ICICI Prudential Life Insurance Reviews, Ratings, Best Plans and USPs
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance is the product of a collaboration between ICICI Bank and Prudential Corporation Holdings Limited. Prudential Corporation is a UK based leading financial services group. As per the government rules, ICICI Bank holds the maximum share i.e.,74% stake in the company. On the other hand, Prudential Corporation holds 26% remaining stake. This took place in the year 2001 and that is when ICICI Prudential kickstarted it’s operations.
It has set a strong foothold in the Indian insurance sector and is ranked the amongst the top companies in this field. As on 31st March 2021, the Asset Under Management (AUM) stood at a staggering Rs. 2142 billion approx. – crossing the 2 trillion mark. It is a record-breaking number not only for the company but also for the insurance industry as a whole.
If we look at the history, the company for the first to ever cross the 1 trillion mark of AUM in the year 2015. Moving ahead to the year 2017, the company was the first ever insurance company to be listed on the NSE & BSE markets.
About ICICI Prudential Life Insurance
Multiple policy terms
When one chooses to opt for a policy – ease and convenience go hand in hand. It is something policy buyers seek and would not compromise on. ICICI Prudential boasts of being supportive of this idea. It offers multiple policy terms with the options to pay premium as per one’s convenience is one of the best. This eases off the burden as plans are easily customized and general rules/ terms and conditions are not simply followed.
High claim settlement ratio of 97.84%
The average age of pending claims for ICICI Prudential Life Insurance is only 3 days. They do not support the idea that nominees keep waiting endlessly to secure the claim amount during troubled times. The lower the no. of days taken to settle claims the higher the efficiency – that’s the rule. This relation further builds up the confidence in the minds of the policy buyers to opt for their plans.
As per the report published by the IRDAI the claim settlement ratio commonly known as CSR stood at 97.84% for the fiscal year 2019-2020. This is arrived at in the following manner – the opening claims at the beginning of the year are considered in addition to claims made during the year. Claims for which decision is pending are not shown as Claims pending. However, these pending claims became a part of opening balance for the upcoming year. The total no. of claims settled out of these results into the % number we look at the end of the year. This high CSR only helps to prove the smooth & streamlined process that ICICI Prudential follows to commit to its customers.
Helps to achieve long term goals
In a family, the bread winner dreams of providing the best to its loved ones. Be it safeguarding their present or protecting their future, the plans are always in place. ICICI Prudential helps by favoring plans in the best of the interests of the insured by supporting in children’s education & future career/life goals, taking care of old parents by providing them with regular health check ups and keeping a track on their progress.
Flexible payouts
Flexible payouts are one of the prime factors upon which the choice of the policy depends. The insured are delighted if policies are having the option to a smooth way to payouts. Lumpsum amount or easy installments are set out to hand over the maturity amount towards the end of the maturity period. One can easily plan for the future with the help of this facility.
Free look period
This insurance company offers a free look period – 15 days from date of receipt of policy – if it has not been purchased from distance marketing. Also, 30 days from date of receipt of policy in case of electronic purchase or if purchased from distance marketing.
Tax benefits
Tax benefits as much as Rs. 75,000 can be availed as tax savings in certain plans offered by ICICI Prudential Insurance. This is an important driving factor when it comes to choosing an insurance plan. The Income Tax Act allows policy holders tax benefits under its provisions for as far as lumpsum proceedings for the insurance plans getting exempted under IT under section 10(10D) of the Act.
ICICI Prudential Insurance Life has shown tremendous consistency with regards to its quality of services over the past years. Its CSR ratio has been over 90% in the last 5-6 Fiscal years which is proof enough of the desired results produced by the company. It thrives on customer satisfaction for which it provides regular training & development coaching to its distributors throughout the country with a dedication towards providing effective financial and insurance suggestions to customers.
ICICI Prudential Insurance Life has also seen steady growth in the Claims ratio. The table below shows the Claims ratio of the company between 2013 and 2020.
|
Year |
Claim Settlement Ratio |
|
2013 – 2014 |
94.01% |
|
2015 – 2016 |
96.2% |
|
2016 – 2017 |
96.68% |
|
2017 – 2018 |
97.88% |
|
2018 – 2019 |
98.58% |
|
2019-2020 |
97.84% |
As per statistics provided by Policy Bazaar, ICICI Prudential Insurance Life enjoys a rating of 4.0 out of 5 based on 1166 reviews.
Here is a brief insight into its ratings across key parameters:
| Customer Service | Payment options | Plan benefits | Policy coverage | Responsiveness |
| 4/5 | 4.5/5 | 4/5 | 4.5/5 | 5/5 |
Majority of the customers have quoted to be satisfied with the following-
- Smooth claim settlement
- Easy & hassle-free policy renewal
- Effective plans comparison & detailed summary guidance by agents
- Authentic Information
- Specific plans for children/investment purposes
- Approachable customer support
- Secure payment gateway
ICICI Prudential Life Insurance has a wide range of plans each suitable to fully secure its policyholders as it not only provides peace of mind but also financial security. It ensures that majority of the debts are covered so that even at the face of adversity – financially we would be taken care of. This will automatically lead to the mind being calm in such tense scenarios; otherwise, mental stress can itself cause more harm than good if not kept in check.
