Pru Precious Life
- ICICI Pru Saral Jeevan Bima
- ICICI Pru POS iProtect Smart
- ICICI Pru iProtect Smart Return of Premium
Features of term insurance plans of ICICI Prudential Life Insurance:
| Plan Name | ICICI Pru iProtect Smart Plan |
| Sum Assured | Minimum sum assured would depend on the minimum premium. There is no limit on the maximum sum assured. |
| Policy Tenure | 5 years to 81 Years |
| Entry Age | 18-65 years |
| Premium | Single, limited or regular premiums. Minimum premium is INR 2400 per annum |
| Salient Features | There are four coverage options under the plan. Each option has inbuilt rider benefits Coverage can be taken for up to 99 years of age Four pay-out options for payment of death benefit Choice of increasing the coverage level on marriage or childbirth |
| Plan Name | ICICI Pru iCare II Plan |
| Sum Assured | Minimum – INR 85,875 Maximum – no limit |
| Policy Tenure | 5-67 years |
| Entry Age | 18-65 years |
| Premium | Single or regular premiums. Minimum premium is INR 2400 per annum |
| Salient Features | Two coverage options to choose from Inbuilt accidental benefit rider in coverage option II |
| Plan Name | ICICI Pru Life Raksha Plan |
| Sum Assured | Minimum – INR 50,000 Maximum – INR 5 lakhs |
| Policy Tenure | 5 years |
| Entry Age | 18-60 years |
| Premium | Regular premium. Premium depends on the sum assured chosen |
| Salient Features | Affordable term insurance plan Assured death benefit |
| Plan Name | ICICI Pru POS iProtect Smart Plan |
| Sum Assured | Minimum sum assured would depend on the minimum premium. No limit on maximum Sum Assured |
| Minimum Policy Tenure | Single Pay: 5 yearsRegular Pay: 5 yearsLimited pay: 10 years |
| Entry Age | 18-60 years in good health |
| Premium | Single, limited or regular premiums. Minimum premium is INR 2400 per annum |
| Salient Features | An online plan with 4-day issuance The plan offers high sum assured at most affordable costs You have the option of the Accidental Death Benefit Flexible payment options make the plan very convenient Avail of tax benefits under Section 80C and 10(10D) |
| Plan Name | ICICI Pru Precious Life |
| Sum Assured | Minimum: INR 2,00,00 Maximum: As per the Board’s guidelines |
| Policy Tenure | Single Pay: 5 – 20 yearsLimited Pay ( option 1): 10 – 40 yearsLimited Pay ( option 2): 15 – 40yearsRegular Pay: 5 – 40 years |
| Entry Age | 18-65 years |
| Premium | Premiums can be paid either monthly, yearly or half-yearly. The minimum premium is INR 2,400. |
| Salient Features | The plan offers wider coverage for people with existing health problems like obesity, diabetes, etc The Accidental Death Benefit feature is offered as an option to increase protection. Option to choose the mode of benefit payout. Flexibility to pay premiums in one go or throughout the policy term. Lower premium rates for non-smoking personnel. |
| Plan Name | ICICI Pru Saral Jeevan Bima |
| Sum Assured | Minimum : INR 5,00,000 Maximum: As per the guidelines of the board. |
| Policy Tenure | 5 to 40 years |
| Entry Age | 18-65 years |
| Premium | Premiums will depend upon the sum assured chosen. |
| Salient Features | An efficient death benefit feature is included in the plan. Flexibility to pay premiums as per the policyholder’s convenience. Additional tax benefits can be awarded upon the premiums paid or payouts received. |
| Plan Name | ICICI Pru POS iProtect Smart |
| Sum Assured | Minimum: subject to the minimum premium Maximum: Unlimited |
| Policy Tenure | Single pay: 5 to 20 years Limited pay: 5 to 40 years Regular pay: 10 to 65 years less age at entry |
| Entry Age | 18-60 years |
| Premium | Premiums can be paid in one go or on a monthly, half-yearly, or yearly basis. The minimum premium is INR 2,400. |
| Salient Features | Special rates for women in the case of life cover. Additional accident Death Benefit option available for enhanced protection. We can get Flexibility in terms of payment of premiums. Affordable premiums to safeguard the health of all family members. |
| Plan Name | ICICI Pru iProtect Smart Return of Premium |
| Sum Assured | Minimum: INR 50 lakhsMaximum: Unlimited |
| Policy Tenure | For 5 pay: 10 to 85 less age at entry For 7 pay: 15 to 85 less age at entry For 10 pay: 20 to 85 less age at entry |
| Entry Age | 18- 60 years |
