ICICI Prudential Insurance plans

ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. ICICI Bank is a leading private sector bank in India with total consolidated assets stood at ₹ 13,772.92 billion (US$ 182.0 billion) at March 31, 2020 while Prudential Corporation Holdings Limited is an indirect wholly-owned subsidiary of Prudential plc. Prudential plc is an Asia-led portfolio of businesses focused on structural growth markets. ICICI Prudential Life began its operations in fiscal year 2001 and has consistently been amongst the top players* in the Indian life insurance sector. Our Assets Under Management (AUM) as on 30th June 2020 were ₹1,700.06 billion. They operate through 506 branches across the country and had a solvency ratio of 2.15 for the year ending 2018-19.
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ICICI Prudential Life insurance review

ICICI Prudential Life
Distribution - Number of branches pan India (March 2019)
506
Entry Age Minimum/Maximum (Years) - Term Plans
18/65
Sum Assured Minimum / Maximum - Term Plans
1 lac / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
5/67
Solvency Ratio (FY 2018-19) *
2.15
Number of Policies Sold (Ind+Group) *
768,222
Number of Lives Covered (Ind+Group) **
31,869,345
Claims Settlement Ratio (Ind+Group) ***
95.72%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published
At ICICI Prudential Life, they operate on the core philosophy of customer centricity and offer long term savings and protection products to meet different life stage requirements of their customers. They have developed and implemented various initiatives to provide cost-effective products, superior quality services, consistent fund performance and a hassle-free claim settlement experience for their customers. The success of the institution is built on our unflinching commitment to the five core Values of Customer First, Humility, Passion, Integrity, and Boundaryless. These values guide all actions, and describe what they stand for and the way we work. Every member of the ICICI Prudential Life team is committed to the five core Values and these Values shine forth in all that they do.

ICICI Prudential Life Insurance had a claims settlement ratio of 95.72% in 2018-19, they also covered 318.69 lac lives during the year 2019-20 and had a 13th Month Persistency ratio of 78.83%, which is amongst the highest in the Life Industry in India. This as per the data provided by IRDAI as well as the Public Disclosures available on the company’s website.

Awards & Recognition

Some of the awards that have come the company’s way in the past few years have included:
  • "Customer Service Company of the Year" by India Insurance Summit & Awards 2020
  • "Best Alternative or Digital Payments Program of the Year" by the Customer Fest Leadership Awards 2020
  • ICAI Award for Excellence in Financial Reporting for the FY2018-19 Annual Report
  • Ranked amongst the top 3 Companies in Indian Corporate Governance Scorecard
  • League of American Communications Professionals LLC (LACP) awarded ICICI Prudential Life Insurance Company Limited with Gold Award for excellence for the development of ICICI Prudential Life Insurance Company Annual Report 2018-19
  • Ranked as one of the most valuable brands in India six times in a row by "BrandZ Top 75 Most Valuable Brands 2019", a study conducted by Millward Brown and published by WPP
  • "Life Insurance Company of the Year" at the 4th Annual Insurance India Summit & Awards 2019
  • "Best Innovation and Diversification introduced by the Company in a Year" by Emerging Asia Awards 2019
  • Adjudged "Best Risk Management Strategy of the Year - Life Insurance" by Emerging Asia Awards 2019
  • ICICI Pru iProtect Smart voted "Product of the Year 2019" in the life insurance category by Product of the Year (India) Private Limited