To avoid such difficult situations below are the top policies offered by ICICI Prudential Insurance:
Term Plans
- Savings Plans
- Child Plans
- Investment Plans (ULIPs)
- Health Plans
- Retirement Plans
Term Plans
Terms plans is one of the cheapest plans available in the market which offers a massive coverage fulfilling most of the needs at a very low cost. It assures that the needs of the family will be taken care of in case of loss of life of the sole breadwinner. This is the go-to plan for most of us. Let us look at some of the term plans offered by ICICI Prudential Insurance:
ICICI Pru iProtect Smart
- This plan provides us a 360-degree protection by giving coverage to death, terminal illness and/or disability. The policyholder has option to choose from Accidental Critical Illness Benefit and Accidental Death Benefit
- It also offers a unique – special premium rate to non-tobacco users & women
- It covers important milestones of life such as marriage, childbirth, or adoption
- Policy can be bought at any time with time span as short as 10 minutes
ICICI Pru iCare II
- This is one of the most affordable plans to help us lead a comfortable life without any financial stress or burden. It offers us the flexibility to choose from plans as per our needs.
- The first option is the one where a sum equal to the sum assured as agreed is paid to the family as a lumpsum
- Option 2 is applicable only in cases of regular pay of premium options – here at a maximum of 2 crores one can choose the accidental death benefit which equals their sum assured limit
ICICI Pru Precious Life
- This plan is a bit advanced in terms of offering and coverage. It is specifically designed to cater to the needs of people suffering from existing health diseases such as BP, diabetes and even Asthma.
- People who have previously recovered from critical diseases such as cancer and other surgeries are also covered under this plan
- Here the payouts are a combination of lumpsum payment or monthly payout or a mixture of both as desired
- Loyalty discount of 2% for Regular Pay and 2% for Limited Pay policies to existing customers of first year’s premium is offered
ICICI Pru Life Raksha
- This plan provides complete financial protection to the whole family in case of emergency
- During policy term if any unforeseen incident occurs then it offers either of the below to the family:
- Sum assured
- Amount equal to 10 times of annual premium
- 105% of total premium paid till date
|
Particulars – Plans |
Entry Age |
Policy Term |
Maximum Sum Assured |
|
ICICI Pru iProtect Smart |
18 years to 65 years |
99 years |
Unlimited |
|
ICICI Pru iCare II |
18 years to 65 years |
5 to 67 years |
Unlimited |
|
ICICI Pru Precious Life |
18 years to 65 years |
5 to 40 years |
As approved by the Board Underwriting Policy |
|
ICICI Pru Life Raksha |
18 years to 60 years |
5 years |
Rs. 5 lakhs |
India First ULIPs
Unit Linked Insurance Plans (ULIP) are nothing, but a combination of insurance plans mixed with the best of features of mutual funds. Whatever premiums are paid by insured over a period of time are collected in the form of a corpus and then readily invested in the stocks and shares of several companies which are operating in the capital market. They promise amazing returns which are linked to the market as premium paid is invested at a prevailing NAV which tends to fluctuate as per the market cycle – this helps to sustain a wider insurance coverage.
ULIPs also provide the option to transfer from debt to equity under systematic transfer of plans. This helps to reduce investment risk. Alternatively, based on age of insured ULIPs provide lifecycle-based strategy plans which split the investment between equity and debt. This can be helpful during retirement. Applicable charges like administration charges, fund management or administration charges are deducted from the premium paid. Premiums are set out to be locked in for approx. 5 years after which partial withdrawals are allowed from the fund portfolio.
ICICI Pru Guaranteed Wealth Protector
The features of this plan are as follows:
- Offers dual assurance of life cover and capital protection
- Through this strategy there is exposure of approx. up to 60% in equities generating potential for high returns
- Assured benefits provide safety against market downturns
- There is an offering of loyalty benefits and wealth booster in many cases, adding loyalty worth and equivalent to 0.25% of average fund value
ICICI Pru Wealth Builder II
- This aims to improve wealth creation and offers a diverse choice of 7 fund options to invest in
- The fixed portfolio strategy gives the option to invest in a fund of the policyholder’s choice
- Life Cycle based strategy is more personal and aims to create a balance between investment in equity and debt based on age factor involved
ICICI Pru Lifetime Classic
- The duration of this policy ranges from 10 to 25 years
- Policy can be selected accordingly based on the age and selected premium payment
- Minimum amount of premium at the start can be Rs. 30000 for a year and it can be paid once for a limited period of between 5 to 10 years or regularly as desired
|
Particulars – Plans |
Entry Age |
Policy Term |
Maximum Maturity Age |
|
ICICI Pru Signature |
0 to 60 years |
10 to 33 years (99- age of entry) |
99 years |
|
ICICI Pru Wealth |
8-60 years |
5 and 10 years |
70 years |
|
ICICI Pru Lifetime Classic |
0-75 years |
5 – 30 years |
80 years |
|
ICICI Pru Guaranteed Wealth Protector |
8-70 years |
10/12 years |
80 years |
|
ICICI Pru Smart Life |
20-54 years |
10-25 years |
64 years |
Traditional Savings/Money Back Plans
These types of plans cover premature death and also some benefits are provided if the insured survives till the maturity date. They aim to provide guaranteed savings along with lifelong coverage. Money back plans however support liquidity and provide the policy holder with sum assured in instalments during the tenure of the policy.