| Premium | Premiums can be paid in one go or on a monthly, half-yearly, or yearly basis. The minimum premium is INR 2,400. |
| Salient Features | Life cover to safeguard the lives of all family members. Additional accident death benefit option available for enhanced protection Guaranteed returns on all premiums paid Additional payout on the diagnosis of any of the covered critical illnesses. Tax benefits on premiums paid and payouts received. |
- Unit Linked Insurance Plans (ULIPs) offered by ICICI Prudential Life Insurance: ULIPs are market-linked, savings oriented life insurance plans which provide a combination of market-linked returns and insurance coverage. The premiums paid are invested in the market in a fund chosen by the policyholder. The plan also allows various flexible benefits like switching, partial withdrawals, top-ups, etc. Policyholders can, therefore, invest in market-linked investments for attractive returns and also enjoy insurance coverage through ULIPs.The ULIPs offered by ICICI Prudential Life include the following –
- ICICI Pru Signature Plan
- ICICI Pru 1 Wealth Plan
- ICICI Pru Lifetime Classic Plan
- ICICI Pru Lakshya
- ICICI Pru LifeTime Classic
- ICICI Pru Cash Advantage
- ICICI Pru Future Perfect
- ICICI Pru Guaranteed Wealth Protector
- ICICI Pru Guaranteed Income For Tomorrow
Features of unit-linked plans of ICICI Prudential Life Insurance:
| Plan Name | ICICI Pru Signature Plan |
| Sum Assured | 1.25 times to 10 times the annual premium paid |
| Policy Tenure | 10-30 years. Coverage can be extended to whole life |
| Entry Age | 0-70 years |
| Premium | Single, limited or regular premiums. Minimum premium is INR 2 lakhs per annum. No limit on maximum premium. |
| Salient Features | Coverage can be availed till 99 years of ageThree plan options to choose from Premium allocation charges are refunded back after 10 policy years and every 5 years thereafter Guaranteed additions as a percentage of the annual premium Wealth boosters enhance the fund value Four readymade investment strategies to choose from |
| Plan Name | ICICI Pru 1 Wealth Plan |
| Sum Assured | 1.10 to 10 times the single premium paid |
| Policy Tenure | 5 years and 10 years |
| Entry Age | 8-60 years |
| Premium | Single premium. Minimum premium is INR 50,000 and there is no limit on maximum premium. |
| Salient Features | Single premium unit linked plan 9 investment funds to choose from Wealth boosters help in increasing the fund value |
| Plan Name | ICICI Pru Lifetime Classic Plan |
| Sum Assured | 1.25 times to 30 times the annual premium |
| Policy Tenure | For limited and regular premium payment – 10,15,20,25 years For single premium – 5-30 years |
| Entry Age | 0-75 years |
| Premium | Single, limited or regular premium.Minimum premium is INR 50,000 for single pay and INR 30,000 for regular pay. |
| Salient Features | 4 portfolio strategies to choose from Loyalty additions are added to the fund value from the 6th policy year Wealth boosters are added every five years starting from the 10th policy year |
| Plan Name | ICICI Pru Lakshya |
| Sum Assured | Higher of (10 times Annualised Premium or PPT X Annualised Premium) |
| Policy Tenure | Between 12 to 30 years |
| Entry Age | 0 years to 55 years |
| Premium payment Mode | Monthly, Half-Yearly, Yearly |
| Salient Features | This is a savings cum protection plan that helps you in planning your financial future ICICI Pru Lakshya also allows liquidity during the tenure of the policy You can opt for any of the following: Lump sum payout at maturity Income for a specific number of years Income for lifetime You can avail of guaranteed benefits and bonuses |
| Plan Name | ICICI Pru LifeTime Classic |
| Sum Assured | Minimum : 1.25 X Single Premium Maximum: 10 X Single Premium |
| Policy Tenure | 5 to 30 years |
| Entry Age | 0 to 65 years (Limited/ Regular Pay)0 to 75 years (Single Pay) |
| Premium | Starts from INR 2,500 a month |
| Salient Features | The plan offers you four portfolio strategies to choose from The plan covers you for life and also pays the prevailing fund value to the nominee, in case of your death Loyalty additions and Wealth Boosters further enhance the cover Enjoy up to 4 free switches during one policy year You also have the option to top up your investment |
| Plan Name | ICICI Pru Cash Advantage |