ICICI Prudential Life Term Insurance Plans - review

  • Features
  • Claims Process
  • Exclusions

Key Features of Some ICICI Prudential Life Term Insurance Plans

Some of the key benefits include:
  • Large cover at affordable rates : Get ₹ 1 Crore life cover starting at ₹ 490 per month. Your premiums remain fixed for the entire policy duration, hence fits a tight financial budget
  • It gives you longer cover: The best time to buy life insurance is now. Buying now will ensure that you get life cover at low premiums for the desired term. ICICI Pru iProtect Smart can cover you till the age of 85 and you also have option to get whole life insurance till age 99.
  • It provides you option of lump sum or income: These plans allows your family to get their life insurance payout as a lump sum, income or a combination of both. A lump sum payment is a single payment made to the nominee on the death of the insured person. An income payment is a series of annual or monthly payments, made to the nominee on the insured person’s death. The latter option can save your family from the hassle of managing and investing a large sum of money.
  • It provides you Protection against other claims: You can buy the insurance policy under the Married Woman’s Property Act++. This protects the money paid under the policy from other claims. It thus provides an additional layer of protection to your family.
  • Option to increase life cover : Life stage benefit gives you an option to increase the cover after Marriage (50% increase), 1st (25% increase) & 2nd (25% increase) childbirth, without any medicals. Additional premium will be calculated based on the increased life cover and remaining policy term as per your age at the time of each such increase.
  • 34 Critical illness Benefit Option : This optional benefit gives full claim payout on the first diagnosis of 34 Critical Illnesses like cancer, heart attack and kidney failure. No hospital bills required. You stay covered for a maximum of 30 years without any change in premium.
  • Permanent disability benefit : In case of permanent disability due to accident, all future premiums are waived off, and the life cover continues for the remaining policy duration. This benefit comes in-built in your policy without any extra cost to you.
  • 100% Terminal Illness payout : Terminal illnesses are not only life threatening but can also spell financial ruin. This benefit helps you fight those illnesses by paying 100% of your life cover amount before death (covers AIDS as well).This benefit comes in-built in your policy without any extra cost to you.
  • Tax Benefits : Get tax exemptions on your premiums and maturity amount

Claims Process

To register a claim, please follow one of the following:
Call us at : Toll Free 1860 266 7766
SMS us at : ICLAIM8-Digit Policy Number to 56767
Email us at : claimsupport@iciciprulife.com
Visit us Online at : www.iciciprulife.com
Write to Us at : Our Life claims cell / Health claims cell
ICICI Prudential Life Insurance Company Ltd,
1st Floor, C-wing, Office No. 115, 116, 117,
BSEL Tech Park, Opp. Vashi Station,
Sector 30, Vashi, Navi Mumbai- 400703.
Mandatory Documents for all type of Death claims
  • Claimant's statement / Claim intimation form
  • Copy of death certificate issued by Local Municipal Authority
  • Copy of claimant's photo identification proof and current address proof - List of Photo ID and Current Address Proof
  • Cancelled cheque
  • Additional Documents for Non-Accidental Death
    • Copy of medico legal cause of death certificate
    • opy of medical records (admission notes, discharge/ death summary, test reports, etc.)
    • Medical attendant's/ hospital certificate to be filled by the treating doctor - Download Form
    • Certificate from employer (for salaried individuals) - Download Form
  • Additional Documents for Accidental Death
    • Copy of FIR/ panchnama/ inquest report and post mortem report for accidental death and suicide cases
    • Copy of driving license if Life Assured was driving the vehicle at the time of accident (applicable if 'Accident and Disability Benefit Rider' is opted)
Mandatory Documents to report a Health Claim
  • Claimant's statement / claim intimation form
  • Attending doctor's certificate
  • Copy of medical records (admission notes, discharge summary and test reports)
  • Original policy certificate
  • Cancelled cheque
  • Pre-authorisation form (for cashless facility)
Turn Around Time as mandated by Insurance Regulation and Development Authority of India (IRDAI) Death Claims Health Claims
Raising Claim Requirements Within 15 days of receipt of claim. Within 15 days of receipt of claim.
Settlement or Rejection or Repudiation of claims wherein Investigation is not required Within 30 days from the date of receipt of last necessary document. Within 30 days from the date of receipt of last necessary document.
Settlement or Rejection or Repudiation of claims wherein Investigation is required Investigation should be completed not later than 90 days from the date of receipt of claim intimation and the claim shall be settled within 30 days thereafter. Investigation should be completed not later than 30 days from the date of receipt of last necessary document and the claim shall be settled within 45 days from the date of receipt of last necessary document.

