ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company Limited is one of the prominent players in the Indian life insurance industry. Established through a partnership between ICICI Bank Limited, holding 74% shares, and Prudential Corporation Holdings Limited, a UK-based company, owning 26% shares, the company operates in both life insurance and asset management sectors. Notably, in 2016, ICICI Prudential made history by becoming the first insurance company in India to be publicly listed on domestic stock exchanges.

Since its establishment in 2001, ICICI Prudential Life Insurance has maintained a high standing within the Indian life insurance market, especially when considering Retail Weighted Received Premium (RWRP). Additionally, the insurer provides a variety of protection and long-term savings options to meet the needs of people at different stages of life. [1]

Following are a few of the many reasons why one must choose ICICI Prudential as a life insurance provider:

• Claim Settlement Ratio: ICICI Prudential Life Insurance has a high claim settlement ratio of 95.28%. This indicates that practically all claims submitted to the insurance company are accepted and promptly settled, providing peace of mind to policyholders and their loved ones in times of difficulty.

• Solvency Ratio: A good solvency ratio is an important indicator of an insurance company's financial stability and capacity to pay claims and other obligations. With an impressive solvency ratio of 2.09% in FY22–23, ICICI Prudential Life Insurance displays both its strong financial status and capacity to meet policyholder needs.

• Amount Settled: ICICI Prudential Life Insurance has paid out a huge amount of Rs. 1950 crores. in claim settlements in the FY 2022–2023. This shows the insurer's consistent commitment to offering policyholders significant financial support in case of the policyholder's death.

• Sum Assured in Force: ICICI Prudential Life Insurance guarantees policyholders wide coverage with an outstanding sum assured amount of Rs. 14,54,072.19 crores in effect. This comprehensive insurance coverage helps protect people against a wide range of uncertainties in life.

• Assets Under Management (AUM): Last but not least, ICICI Prudential Life Insurance has a strong presence in the market as the life insurance company manages a significant amount of Assets Under Management (AUM) of Rs. 246442 crores in FY22–23. [2]

The following are the eligibility criteria to buy ICICI Prudential Term and Investment plans:

Term Plans

For Salaried Individuals

• To qualify for coverage under ICICI Prudential Term Insurance, individuals with a 12th-grade education must have a minimum verifiable annual income of at least Rs.10 lakhs.

• Graduates or individuals with higher education qualifications are eligible if their minimum verifiable annual income exceeds Rs.3 lakhs. It's essential to note that the minimum income requirement may vary based on the Maximum Sum Assured.

For Non-Salaried Individuals

• To be eligible for ICICI Prudential Term Insurance, individuals who have completed 12th grade must have a minimum verifiable annual income of Rs.10 lakhs or more.

• For graduates or individuals with higher education qualifications, the minimum verifiable income should be more than Rs.5 lakhs to be eligible for ICICI Pru life insurance plans.

Investment Plans

The standard minimum entry age for ICICI Prudential Life Investment plans starts from 0 years or a few days, with a maximum age requirement of around 60 years. It's essential to note that these age limits might differ based on the particular investment plan you opt for.

Listed below are the different types of life insurance plans offered by ICICI Prudential:

• Term Insurance: Term insurance is a simple type of life insurance that offers protection for a predetermined amount of time, or the policy term. The insurer pays the nominee a predetermined sum in the event of the policyholder's death within the policy term. The main purpose of this kind of insurance is to protect the insured's family financially. Also, please note that if the insured lives out the policy term, there are no maturity benefits.

• ULIPs: ULIPs, or unit-linked insurance plans, combine investing and insurance features. A portion of the premium paid goes towards providing life insurance coverage, while the remaining amount is invested in various funds. Moreover, ULIP give policyholders flexibility in their investing options by letting them switch between funds in response to changes in the market.

• Guaranteed Return Plans: Guaranteed return plans assure policyholders of a predetermined return on their investment. These plans offer a guaranteed Sum Assured along with bonuses, ensuring a specific amount of returns irrespective of market fluctuations.

• Retirement and Pension Plans: Retirement and pension plans are designed to provide financial stability during the retirement years. These plans offer regular income or a lump sum payout post-retirement and ensure that policyholders can maintain their standard of living without depending solely on their savings.

• Savings/Endowment Plans: Savings or endowment plans combine life insurance coverage with a savings component. A portion of the premium paid goes towards providing life cover, while the insurer invests the remaining amount to generate returns. These plans offer maturity benefits if the insured survives the policy term, providing a lump sum payout that can be used for various financial needs.