| Minimum Premium | 5 year Pay: INR 30,000 per year 7 year Pay: INR 18,000 per year 10 year Pay: INR 12,000 per year |
| Entry Age | 5 year Pay: 3 years to 60 years 7 year Pay: 1 year to 60 years 10 year Pay: 0 years to 60 years |
| Policy Term | Depending on the plan option chosen the policy term can be 15 years/ 17 years/ 20 years |
| Premium Payment Term | 5 years7 years10 years |
| Salient Features | In case of your death during the policy term, your nominee would receive the eat benefit When the premium payment term finishes, you immediately start receiving money at the chosen intervals At the end of the policy term, you receive the Guaranteed Maturity Benefit in the form of a lump sum amount You may also receive bonuses if announced by the company Under Section 80C, you can save taxes as well |
| Plan Name | ICICI Pru Guaranteed Wealth Protector |
| Policy Tenure | 10 years – 12 years |
| Entry Age | 8 years to 70 years |
| Maturity Age | 18 years to 80 years |
| Premium Payment Term | Single Premium/ 5 years/ 7 years |
| Salient Features | A unit linked life insurance plan that offers high returns You can avail the dual benefits of life cover as well as guaranteed capital returns The Assured Benefit safeguards your savings from the market fluctuations You can either pay the premium once or for a limited term of 5 or 7 years Wealth Boosters and Loyalty Additions add to your rewards Under Section 80C and 10(10D) you can avail of the prevalent tax benefits |
| Plan Name | ICICI Pru Guaranteed Income For Tomorrow (New) |
| Sum Assured | 10 times the annualised premium |
| Policy Tenure | Premium Payment Term (PPT) + 1 PPTs: 5, 7 or 10 years |
| Entry Age | Minimum: 18 years MINUS Policy Term Maximum: 60 years |
| Premium | The plan comes with guarabbnteed benefits that can be either in:L umpsum Regular income Premiums can be paid on a monthly, quarterly, semi-annually, and yearly basis. This policy makes you eligible for laon as wellOn the premiums that are paid and the benefits received, you can enjoy tax benefits Minimum Premium:For Lump Sum option SP: INR 50,000 Other than SP: INR 6,000 per annum For Income and Early income option: INR 30,000 per annum |
| Plan Name | ICICI Pru Smart Kid Solution |
| Minimum Sum Assured | Limited Pay: INR 45,000 per year Regular Pay: 7 times the Annualised Premium One Pay: 10 times the Annualised Premium |
| Policy Tenure | 10 to 25 years |
| Entry Age | 20 years to 54 years |
| Salient Features | A unit-linked insurance plan, it offers savings along with protection The plan offers high potential of earning good returns Customise your investment strategy as per the future financial need of your child In case of death of the insured, the child receoves a lump sum that can help in funding his educationStaying invested for longer will fetch you better benefits From the sixth policy anniversary you can assess your money easily Avail up to INR 1.5 lakhs of deductions under Section 80C |
- Health insurance offered by ICICI Prudential Life Insurance:
Health insurance plans are those which take cover critical illnesses or diseases and give the insured financial assistance in case of a medical contingency. These plans, therefore, allow individuals to meet the rising cost of medicine and avail the best treatments for their illnesses. ICICI Prudential Life offers the following two types of health insurance plans –- ICICI Pru Heart/Cancer Protect
- ICICI Prudential Smart Health
Features of Health Insurance Plans of ICICI Prudential Life Insurance:
| Plan Name | ICICI Pru Heart/Cancer Protect Plan |
| Sum Assured | Minimum – INR 2 lakhs Maximum:Cancer cover – INR 50 lakhs Heart cover – INR 25 lakhs |
| Policy Tenure | 5 -40 years |
| Entry Age | 18-65 years |
| Premium | Single or regular premiums. Premium would depend on the sum insured selected |
| Salient Features | A single plan which can be taken to cover against heart related illnesses, cancer or both Lump sum claim payment depending on severity of the illness irrespective of actual medical costs The sum insured can be increased every year by choosing the Increasing Cover Benefit Daily hospital cash allowance of INR 5000 per day of hospitalisation 1% of the sum insured would be paid monthly for 5 years in case of major illnesses |
| Plan Name | ICICI Pru Smart Health Cover Plan |