Exclusions under ICICI Prudential Life Insurance Plans:

Please find below some of the key exclusions under the ICICI Prudential Life Insurance plans. For the entire list of exclusions, kindly go through the Terms and Conditions shared with your policy kit:
  • Existence of any sexually Transmitted Disease (STD) and its related complications or Acquired Immune Deficiency Syndrome (AIDS) or the presence of any Human Immunodeficiency Virus (HIV).
  • ‘Pre-existing diseases’ which are defined as “Any condition, ailment or injury or related condition(s) for which the assured life had signs or symptoms, and / or were diagnosed, and / or received medical advice / treatment within 48 months prior to the first policy issued by the insurer”. Pre-existing illness will be covered after 48 consecutive months of continuous coverage have elapsed from the coverage effective date
  • External Congenital Anomaly which is in the visible and accessible parts of the body
  • Failure to seek or follow medical advice deliberately or failure to follow treatment under reasonable circumstances from any registered and qualified Medical Practitioner.
  • Intentional self-inflicted injury, attempted suicide, while sane or insane.
  • Alcohol or Solvent abuse or taking of Drugs, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a registered medical practitioner.
  • War, invasion, act of foreign enemy, hostilities (whether war be declared or not), armed or unarmed truce, civil war, mutiny, rebellion, revolution, insurrection, military or usurped power, riot or civil commotion, strikes.
  • Taking part in any naval, military or air force operation during peace time.
  • Participation by the insured person in any flying activity, except as a bona fide, fare-paying passenger or pilot and cabin crew of a recognized airline on regular routes and on a scheduled timetable.
  • Participation by the insured person in a criminal or unlawful act with criminal intent.
  • Engaging in or taking part in professional sport(s) or any hazardous pursuits, including but not limited to, diving or riding or any kind of race; underwater activities involving the use of breathing apparatus or not; martial arts; hunting; mountaineering; parachuting; bungee-jumping.
  • Disability due to psychiatric illnesses, post-traumatic stress disorder, chronic fatigue, chronic pain, and fibromyalgia are excluded
  • Nuclear Contamination; the radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature

ICICI Prudential life insurance FAQ's

We at ICICI Prudential Life Insurance are committed towards fulfilment of our promise to you and your family. Death claims arising due to corona virus COVID 19 will be covered and processed as per the terms and conditions of the policy. Hospitalization claims arising due to COVID 19 will also be covered by the Company products.

A claim is rejected if 'non-disclosure' or 'misstatement' of facts is discovered during an investigation. When a fact that affects the policy issuance decision is not disclosed in the proposal, it is termed as, 'non-disclosure'. Similarly, withholding information or providing incorrect information while answering questions in the proposal form^^ is termed as, 'misstatement'.

(For example, when an applicant suffering from kidney failure does not inform the insurer about the same in the proposal form, it is termed as non-disclosure. Similarly, when an applicant overstates his or her income, then it is called a misstatement.)

We examine and settle claims on the basis of all records related to the claim. Once you report a claim, we request you to submit the required documents. The sooner the documents are submitted, the faster your claim will be processed.

The claim benefit can be received by:

  • The nominee or the guardian (in case of minor nominee), if you are the Life Assured
  • The proposer, in case you are not the Life Assured
  • Assignee, in case the policy is assigned
  • Life Assured, in case of living benefit claims such as, claims under disability, critical illness and major surgery rider.

In such circumstances, we would require the proof of title/succession certificate issued by a competent court. The claim would then be paid to the person specified in the said proof. Such a condition is called 'Open Title' situation.

If we have accepted the claim but are waiting for the issued certificate of proof, we hold the money till the proof is submitted and pay interest as directed by the Insurance Regulatory and Development Authority of India.

Following KYC documents are required:

  • PAN/Form 60 (mandatory)
  • One recent photograph
  • List of Officially Valid Documents:
    • Passport
    • Driving License
    • Voter's Identity Card issued by Election Commission of India
    • Job Card issued by NREGA duly signed by an officer of the State Government
    • Letter issued by the National Population Register containing details of name, address or any other document as notified by the Central Government in consultation with the Regulator
    • Proof of possession of Aadhaar (to be taken in masked/redacted form/black out version to be taken from clients

Our process of medical examination is very simple. Immediately after the making payment, basis your pin code you will be eligible either for home visit or for centre visit.

