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+91-9797971876ICICI Life Insurance
Jeevan ka vishwas, parivaar ki suraksha
Life Cover + optional 34 CI
30 day Return policy
Affordable Premiums
2 lakh + Happy Customers
ICICI Life Insurance
ICICI Prudential Life Insurance is known for offering various life insurance products tailored to meet different financial goals and requirements. Whether it is ensuring economic security for your loved ones, creating wealth or planning for a comfortable retirement, ICICI Prudential has the right insurance plan to address your needs.
ICICI Prudential provides a user-friendly online platform for customers to browse through different insurance plans, calculate premiums and make purchases directly through this webpage. Additionally, their knowledgeable customer service team is ready to assist with any inquiries and help customers select the most suitable plan for their specific requirements.
Awards And Achievement
ICICI Prudential Life Insurance is committed to upholding the highest standards of excellence across all aspects of our operations. They take great pride in the recognition and awards they have received, as they serve as a testament to their unwavering dedication to our customers, innovative approach, strong values and talented employees.
- Received India’s Best Life Insurance Company for Claim Management award at the 7th Annual India’s Best & Emerging Insurance Company Awards by Business Ideas.
- The Life Insurance company is honoured to receive the award for “India’s Best Life Insurance Company for Customer Obsession” at the 7th Annual India’s Best & Emerging Insurance Company Awards by Business Ideas. This recognition is a testament to their unwavering commitment to providing exceptional customer service and ensuring that their customer’s needs are at the forefront of everything they do. They are grateful for this acknowledgement and will continue to prioritize customer satisfaction and excellence in all aspects of their operations.
- Business Ideas awarded the title of “India’s Best Life Insurance Company for Diversity” to a certain company at the 7th Annual India’s Best & Emerging Insurance Company Awards.
- The company won the “Customer Centric Excellence” award at the prestigious 7th edition of the Business Leader of the Year event organized by the World HRD Congress. This recognition is a testament to their commitment to providing exceptional customer service and prioritizing the needs of their clients. They are honoured to receive this award and it motivates them to continue their relentless focus on delivering superior customer experiences.
- The “Company’s ESG Report FY2023” has been honoured with the prestigious “Platinum Award” at the 2022/23 Vision Awards held by the League of American Communications Professionals (LACP). This recognition places the company in the 21st position globally.
- Their customer experience team received the prestigious “Customer Experience Team of the Year” award at the India Insurance Summit & Awards 2024. This event was organized by Synnex India.
- It won the award for the “Best Firm for Diversity & Inclusion in Tech 2024” at the Rising 2024 event organized by Analytics India.
- It received the “Most Innovative ML Initiative of the Year” award at the Smart CX Summit & Awards 2024 organized by Brainalytics.
- It won the “Best Use of Customer Analytics, Insights and Metrics” award at the 17th Edition Customer FEST Leadership Awards 2024 hosted by Kamikaze B2B Media.
Company Specifications/Key features of Company
| Specification | Feature |
|---|---|
| Year Founded | 2001 |
| Joint Venture With | ICICI Bank Limited & Prudential Corporation Holdings Limited |
| Listed on Stock Exchanges | First private life insurance company listed on NSE & BSE in India |
| Assets Under Management (AUM) | First private life insurance company to cross INR 2 Trillion |
| Claim Settlement Ratio (2020-21) | 97.93% |
| Number of Branches (India) | 514+ |
| Solvency Ratio (2020-21) | 2.13 (indicates strong financial capability) |
| Market Share | A significant player in the Indian life insurance market |
| Variety of Insurance Products | Offers various life insurance plans (savings, investment, protection, health, retirement) |
| Policy Features | Optional riders (e.g., accidental death benefit), tax benefits on premiums and claims, riders for terminal illness and disability waiver |
| Online Policy Purchase | Option to buy policies online |
| Customer Service | Focus on customer service with award-winning contact centres |
ICICI Prudential Life Insurance Plans
| Sl no. | Plan | Entry age | Tenure | Minimum sum assured | Mximum sum assured |
|---|---|---|---|---|---|
| 1 | Super Proctector |
| 5 years TO 99 years less age at entry | Subject to the minimum premium | Unlimited |
| 2 | Your Way |
| 8 years TO 17 years less age at entry | 350,000 | Subject to Board Approved Underwriting Policy (BAUP) |
| 3 | Guaranteed Pension Plan |
| 5 years TO 15 years less age at entry | 12,000 per annum (1,000 per month) | Subject to board approved underwriting policy |
| 4 | Guaranteed Pension Plan |
| 5 years TO 15 years less age at entry | 12,000 per annum (1,000 per month) | Subject to board approved underwriting policy |