| Sum Assured | Up to INR 25 lakhs |
| Policy Tenure | 10-30 years |
| Entry Age | 18-50 years |
| Premium | Regular premiums. The amount depends on the sum insured selected. |
| Salient Features | A critical illness plan covering 34 major illnesses and treatments Lower premium rates for women Sum insured paid in case of diagnosis of a covered illness or on death of the insured Premium is waived off if the insured is disabled |
- Traditional savings /money back plans offered by ICICI Prudential Life Insurance:
Traditional life insurance plans are those which allow you to create guaranteed savings along with life insurance coverage. There are endowment plans and money back plans under traditional saving plans. Both these plans cover premature death and a benefit is also paid if the insured survives till maturity. In case of money back plans, however, the sum assured is paid in instalments during the policy tenure providing liquidity to the policyholder.The types of savings/money-back plans offered by ICICI Prudential Life include the following –- ICICI Pru Cash Advantage Plan
- ICICI Pru Savings Suraksha Plan
- ICICI Pru Assured Savings Insurance Plan
- ICICI Pru Future Perfect Plan
- ICICI Pru Smart Couple Plan
Traditional savings or money back plans of ICICI Prudential Life Insurance:
| Plan Name | ICICI Pru Cash Advantage Plan |
| Sum Assured | 7 or 10 times the annual premium |
| Policy Tenure | 15,17,20 years |
| Entry Age | 0-60 years |
| Premium | Limited premium. Minimum premium – INR 12,000 |
| Salient Features | A limited premium plan wherein regular pay-outs are promised after the premium payment term Guaranteed cash benefit is also paid during the pay-out term A guaranteed maturity benefit payable on maturity |
| Plan Name | ICICI Pru Savings Suraksha Plan |
| Sum Assured | 7 or 10 times the annual premium |
| Policy Tenure | 10-30 years |
| Entry Age | 0-60 years |
| Premium | Limited or regular premiums. Minimum premium – INR 12,000 |
| Salient Features | The plan pays bonuses during the term Guaranteed Additions are added in the first five years Maturity benefit is promised |
| Plan Name | ICICI Pru Assured Savings Insurance Plan |
| Sum Assured | Depends on premium, age and term |
| Policy Tenure | 10 or 15 years |
| Entry Age | 3-60 years |
| Premium | Limited premiums. Minimum premium – INR 30,000 |
| Salient Features | Guaranteed additions are added every year The maturity benefit is guaranteed |
| Plan Name | ICICI Pru Savings Suraksha |
| Sum Assured on death | 7 or 10 times the annual premium |
| Policy Tenure | 10 years to 30 years |
| Entry Age | Minimum: 0 years Maximum: 60 years |
| Maturity Age | Minimum: 18 years Maximum: 70 years |
| Minimum Annual Premium | Limited Pay 5 years: INR 30,000 Limited Pay 7 years: INR 18,000 Limited Pay 10 and 12 years: INR 12,000 Regular Pay: INR 12,000 |
| Salient Features | Covers you for the entire policy term When the policy matures, you receive the following (as applicable):Guaranteed Maturity Benefit Accrued Guaranteed Additions Vested reversionary bonuses Terminal bonus Enjoy the freedom of flexibility in choosing the sum assured amount, policy tenure and the premium payment mode You can avail of tax benefits on the premiums that you pay as well the benefits received |
| Plan Name | ICICI Pru Future Perfect Plan |
| Sum Assured on Death | Minimum – INR 84,000 Maximum – No limit |
| Policy Tenure | 10-30 years |
| Entry Age | 91 days – 58 years |
| Premium | Limited premiums. Minimum annual premium – INR 8,400 |
| Salient Features | The plan earns bonuses as well as guaranteed additions Maturity benefit is guaranteed You have the freedom to customise the premium payment term, premium payment frequency as well as the sum assured as per your financial needs You can get life cover for the complete term of policy Avail of tax benefits on the premium that you pay as well as the benfits that are received |
| Plan Name | ICICI Pru Smart Couple Plan |
| Policy Tenure | One Pay Limited Pay: 5/ 7/ 10 years Regular Pay: 10 years to 25 years |
| Entry Age | Minimum: 20 yearsMaximum: 54 years |
| Minimum Premium | One Pay: INR 48,000 Limited Pay: INR 45,000 Regular Pay: INR 45,000 per year |