  • Home visit: If you have selected this option, you can choose the date and time of examination as per your convenience.
  • Medical centre visit: If home visit option is not available for your location or in case of tests which require medical centre visit like X ray, TMT (Treadmill test) etc. You can choose the date, time & centre of examination as per your convenience.


Cost of medical exam would be borne by the company.12 hours fasting is required for blood samples.

The minimum entry age to purchase term insurance is 18 years, while the maximum entry age while purchasing can be up to 65 years. Term Insurance Plans provide longer protection for you and your family. One can choose a life cover up to the age of 85 years under Regular Pay and 99 years under Whole Life.

Your family will receive the claim amount in the event of both natural and accidental death. Life insurance is designed to provide your family with a certain amount of money, irrespective of the reason of death. However, there are some exclusions like suicide in 1-year, non-disclosure of rightful facts that can lead to a decline of your claim amount. To know more about such exclusions, please refer to the terms & conditions section in the policy document.

Policy Issuance usually takes 7 days post medical test and successful submission of all documents. In case of non-policy issuance due to in eligibility, following offer would be made to you:

  • Revised premium
  • Count Offer: Revised life cover
  • Postpone: Eligible to buy policy after 6 months
  • Decline: Policy cannot be given
In case your policy request is declined, payment will be reversed to you in 7 working days.

It is usually suggested that a life insurance cover should be at least 10 times of your annual income and 15 to 20 times is an even better option. If you have loans such as home loans, car loans, etc. then you should factor that in too.

For instance, if your annual income is ₹ 10 Lakhs, it is ideal to buy term life insurance cover of at least ₹1.0 crore, if you do not have other liabilities. In case you have a home loan of ₹50 lakhs, include this amount in your life cover. It is best to use the term calculator provided by insurance companies before deciding on your life cover.

Online transactions are completely secure and are done directly on the insurance company’s or it’s official distributors’s website. Today almost all financial transactions including banking, stocks, etc have moved completely online and lacs of people are making online payments every day. You can evaluate ICICI Prudential’s plans on eindiainsurance .

Yes, smokers are eligible for term insurance subject to prescribed medical tests. Get Insurers typically charge a higher premium for term insurance for smokers. Most life insurance companies charge a higher premium amount for smokers. It is essential that you do not hide your smoking habit from your insurer. If you are found to be lying about it:

  • Your insurance cover will be null and void, and insurance claims will not be honoured.
  • You may be charged with fraud.

To get a duplicate physical copy of your policy document, you need to visit any ICICI Prudential Life Insurance branch with the following documents:

  • Notarised copy of an indemnity bond printed on stamp paper of ₹500/
  • Cheque/ demand draft of ₹500/- (towards reprint charges) in favour of ICICI Prudential Life Insurance Company Ltd
Once we receive your request, the duplicate copy will be couriered to you within 10 working days.

You can disclose additional information about yourself, after issuance of your policy, by sending us a letter. This information can be related to medical conditions, an occupational change which may have an impact on your health, insurance cover with other companies, changes in habits, change of residential status to NRI, etc. You can submit this letter through any of these options:

  • Our Branches: You can submit the letter at any of our branches
  • Courier: Courier or post the letter to: ICICI Prudential Life Insurance Co. Ltd., Unit No. 1A & 2A, Raheja Tipco Plaza, Rani Sati Marg, Malad (East), Mumbai- 400 097
Once we receive your details, we will get back to you in 6 working days, to let you know the impact on your policy (if any). We may seek additional clarifications or requirements (if any).

An assignment is a method of transferring all rights and benefits under a life insurance policy to an individual or institution. You can assign your policy to take a loan against it, as a security or to gift it to someone. The person who transfers his right is called the "Assignor" (i.e. the policyholder) and the person to whom the right is transferred is called the "Assignee". You can assign your policy to an individual or a financial institution provided there is an insurable interest between you and such an individual/ financial institution. There are two types of assignment:

  • Absolute Assignment: In an Absolute Assignment you transfer all interests, benefits, liabilities, obligations and rights under your policy to the assignee, without any condition
  • Conditional Assignment: This is an assignment of your policy which is dependent on a condition. Right of ownership, responsibility to pay future premiums and right of servicing is as per the terms of the assignment

If the due premiums are not paid while the policy is still within the lock-in period, then the policy would lapse and all benefits of the policy would cease. The policy holder has a grace period for premium payment, which is 15 days from the due date for monthly premium payment frequency and 30 days from the due date for half-yearly and yearly premium payment frequency.