| 5 | Heart Cancer |
| 5 years TO 40 years less age at entry | 2 lakh | Cancer cover: 50 lakh/ Heart cover: 25 lakh |
| 6 | Guarantee |
| 5 years TO 40 years less age at entry | As per Board Approved Underwriting Policy | Unlimited, as per Board Approved Underwriting Policy |
| 7 | Platinum |
| 10 years TO 40 years less age at entry | 1,000,000 | Subject to Board Approved Underwriting Policy (BAUP) |
| 8 | Protect Gain |
| 5 years TO 40 years less age at entry | 400,000 | Subject to Board Approved Underwriting Policy (BAUP) |
| 9 | Sukh Samruddhi |
| 10 years TO 30 years less age at entry | 360,000 | will be as per Board Approved Underwriting Policy |
| 10 | Guarantee |
| 5 years TO 20 years less age at entry | 60,000 per annum | Unlimited |
| 11 | Gold |
| 25 years TO 99 years less age at entry | minimum annualized premium and vary by the Death Benefit | subject to board approved underwriting policy |
Benefits of Choosing ICICI Prudential Life Insurance
Listed below are the benefits of choosing ICICI Prudential life insurance plans -
- Quick and Efficient Claim Settlement: As of FY 2024, ICICI Prudential’s claim settlement rate is high at about 99.17%, which indicates the company’s strong track record of successfully settling claims. The high settlement ratio demonstrates ICICI Pridential’s commitment to promptly addressing and resolving policyholders’ claims, reflecting positively on their reliability and support during challenging circumstances.
- Great Customer Service: ICICI Prudential Life Insurance excels in customer care service by establishing solid connections with policyholders and offering exceptional support. The company leverages technology to promptly address inquiries, efficiently manage claims and deliver personalized assistance to enhance the overall customer experience.
- Extended Protection: Term insurance plans are an effective way to ensure protection for a longer duration. They offer coverage beyond the age of 60, with consistent premium payments throughout the term. For instance, ICICI Pru iProtect Smart even provides a whole life insurance option that covers individuals until the age of 99.
- Flexible Payout Options: ICICI Prudential Life Insurance offers policyholders the flexibility to choose their preferred method of payment through various payout options. This includes receiving the term insurance money as a lump sum, regular income through annual or monthly payments or a combination of both. This allows the nominee to select the most suitable payout based on their financial needs and preferences.
- Additional Riders Options: The insurer offers a range of optional riders including protection against accidental death, partial disability, critical illness, premium waiver, income benefit and terminal illness. These riders can be tailored to provide full coverage according to your specific needs, optimizing the insurance plan. Additionally, the policy provides a payout upon diagnosis of up to 34 critical illnesses, with the freedom to claim the amount even without incurring hospital bills.
- Various Insurance Options: ICICI Prudential Life Insurance offers a diverse selection of insurance plans to cater to various requirements and financial capabilities. Term insurance, endowment insurance, pensions, child insurance and unit-linked insurance plans (ULIPs) are among the options available. This variety allows customers to select a policy that aligns with their specific needs and aids them in achieving their financial objectives. times.
- Affordable Premium Prices: ICICI Life Insurance Plan offers extensive coverage at affordable premiums, prioritizing your family’s financial security without burdening your budget. Its cost-effectiveness makes it ideal for individuals from diverse backgrounds and professions.
- Tax Advantages:: Term insurance provides tax benefits through deductions for premium payments under Section 80C of the Income Tax Act of 1961 and tax-free proceeds for the beneficiary according to Section 10 (10D) of the same act, offering a valuable advantage for policyholders.
ICICI Prudential Life Insurance Tax Benefits
ICICI Prudential Life Insurance provides tax benefits on their life insurance policies under 2 key sections of the Income Tax Act of 1961, allowing policyholders to save on taxes while securing their financial future -
- Section 80C
- This section lets you deduct the premiums you paid for your life insurance policy (including coverage for your spouse or children) from your taxable income.
- The maximum deduction limit under this section is 1.5 lakh rupees.
- The deduction you can claim is limited to 10% of the minimum sum assured by the policy or the premium you pay. This is an important factor to consider when calculating your potential tax benefits from the policy. It is essential to understand these limitations to accurately assess the tax implications of your insurance policy.
Section 10(10D):
Tax exemption may be available for the proceeds received from your life insurance policy upon maturity or claim, but certain conditions must be met. The specific requirements for exemption can differ based on the policy you select, so it is important to review the policy documents for precise information.