| Salient Features | A unit linked plan that combines the benefits of an investment plan along with insuranceThere are 11 market-linked fund options to choose from With the Smart Benefit option, in case of death of the insured all upcoming premiums are paid by the company As a life cover a lump sum amount is paid to the nominee After the completion of 5 policy years, you are alowed to make partial withdrawals You can choose to make a single premium payment or for 5/ 7/ 10 years or for the completet term |
- Retirement plans offered by ICICI Prudential Life Insurance:
Retirement plans are called pension plans. These plans help in creating a retirement corpus to fund the post-retirement life of the policyholder. Pension plans can be offered as deferred annuity plans wherein the policyholder can pay premiums and build up a retirement corpus. Thereafter, annuity payments can be availed from the corpus thus built. Another option is the immediate annuity plan wherein by paying a lump sum premium, the policyholder can avail annuities for life. Pension plans always pay annuities which create a source of regular income.Retirement plans offered by ICICI Prudential Life include the following –- ICICI Pru Easy Retirement
- ICICI Pru Immediate Annuity
- ICICI Pru Guaranteed Pension plan- Deferred Annuity
- ICICI Pru Saral Pension Plan
- ICICI Pru Guaranteed Pension Plan-Immediate Annuity
- ICICI Pru Easy Retirement SP
Features and Benefits of Retirement plans of ICICI Prudential Life Insurance
| Plan Name | ICICI Pru Easy Retirement Plan |
| Sum Assured | Depends on the premium paid |
| Policy Tenure | 10-30 years |
| Entry Age | 35-70 years |
| Premium | Limited or regular premium. Minimum premium – INR 48,000 |
| Salient Features | A unit linked deferred annuity plan 5% of the fund value is added as pension boosters every 5 years from the 10th policy year The maturity and death benefits are assured |
| Plan Name | ICICI Pru Immediate Annuity Plan |
| Sum Assured | NA |
| Policy Tenure | NA |
| Entry Age | 30 years onwards |
| Premium | Single premium |
| Salient Features | An immediate annuity plan which pays lifelong income A variety of annuity options to choose fromJoint life annuities can also be availed |
| Plan Name | ICICI Pru Guaranteed Pension plan – Deferred Annuity |
| Policy Tenure | 1-10 years |
| Entry Age | 30-85 years |
| Premium | INR 12,000 is the minimum annuity per annum according to the IRDAI guidelines and there is no maximum limit to it. |
| Salient Features | The purchase price of the annuity can be increased to provide a higher amount to the policyholder. This is a single premium plan where you can defer the income up to 10 years Flexibility to receive annuity payments on a monthly, yearly, quarterly, or half-yearly basis The policyholders can receive additional annuity on higher purchase prices.Loan amount up to 80% of the surrender value can be availed under the deferred annuity option. Under Section 80CCC of the Income Tax Act, you can avail of tax benefits |
| Plan Name | ICICI Pru Saral Pension Plan |
| Sum Assured | The minimum purchase price will depend on the annuity rates. The maximum purchase price is subject to the decisions made by the board. |
| Policy Tenure | Option 1 (Single Life Annuity): Until the death of the policyholder Option 2 (Joint Life Annuity): Until the death of the last survivor. |
| Entry Age | 40-80 years |
| Premium | Can be paid annually, half-annually, quarterly or monthly The minimum annuity payout is INR 12,000 per annum. |
| Salient Features | After paying once you get guaranteed regular income for a lifetime Flexibility to receive payouts on a monthly, quarterly, half-yearly, or yearly basis. The purchase price shall be returned on account of the death of the policyholder. The plan offers loan as well There is the option of the Purchase Price being returned to the nominee Option to choose from a single-life or joint-life annuity plan. Additional annuity benefit on the higher purchase price. |
| Plan Name | ICICI Pru Guaranteed Pension Plan-Immediate Annuity |
| Sum Assured | The purchase price is variable according to the chosen option. |
| Policy Tenure | 1 to 10 years |
| Entry Age | 30-70 years |
| Premium | Can be paid monthly, quarterly, half-yearly, and annually. The minimum annuity is INR 12,000 per annum. |