The top plans offered by ICICI Prudential Life Insurance are as follows:

The list of top riders available with ICICI Prudential Life Insurance company involves the following:

• Terminal Illness Rider: To avail of this benefit, the insured individual must provide a declaration from two IMA doctors stating that the person cannot live for more than 180 days. It's important to note that AIDS/HIV is not covered under this rider, and the certifying doctors should not be family friends. This rider is provided free of cost by ICICI.

• Waiver of Premium (WOP) Rider: The Waiver of Premium (WOP) rider provides financial relief to the policyholder in case of disability due to any reason. If the disability becomes permanent due to an accident, ICICI Prudential will waive off the future premiums. Disability is considered if it affects any three out of six activities: climbing, walking, mobility, bending, lifting, writting, or if it results in blindness. The disability must either be permanent or last for a minimum of 180 days to qualify for the full premium waiver. This rider is provided free of cost.

• Accident Death Benefit Rider: The ADB (Accident Death Benefit) rider provides additional financial support in case of accidental death. If the insured dies due to an accident either on the spot or within 180 days of the accident, this rider offers extra financial assistance. It is an optional paid feature that can be added to the base policy.

• Critical Illness Rider: ICICI Prudential's Critical Illness Rider covers more than 34 critical illnesses. The rider becomes active after 180 days. And, to be eligible for its benefit, the insured individual must survive for at least 0 days after the diagnosis of the illness

NOTE: A rider is an extra feature that can be added to the main life insurance policy for additional benefits. However, these benefits are accessible only by paying an extra premium.

One can easily buy any term or investment policy of ICICI Prudential either via the InsuranceDekho website or through the official website of the insurer. Below, we have included the steps for both:

Buy ICICI Prudential Life Policy Through the InsuranceDekho Website

Follow these simple steps to purchase your ICICI Prudential life insurance policy conveniently through the InsuranceDekho website:

Step 1: Visit InsuranceDekho Website

Go to the official InsuranceDekho website [3] and initiate the life insurance purchase process by clicking on Insurance > Life Insurance.

Step 2: Fill in Your Details

Enter essential details such as your name, date of birth, gender, and mobile number. Once completed, click on the "View Plans for Free" button.

Step 3: Choose the ICICI Prudential Life Insurance Plan

Select the most suitable life insurance plan by using filters if necessary. You can also customise your coverage by adding riders to the base policy.

Step 4: Provide Specific Information

Provide additional specific details like income, education, etc., and proceed by clicking the "Next Step" button.

Step 5: Pay Premium

Review the premium amount for your chosen ICICI Prudential Life Insurance plan. Then, click on the "Accept and Pay" button to complete the premium payment securely.

Step 6: Submit Proposal Form & Documents

After payment, submit necessary documents such as KYC, income proof, along with the Proposal Form and any additional documents requested by the insurer.

Note: Investment Plans may require fewer documents compared to other plans.

Step 7: Medical Evaluation & Underwriting

For term plans, undergo a medical evaluation if required. The underwriting team will carefully assess your proposal form and consider your medical results. Policy approval will be based on their evaluation.

Step 8: Policy Issuance

Upon approval, you'll receive confirmation of your ICICI Prudential Life Insurance policy on your registered mobile number or via email.

Buy ICICI Prudential Life Policy Through the Insurer’s Website

If you wish to purchase an ICICI Prudential life insurance policy directly through the insurance provider’s website, then you can do so by following the steps included below:

Step 1: Open the ICICI Prudential Website

Visit the official website of ICICI Prudential [4], click on “Plans” and choose the category of your choice from the dropdown menu.

Step 2: Follow Previous Steps

To proceed further with your purchase, start following the same steps (starting from Step 2) outlined in the section "Buy ICICI Prudential Life Policy Through the InsuranceDekho Website".

Make sure you prepare the following essential documents to streamline your application process:

• Medical Reports: ICICI Prudential may request medical reports to assess your health condition accurately. These reports help customise your life insurance coverage to meet your specific needs.

• Identity Proof: Provide any of the following identity proof documents: Permanent Driving License, Passport, Voter ID Card, or Aadhaar Card.

• Address Proof: Confirm your address with any of the following documents: Permanent Driving License, Passport, Voter ID Card, or Aadhaar Card.

• Income Proof: Depending on your employment status, submit relevant income proof documents. Salaried individuals should provide the last three months' salary slips, while non-salaried individuals need to furnish documents like income tax returns for the previous three years or a valid rent receipt.

• Additional Documents: In addition to medical reports, you may need to submit extra documents such as recent passport-size photographs, details of current or previous insurance policies, and medical history. These documents help insurers in accurately evaluating your risk profile.

Follow the steps listed below in case you don’t know how to proceed with claiming the life insurance in case of the insured’s death:

Step 1: Inform the Insurer

In the unfortunate event of the policyholder's demise, it's essential to inform ICICI Prudential Life Insurance promptly. This initiates the claim process.