Here's a breakdown of the benefits:
- Tax-deductible Premiums: Paying your premium can reduce your taxable income, resulting in lower overall tax liability.
- Tax-free Maturity Benefit: Policyholders may enjoy tax benefits when they receive funds upon policy maturity, as long as specific conditions are met. The money received in such cases is typically exempt from income tax, providing an added advantage to policyholders.
- Additional Benefit for Health Insurance Riders: If you have a critical illness rider with your ICICI Prudential life insurance policy, the premiums you pay for that rider may be eligible for deduction under Section 80D. This section allows deductions for health insurance premiums, with a limit of 25,000 rupees for yourself and your family (50,000 rupees if you or your insured parent is above 60 years of age).
- Things to Remember:
- It is important to stay updated on tax laws as they can change frequently. Consulting with a tax advisor is recommended to understand how these changes may impact your circumstances.
- Different ICICI Prudential life insurance plans have varying tax benefits. It is important to thoroughly examine the policy details before deciding to buy.
- While tax benefits are certainly a factor to consider when choosing a life insurance policy, it is important to prioritize a plan that aligns with your overall financial goals and provides adequate coverage based on your risk tolerance. Do not let the potential tax advantages overshadow the crucial aspects of the policy that directly impact your financial security.
How to File ICICI Prudential Life Insurance Claim?
We have prepared a detailed step-by-step guide for filing a claim with ICICI Prudential Life Insurance, using information directly from their official website -
Step 1
Report the Claim:
Moreover, you can also raise your claim by visiting the nearest branch of ICICI Life Insurance.
The initial step can be accomplished through multiple channels for convenience -
- Online: Please go to ICICI Prudential’s website and look for the claims section.
- Phone: You can reach out to their 24 x 7 ClaimCare helpline by calling 1860 266 7766 for any assistance with your claim.
- Branch: Find your nearest branch of ICICI Prudential Life Insurance and visit them.
- Email: Send an email to claimsupport@iciciprulife.com to inquire about the status of your insurance claim.
- SMS: Text 'ICLAIM<space>Policy Number' to 56767 to initiate your claim. Once you send the message, they will call you back within 48 hours to assist you further.
Step 2
Required Documents
The documents required will be different based on the type of claim, such as death or maturity. Nonetheless, some of the common documents that are typically needed for processing include:
- Intimation form for claim reporting
- Original or attested copy of policy document
- Death certificate needed for claim
- Hospital discharge card for health claims
- Health claim medical reports
- Health treatment payment receipts for claims
Step 3
Submitting the Documents:
After gathering all the required documents, you can proceed with submitting them. This can be done through -
- Branch: You can submit the documents in person at your nearest branch. This is the most convenient way to ensure that your documents are received promptly and securely. Visiting the branch also allows you to ask any questions and receive immediate assistance if needed.
- Website: Upload the claims online on the website in the designated section for them.
- Courier: Please send the documents to the claim office address provided on the ICICI Prudential Life Insurance’s website.
- Doorstep Pickup: You can easily schedule a document pickup by calling their ClaimCare helpline number and arranging for a doorstep pickup. This convenient service allows you to have your documents collected without the need for you to travel to their office, saving you time and effort.
Step 4
Claim Processing
ICICI Prudential's ClaimCare team will review your claim and may ask for more documents if necessary. They will keep you updated during the process.
Step 5
Claim Settlement
ICICI Prudential will notify you of their decision regarding your claim after reviewing the necessary documents. If approved, the claim amount will be deposited into your designated bank account.
Required Documents for ICICI Prudential Life Insurance Claim
ICICI Pru Heart/Cancer Protect, Major Surgical Assistance, Accidental Death or other rider claim.
To file a claim, you will need specific documents -
- Claimant’s form for statement/intimation of claim
- Certificate from the attending doctor
- Medical reports copy (admission, discharge and test reports)
- Policy certificate (original)
- Cancelled cheque
Claim for ICICI Pru Hospital Care or Hospital Care II
To report a Fixed Benefit Hospitalization claim under the ICICI Pru Hospital Care and Hospital Care II policies, you will need to provide the following documents -
- Form for reporting a claim
- Medical records (admission, discharge and test reports)
- Cashless facility pre-authorization form
- Certificate from the attending doctor
- ICICI Pru Hospital Care II health form
- Cancelled cheque
Indemnity Hospitalisation Claim for ICICI Pru MediAssure or ICICI Pru Health Saver
To report a claim for Indemnity Hospitalization, you will need to provide documentation for the expenses incurred during hospitalization and other related medical costs.