| Salient Features | The plan comes with the feature of one-time payments and lifetime annuity payouts. Flexibility to receive payouts either on a monthly, quarterly, half-yearly, or yearly basis. Wide range of Immediate annuity options to choose from Options to choose for single life or joint life. Additional benefits on higher purchase prices. |
| Plan Name | ICICI Pru Easy Retirement SP |
| Policy Tenure | 10, 15, 20, 25, and 30 years |
| Entry Age | 35-80 years |
| Premium | Minimum Premium: INR 48,000 Maximum Premium: No Limit |
| Salient Features | The plan offers regular payment after retirement with only a single time premium payment. Option to invest any available amount in the form of top-ups Option to choose from the annuity variants at the time of retirement The policyholder can go ahead with the plan according to his risk appetite. |
- Group insurance offered by ICICI Prudential Life Insurance:
Group insurance plans are those which are offered for a group of individuals who belong to a particular group. The following group insurance plans are offered by ICICI Prudential Life –- ICICI Pru Loan Protect Plan
- ICICI pru Loan Protect Plus Plan
- ICICI Pru Group Term Plus Plan
- Group Gratuity Plan
- Group Superannuation Plan
- Group Leave Encashment Plan
- Group Immediate Annuity Plan
- ICICI Pru Group Loan Secure Plan
- ICICI Pru Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Bima Yojana
- ICICI Pru Shubh Raksha Credit Plan
- ICICI Pru Shubh Raksha One Plan
- ICICI Pru Shubh Raksha Life Plan
- ICICI Pru Super Protect Credit Plan
- Rural insurance offered by ICICI Prudential Life Insurance:
Rural life insurance plans are also called micro insurance plans. These plans cover individuals living in the rural areas of India. The premiums are very low and affordable and the coverage limit is limited since rural individuals cannot afford high coverage levels. The available rural insurance plans include the following –- ICICI Pru Sarv Jana Suraksha Plan
- ICICI Pru Anmol Bachat Plan
Claim Settlement Ratio of ICICI Prudential Life Insurance Company
Claim Settlement Ratio (CSR) of a life insurance company is calculated as the ratio of claims settled by the company against the total claims made on it in a financial year. The formula is as follows –
CSR = (Number of claims settled / Total number of claims made) * 100
The ratio is represented as a percentage and the higher the percentage, the better it is for policyholders. A high CSR shows that the company settles most of the claims that are presented on it. Since maximum claims are settled by the company, the company can be trusted.
ICICI Prudential Life’s Claim Settlement Ratio for the financial year 2019-20 stood at 97.84% which is quite high. In the financial year 2017-18 and 2018-19, the company’s CSR was 97.88% and 98.6% respectively, shows consistency in settling claims. Moreover, the company’s ratio was also good compared to the ratio recorded by other life insurance companies. Here’s a look into the CSR of other life insurance companies for the financial year 2017-18 –
| Name of the insurance company | Claim Settlement Ratio |
| Aditya Birla Sun Life Insurance Company | 97.54% |
| Aviva Life Insurance Company | 97.53% |
| AEGON Life Insurance Company | 98.01% |
| Bajaj Allianz Life Insurance Company | 98.02% |
| Bharti AXA Life Insurance Company | 97.35% |
| Canara HSBC OBC Life Insurance Company | 98.12% |
| Edelweiss Tokio Life Insurance Company | 83.44% |
| Exide Life Insurance Company | 98.15% |
| Future Generali Life Insurance Company | 95.28% |
| HDFC Standard Life Insurance Company | 99.07% |
| IDBI Federal Life Insurance Company | 96.47% |
| IndiaFirst Life Insurance Company | 96.65% |
| LIC of India | 93.45% |
| Axis Max Life Insurance Company | 94.48% |
| PNB MetLife Life Insurance Company | 87.22% |
| Reliance Nippon Life Insurance Company | 94.01% |
| Sahara Life Insurance Company | 87.64% |
| Shriram Life Insurance Company | 82.88% |
| SBI Life Insurance Company | 89.74% |
| Star Union Dai-ichi Life Insurance Company | 94.71% |
| TATA AIA Life Insurance Company | 95.91% |
How to make a claim for ICICI Prudential Life Insurance Plans?
Life insurance claims can be of the following types –
- Maturity claim – this claim occurs when the selected term of the plan comes to an end. On maturity of the plan, the promised maturity benefit is paid.