|
Plans |
Sum Assured |
Tenure |
Features |
|
ICICI Pru Cash Advantage Plan |
7 or 10 times of annual premium
Limited or regular premium – Minimum 12000 |
15,17, 20 years |
Guaranteed cash benefit during payout. A limited premium plan wherein regular payouts are given |
|
ICICI Pru Savings Suraksha Plan |
7 or 10 times of annual premium
Limited or regular premium – Minimum 12000 |
10-30 years |
Guaranteed additions in the initial five years. Bonuses during tenure and maturity benefits. |
|
ICICI Pru Assured Savings Insurance Plan |
It depends on the premium, age, and term.
Limited premium – Minimum 30000 |
10-15 years |
Additions during policy and maturity benefit guaranteed |
Group Insurance Plans
The idea here is to protect a group of people under a single insurance plan. Organizations go in for these plans for their members to safeguard their health & interests against unforeseen circumstances. It can be suitable for both Formal as well as Informal groups.
Formal groups are the ones having the Employer-Employee relationships. Employers consider their employees to be the asset of their organizations and opt for these plans as a way to show appreciation for their loyalty and commitment.
Informal groups are groups where Non-Employer-Employee relation exists. These may be people in the same cultural or social organization or even holders of the same credit card.
The following are the plans offered under this head:
- Group Gratuity Plan
- Group Super Annuation Plan
- Group Leave Encashment Plan
- Group Immediate Annuity Plan
- ICICI Pru Loan Protect Plan
- ICICI Pru Group Term Plus Plan
- ICICI Pru Group Loan Secure Plan
- ICICI Pru Shubh Raksha Credit Plan
- ICICI Pru Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Beema Yojana
- ICICI Pru Super Protect Credit Plan
Best policies of ICICI Prudential Insurance Life Insurance
ICICI Prudential Insurance Life Insurance caters to a wide range of life insurance, child, and rural plans. The key details of the best policies of ICICI Prudential Insurance life insurance are listed in the table below:
|
|
Plan type |
Age Limits |
Minimum sum assured |
Key Highlight |
|
ICICI Pru Sarv Jana Suraksha |
Rural Plans |
18 years to 55 years |
Rs. 2 lakhs |
It is a non-linked and non-participating micro plan covering family members also. Premium rates as low as Rs. 50 a year. |
|
ICICI Pru Loan Protect |
Group Plans |
18 to 65 years |
Rs. 5 lakhs |
It is a non-participating plan securing family against mortgage and auto loans in case of insured’s death. Nominee has option to take benefit via fixed/reduced cover. |
|
ICICI Pru Heart/Cancer Protect |
Life Insurance |
18 to 65 years |
Cancer cover: Rs. 50 lakhs Heart cover: Rs. 25 lakhs |
Family discount of 5% on first premium plus 5% loyalty discount for existing customers. Daily cash allowance of Rs. 5000. Sum insured can be increased every year. |
Other Insurance Companies
ICICI Prudential Life Insurance FAQs
1. What are the additional benefits under ICICI Pru Smart life Plan?
It provides multiple portfolio options such as Fixed and Lifecycle based portfolio strategy. Under fixed portfolio below are the options available:
- Opportunities fund
- Multi cap growth fund
- Blue chip Fund
- Multi cap balanced fund
- Income Fund
Also, it offers top up benefits, switching across the funds with minimum switch being Rs. 2000 and partial withdrawal.
2. What are the modes available to pay premium?
The below are methods that can be used to pay off premium as it is critical to clear them off to receive continued benefits:
• Bank Website – Debit card + ATM PIN
• Bill junction
• E-collect
• Infinity
• Credit Card
• Net banking
3. What is the policy cancellation process of ICICI Pru child plans?
A minimum of 3 years has to pass for a policy to be eligible for cancellation under this requirement. A surrender form needs to be filled at the branch and policy documents are required to be submitted. It takes up to 30 days for the process to complete and post that verification – surrender value funds are directly credited to the registered bank account.
4. What are the features of ICICI Pru Immediate Annuity Plan?
This plan can be bought by paying a lumpsum amount at time of retirement. It will start paying regular income for life in chosen frequency – monthly, quarterly, half yearly or yearly. Immediate annuities offered to individual, and group includes-
• Individual Tied Immediate Annuity
• Individual Standalone Immediate Annuity
• Super annuation Tied Immediate Annuity
• Super annuation Standalone Immediate Annuity
5. What are the types of life insurance claims?
• Maturity claim: Once policy matures, promised maturity benefits are passed on to the policyholder. Basically, this claim occurs post policy tenure has ended
• Death claim: If due to unfortunate circumstances during the tenure of policy the insured dies, then death claim is made to obtain death benefits offered by insurer
• Health claims: These are regular claims made by insured for contingencies that are covered as a part of the plan.