- Claim form for the claimant
- Discharge card (original copy)
- Investigation reports (original copy)
- ICICI Pru Health Saver’s health check-up form
- Hospital/pharmacy invoices and payment receipts (original copies)
- Cashless facility pre-authorization form
- ICICI Pru Health Saver benefit form
- Cancelled cheque
ICICI Prudential Life Insurance Contact Details
The grievance resolution process is overseen by experienced senior officers who are dedicated to addressing your concerns as quickly and effectively as possible. You can find detailed information about ICICI Prudential Life Insurance’s grievance redressal policy on their website. Simply submit your concern using any of the provided matrix and they commit to providing you with a resolution within 15 calendar days.
Frequently Asked Questions (FAQs)
A.
ICICI Life Insurance is a well-known provider of life insurance in India, offering a diverse array of products to cater to different financial requirements. The company is a joint venture between ICICI Bank and Prudential Plc and is recognized for its strong presence and offerings in the Indian insurance market.
A.
You can easily explore various plans and get quotes online for ICICI Prudential Life Insurance by visiting their website. Additionally, if you prefer personalized advice, you can get in touch with an ICICI life insurance agent.
A.
The nominee can start a claim by reaching out to ICICI Life Insurance in the event of the policyholder’s demise. This can be done through the company’s website, customer service helpline or by visiting a branch office.
A.
The necessity of a medical test is determined by factors such as the insurance plan, coverage amount and the policyholder’s age. Lower coverage amounts may not necessitate a medical test but for higher sums or certain plans, a medical examination might be required.
A.
Yes, ICICI Life Insurance provides multiple options for paying your premiums, including through their website, mobile app and net banking facility. You can conveniently make payments using any of these platforms to ensure that your policy stays active.
A.
Missed premiums are allowed a grace period for payment. Within this time frame, you can pay the overdue premium and any late fees to maintain your active policy. However, if the premium remains unpaid after the grace period, your policy may lapse and you could lose the insurance benefits.
A.
To revive a lapsed policy, you need to pay the outstanding premiums and any applicable revival charges within a specific timeframe, typically ranging from 2 to 3 years. ICICI Life will determine the exact revival charges.
A.
You will need the death certificate of the policyholder, claim form, policy document and proof of nominee identity. For the most updated list of required documents, it is recommended to check the ICICI Life website or get in touch with customer service.
A.
Yes, you can update the nominee on your ICICI Life Insurance policy by submitting a written request to the company. It is important to ensure that the nominee is informed and agrees to the change to avoid any potential issues in the future.
A.
Life insurance plans often have exclusions, such as suicide within a specified time after policy inception, as well as exclusions related to adventure sports or hazardous activities. It is important to thoroughly read and understand the policy terms and conditions to be aware of these exclusions.
A.
Whole life and endowment insurance plans build up a cash value known as the surrender value, which can be accessed by the policyholder when necessary. However, it is important to be aware that surrendering the policy prematurely could lead to penalties and the forfeiture of certain benefits.
A.
It is important to do thorough research before selecting an insurance plan. Online comparison tools make it easier to evaluate the benefits, features and costs of different life insurance options. Comparing plans from various insurers can help ensure that you make an informed decision.
A.
It is important to consider customer feedback and research the claim settlement ratio of ICICI Life before purchasing a policy. While the company has a good reputation, there have been some common complaints about claim settlement delays, policy serving difficulties and agent misinterpretation. Being well-informed will help in making the right decision for your insurance needs.
A.
ICICI Life's website may indeed provide useful online life insurance calculators to assist you in determining the optimal sum assured according to your income, dependents and financial objectives. These tools could prove valuable in guiding you towards making a well-informed decision regarding your life insurance coverage.
A.
ICICI Life has specific plans for Non-Resident Indians (NRIs) but those who plan to permanently move abroad might find that regular plans are not the best fit. Reach out to ICICI Life for a personalized discussion to explore more suitable options.
A.
ICICI Life plans that offer loan-against-policy can be beneficial as they allow you to borrow a certain percentage of your policy’s surrender value. The interest rate and loan terms are determined based on the specific plan and the amount you wish to borrow. This feature provides flexibility and can be useful in managing financial needs.
A.
It is important to note that premiums paid for most ICICI Life Insurance plans can be eligible for tax deductions under sections 80C and 10(D) of the Income Tax Act in India. However, as tax laws are subject to change, it is advisable to seek advice from a tax advisor to ensure you have the latest and the most accurate information on applicable deductions.
A.
You should carefully consider who you want to nominate as your beneficiary for the death benefit payout. It is important to discuss with your chosen nominee, whether it is your spouse, child, parent or another dependent, to make sure they understand their role and know how to file a claim if needed.
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