- Death claim – if the insured dies during the term of the policy, a death claim occurs. In case of a death claim, the death benefit is paid.
- Health claims – these claims occur in health insurance plans. If the medical contingencies covered by the plan occur during the selected policy term, there would be a health claim.
Claim process:
Here are the different types of claim processes for getting the claim settled –
- Maturity claimMaturity claims are handled by the insurance company itself. The company usually knows when the plan is maturing and starts the claim process in advance. When the plan matures, the policyholder would have to submit the relevant documents and the claim would be settled.
- Death claimIn case of death of the insured, the insurance company would have to be notified of the death. The nominee should then fill up a claim form and submit other relevant documents to the insurance company. The company would then process the documents submitted and pay the nominee the death benefit.
- Health claimsIn case of health insurance claims, the insurance company should be notified by the policyholder. A claim form would have to be filled and all the relevant medical documents would have to be submitted to get settlement of a health claim.
Documents required:
Here is a list of documents required for each type of claim –
| Documents needed to process a Maturity Insurance Claim for ICICI Prudential Life Insurance Policy |
| Claim Discharge Form |
| Identity proof of the policyholder |
| Documents needed to process a Death Insurance Claim for ICICI Prudential Life Insurance Policy |
| Claim intimation form |
| Copy of the death certificate issued by the municipality |
| Identity and address proof of the person making a death claim |
| Cancelled cheque of the claimant |
| Copy of medical records (If any) |
| Copy of the medico legal cause of death certificate |
| Medical attendant’s report or hospital certificate filled by the treating doctor |
| Employer’s certificate for salaried individuals |
| FIR/Inquest report/panchnama in case of accidental death |
| Copy of driving license if insured was driving and died in an accident |
| Documents needed to process a Health Insurance Claim for ICICI Prudential Life Insurance Policy |
| For critical illness plan and heart/cancer care plan |
| Claim intimation form |
| Certificate of the attending doctor |
| Copies of all medical records and reports |
| Original policy document |
| Cancelled cheque |
| For Hospital care plan |
| Claim intimation form |
| Certificate of the attending doctor |
| Copies of all medical records and reports |
| Pre-authorisation form |
| Health check-up form |
| Cancelled cheque |
| For indemnity claims- Reimbursement |
| Claim intimation form |
| Original discharge summary provided by the hospital |
| Doctor’s advice for hospitalization |
| Original bills of medicine and the hospital |
| Original investigative reports |
| Health saving benefit form |
| Pre-authorisation form |
| Health check-up form |
| Cancelled cheque |
ICICI Prudential’s turn-around time to settle an insurance claim
Turn-around-time (TAT) is the time taken by the insurance company to settle its claims. ICICI Prudential Life tries to settle its claims within the shortest possible time. The claim is paid through electronic modes so that the settlement process is sped up. The TAT for claim settlements followed by ICICI Prudential adheres to the time specified by the IRDAI (Insurance Regulatory and Development Authority of India). It is as follows –
| For raising claim related requirements | Within 15 days of receiving the claim intimation |
| Claim settlement/claim rejection/claim repudiation if investigation is not required | Within 15 days of receiving the last document needed for claim processing. |
| Claim settlement/claim rejection/claim repudiation if investigation is required | In case of death claims: the investigation should be completed within 90 days of receiving the claim intimation. The claim should, thereafter, be settled within 30 days of completing the investigationIn case of health claims: the investigation should be completed within 30 days of receiving the last required document. The claim should, thereafter, be paid within 45 days of receiving the last required document. |
Making claims through Turtlemint
An alternative way to make your life insurance claim is through Turtlemint. Turtlemint is an online platform which allows you to compare and buy the best life insurance policies. Moreover, in case of a claim, the company’s dedicated claim settlement department helps you to get your claims settled quickly. To get your claims settled through Turtlemint you just have to call the claim helpline number of the company which is 1800 266 0101. Alternatively, you can also intimate your claim through mail at claims@turtlemint.com. As soon as the claim is intimated, the company’s claim department would contact you and help you get the settlement of your claim. Moreover, for any queries or complaints regarding claim settlement you can call up the above-mentioned number or even chat with the executive of Turtlemint online.