Step 2: Submit Required Documents

Submit the essential documents including the Policy Number, Death Certificate, and valid Government identification. Depending on the cause of death, additional documents like the FIR Report or Postmortem Report might be necessary.

Step 3: Claim Evaluation

Once all documents are submitted, ICICI Prudential Life Insurance Company will review the claim thoroughly.

Step 4: Settlement Process

Upon approval of the claim, the claim settlement process starts.

Note: In cases where there's no designated beneficiary or the nominee is unavailable, the claim payout will be disbursed to the next legal successor after presenting the necessary legal documentation.

How InsuranceDekho can Help?

When you contact InsuranceDekho to submit your claim settlement request, our team will collaborate with your insurer to simplify the process for you. We'll also assist you with any questions or issues that may arise

• Platinum Award for the “Company's ESG Report FY2023” with Rank 21st Worldwide
• Customer Centric Excellence at the 7th edition of Business Leader of the Year Event
• India's Best Life Insurance Company for Diversity at the 7th Annual India’s Best & Emerging Insurance Company Awards by Business Ideas
• India's Best Life Insurance Company for Customer Obsession at the 7th Annual India’s Best & Emerging Insurance Company Awards by Business Ideas
• India's Best Life Insurance Company for Claim Management at the 7th Annual India’s Best & Emerging Insurance Company Awards by Business Ideas
• Sales Champion - Life Insurance (Large) category at the 10th Edition of ET EDGE Insurance Summit and Awards
• Overall Sustainable Performance (BFSI) at the 2nd Edition of India Sustainability Conclave and Awards 2023 from Transformance
• Best Transformative Security Initiative (Life Insurance) at the 2nd Annual Cyber Security Excellence Awards 2023 from Quantic India [6]

Do you need help with your insurance for ICICI Prudential Life Insurance? It's easy to get in touch with InsuranceDekho's customer support team in the following ways:

• Email Support: Just send an email to support@insurancedekho.com outlining your issues. Our committed staff will respond to you as soon as possible.

• Phone Support: Call the support line at +91-755 1196 989. Rest assured, our team is available round the clock, seven days a week, except for national and gazetted holidays.

Whether you contact us by phone or email, we are available to answer any questions you may have about the ICICI Pru life insurance policy and to help you whenever you need it. [7]

You may resolve any issues you may have with ICICI Prudential Life Insurance, including term insurance and investment plans, by getting in touch with the InsuranceDekho team or the insurer's customer care team.

Grievance Redressal with InsuranceDekho

Here are the different ways in which you can connect with InsuranceDekho in case you have any issues with your ICICI Prudential life insurance policy. No matter whether you need assistance with policy buying, rejected claims, or something else, the customer support team here is highly committed to solving your query.

• Call Us: Dial 755 1196 989 to speak with our dedicated customer service team. The team is available 24*7, including weekends (excluding national and gazetted holidays).

• Email Us: Drop us an email at support@insurancedekho.com. Our team will respond to your queries promptly.

• Further Escalation: In case you feel that your concern needs to be escalated, you can email Mr. Rohit Khurana, our authorised Grievance Redressal Officer, at grievance@insurancedekho.com.

• For Additional Support: If your issue remains unresolved, you can escalate it further by emailing PO_GIBPL@girnarinsurance.com to reach out to our Principal Officer. [8]

Grievance Redressal with ICICI Prudential Life Insurance Company

To address any concerns with ICICI Prudential Life Insurance, connect with the Grievance Officer at your nearest branch or email them at lifeline@iciciprulife.com. Alternatively, you can call our Customer Service Helpline at 1860 266 7766 (for calls within India) or +91 80693 85555 (for international calls) to report your grievance.

In case you're not satisfied with the resolution provided, you have the option to escalate the matter further. You can escalate to Ms. Ashwini Bondale, Senior Vice President and Grievance Redressal Officer. If the resolution still does not meet your expectations, you can bring your concern to our Grievance Redressal Committee for further review. Moreover, if you wish to escalate further, you have the right to approach the Insurance Ombudsman for redressal. [9]

1. https://www.iciciprulife.com/about-us/company-overview.html
2. https://irdai.gov.in/document-detail?documentId=4417599
3. https://www.insurancedekho.com/
4. https://www.iciciprulife.com/
5. https://www.iciciprulife.com/services/life-insurance-premium-payment-options.html
6. https://www.iciciprulife.com/about-us/media-center/awards-and-accolades.html
7. https://www.insurancedekho.com/contact-us
8. https://www.insurancedekho.com/grievance-redressal
9. https://www.iciciprulife.com/services/grievance-redressal.html