If the due premiums are not paid even after completion of 45 days of the grace period then the policy acquires a "discontinued" status, the policy benefits cease. And the amount accumulated in the policy would move to the discontinued fund. This amount would be locked in till completion of the lock-in period (five years from the date of policy issuance). Please note, policy discontinued is applicable for policies issued after Sep 1, 2010.

The policy holder loses out on all the benefits of the plan. After discontinuance of the policy it cannot be withdrawn. The policy holder would receive the invested amount only on completion of the lock-in period (five years from the date of policy issuance).

You have a period of 15 days to review your original policy document from the date of receipt. If you are not satisfied with the terms and conditions of your policy, you can return it to us for cancellation and you will be eligible for a refund. If your policy is sourced through distance marketing, you have a period of 30 days. This will be mentioned in your policy certificate. To cancel your policy within the free look (review period), fill up the form and visit any of our branches with your Policy document. Once received, we will process your request and refund the premium amount after applicable deductions (if any) within 15 days.

Surrender is a mid-term termination of your life insurance policy. If you surrender your policy your life insurance cover will end and all your policy benefits will stop. Hence we recommend you to re-think your decision of surrendering the financial security of your loved ones. You can surrender your policy, only after completion of the lock-in period. For details of the lock-in period in your policy, please refer your policy document. On surrender of your policy your policy value will be paid to you as per the policy terms. To surrender your policy, you can visit any of our branches with the following documents:

  • Surrender Form
  • Policy Document.
  • Signed Copy of Photo Identity Proof of the policy holder, i.e. PAN Card, Aadhaar Card etc. Please carry an original copy of the Identity proof.
  • Cancelled Cheque of the Bank account in which you wish to receive the surrender amount. Please ensure that your name is printed on the cheque.
Once we receive your request, we will process your payout within 15 working days and send you a confirmation.

An insurer would be willing to provide you with a life cover based on your health condition, even if you suffer from heart related or diabetic related ailments. Remember that an insurer decides on the premium to be charged based on your health condition, age at the time of entry, tenure of the coverage requested and your medical history. In case you are a heart/diabetic patient, you would be considered at a high risk and therefore attract a high premium. Some of the factors that an insurer would consider are your age, family history related to heart ailments, obesity, use of tobacco, diabetes, blood pressure, nutrition being taken and exercising habits.

The underwriters would consider your health condition, and the risk associated with heart/diabetes disease when deciding upon the cover to be provided. Typically, the premium would be higher side for a patient with the disease than for someone without a the same- all things being equal. Though, remember that both the severity of your condition and steps you have taken to manage your health will be the deciding factor.

Some of the key reasons as a customer to opt for ICICI Prudential Life are as follows:
  • 95.72% : Claims settlement ratio for FY2018-19
  • Benefits paid up to March 31, 2019 : ₹1.29 Lakh Cr`
  • 30 Day Return Policy : If not satisfied, one can return (free look) the policy and get your money back
  • Service Assurance : Your Life insurance policy will be issued in 72 hours on receipt of all documents and medical reports
  • Under “ClaimForSure” benefit, Death claims settlement in 1 day and interest for delay beyond 1 day
  • Hassle-free claim settlement process : While settling the claim, only three steps are followed viz. initiate the claim, submit all the necessary documents, and at last, the company settles the claim amount.
  • Widespread Network of Branches : They have 506 (March 2019) branches across the country, and growing rapidly depending on business needs
If required, the insurance companies might call for additional supporting documents to the one specified above.

Other Life Insurance insurance products from ICICI Prudential

ICICI Prudential Term Life insurance is the most cost effective form of life insurance.
ICICI Prudential Health insurance covers the cost of the policyholder's medical and surgical expenses.

Search for other ICICI Prudential Life plans

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