Reviews by customers
- ICICI Prudential’s iProtect Smart is one of the best term insurance plans that I could find. The plan has a comprehensive coverage and the premiums are quite affordable. – Mina Kapoor
- I am a proud customer of ICICI Prudential’s life insurance plans. The company caters to all my insurance needs and offers some of the best products in the market. – Nirav Gupta
- I never knew claim settlement could be so easy. The company’s health insurance plan gave me a lump sum payment when I fell sick. It helped me avail the best treatment without worrying about money. – Nishit Raheja
- The company offers personalised solutions for my needs. When I needed to buy insurance the company’s executive explained the product quite simply and patiently and helped me find the most suitable plan. – Rajiv G
- ICICI Prudential is truly the best insurer in the market. It helped me find the best insurance plan for my needs and the premiums were affordable too. – Mihir M
FAQ’s
ICICI Pru Life Insurance settles claims through electronic modes. The claim amount is directly credited to the bank account of the policyholder (in case of maturity or health claims) or the nominee (in case of death claims).
To report a claim, there are various options to choose from. These include the following –
- Online – the individual can visit ICICI Prudential’s website and intimate the claim online
- Over the phone – the individual can contact the company’s 24*7 claim helpline number at 1860 266 7766 and intimate the claim
- Physically – the claim can be intimated by visiting the nearest branch of ICICI Prudential Life Insurance
- Through email – intimation of the claim can also be sent over an email to the company at lifeline@iciciprulife.com
- Through SMS – individuals can send an SMS writing ‘ICLAIMPolicy number’ and send the text to the company’s registered number which is 56767.
Alternatively, you can also report your claim to Turtlemint on its helpline number 1800 266 0101 or on its email id – claims@turtlemint.com and Turtlemint’s team would help you with claim settlement.
Premiums for ICICI Life Insurance policies can be paid online, through cash (up to INR 50,000), through cheque, through demand drafts, through mobile wallets or using any other digital payment platform. You can also choose to buy ICICI Prudential’s life insurance policy online through Turtlemint’s platform. Turtlemint is an online platform which allows you to fulfil your insurance requirements with some of the best policies. When you buy online, you can pay the premium also online through Turtlemint’s website.
Yes, once bought, life insurance plans can also be cancelled. ICICI Prudential Life Insurance allows a free-look period to policyholders for cancelling the policy. This period is for 15 days after the policy is issued. The policyholder can cancel the policy during this free-look period. Once cancelled, the premium paid is refunded back after deducting the applicable charges incurred in issuing the policy and the premium for the period for which the policy was in force.
The status of a policy can be checked online. For doing so you should visit the company’s official website which is www.iciciprulife.com. On the website, on the right hand side corner, there is a ‘Track Application’ tab. Click on the tab and you would be directed to a new page. There, you can track the status of your application by providing any of the following details –
- Mobile number and date of birth (DD/MM/YYYY)
- Application number
- Policy number
- Mobile number, transaction ID and date of birth (DD/MM/YYYY).
If you miss the premium payment within the due date, you would be allowed a grace period. This grace period is an additional period for paying the premium. During the grace period the coverage would continue. The grace period would be 30 days if you are paying premiums annually, half-yearly or quarterly and 15 days if you are paying monthly.
Yes, life insurance premiums paid are allowed as a deduction from your taxable income under Section 80C up to INR 1.5 lakhs. Moreover, the maturity or death benefit received from the policy is also tax-free benefit under Section 10 (10D).
Yes, health insurance plans offered by ICICI Prudential Life Insurance Company also allow tax benefits. The premiums paid for such plans are allowed as a deduction under Section 80D up to INR 25,000. The limit increases to INR 50,000 if you are a senior citizen.
The renewal premium can be paid online. To do so you should visit ICICI Prudential’s official website at www.iciciprulife.com. On the home page choose ‘Customer Services’ and on the services page choose ‘Pay Renewal Premium’. You would be taken to a new page wherein you should provide the relevant details like your policy number/mobile number/email id registered with the company and your date of birth. Once the details are provided you can pay the premium online through any digital payment mode. Alternatively, you can also pay the renewal premium through cash, cheque or demand drafts.
Renewals of ICICI Prudential’s life insurance plans can also be done through Turtlemint. Turtlemint is an online platform which allows you to buy and renew insurance policies online. You can simply visit Turtlemint, choose your policy and pay the renewal premium and the policy would be renewed.
The company’s customer care number is 1860 266 7766 which can be called between 10 am to 7 pm on all days except Sundays and national holidays. You can also contact the company through SMS or email.
