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ICICI Prudential Life Insurance – Compare Plans, Benefits, Coverages

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 NameICICI Pru iProtect Smart Plan
Sum AssuredMinimum sum assured would depend on the minimum premium. There is no limit on the maximum sum assured.
Policy Tenure5 years to 81 Years
Entry Age18-65 years
PremiumSingle, limited or regular premiums. Minimum premium is INR 2400 per annum
Salient FeaturesThere 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 NameICICI Pru iCare II Plan
Sum AssuredMinimum – INR 85,875
Maximum – no limit
Policy Tenure5-67 years
Entry Age18-65 years
PremiumSingle or regular premiums. Minimum premium is INR 2400 per annum
Salient FeaturesTwo coverage options to choose from
Inbuilt accidental benefit rider in coverage option II
Plan NameICICI Pru Life Raksha Plan
Sum AssuredMinimum – INR 50,000
Maximum – INR 5 lakhs
Policy Tenure5 years
Entry Age18-60 years
PremiumRegular premium. Premium depends on the sum assured chosen
Salient FeaturesAffordable term insurance plan
Assured death benefit
Plan NameICICI Pru POS iProtect Smart Plan
Sum AssuredMinimum sum assured would depend on the minimum premium. No limit on maximum Sum Assured
Minimum Policy TenureSingle Pay: 5 years
Regular Pay: 5 years
Limited pay: 10 years 
Entry Age18-60 years in good health
PremiumSingle, limited or regular premiums. Minimum premium is INR 2400 per annum
Salient FeaturesAn 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 NameICICI Pru Precious Life
Sum AssuredMinimum: INR 2,00,00 
Maximum: As per the Board’s guidelines
Policy TenureSingle Pay: 5 – 20 years
Limited Pay ( option 1): 10 – 40 years
Limited Pay ( option 2): 15 – 40years
Regular Pay: 5 – 40 years
Entry Age18-65 years
PremiumPremiums can be paid either monthly, yearly or half-yearly.
The minimum premium is INR 2,400.
Salient FeaturesThe 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 NameICICI Pru Saral Jeevan Bima
Sum AssuredMinimum : INR 5,00,000 
Maximum: As per the guidelines of the board.
Policy Tenure5 to 40 years
Entry Age18-65 years
PremiumPremiums will depend upon the sum assured chosen.
Salient FeaturesAn 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 NameICICI Pru POS iProtect Smart
Sum AssuredMinimum: subject to the minimum premium
Maximum: Unlimited
Policy TenureSingle pay: 5 to 20 years
Limited pay: 5 to 40 years
Regular pay: 10 to 65 years less age at entry
Entry Age18-60 years
PremiumPremiums can be paid in one go or on a monthly, half-yearly, or yearly basis. The minimum premium is INR 2,400.
Salient FeaturesSpecial rates for women in the case of life cover. 
Additional accident Death Benefit option available for enhanced protection.
Flexibility in terms of payment of premiums.
Affordable premiums to safeguard the health of all family members.
Plan NameICICI Pru iProtect Smart Return of Premium
Sum AssuredMinimum: INR 50 lakhs
Maximum: Unlimited
Policy TenureFor 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 Age18- 60 years
PremiumPremiums can be paid in one go or on a monthly, half-yearly, or yearly basis. The minimum premium is INR 2,400.
Salient FeaturesLife 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 NameICICI Pru Signature Plan
Sum Assured1.25 times to 10 times the annual premium paid
Policy Tenure10-30 years. Coverage can be extended to whole life
Entry Age0-70 years
PremiumSingle, limited or regular premiums. Minimum premium is INR 2 lakhs per annum. No limit on maximum premium.
Salient FeaturesCoverage can be availed till 99 years of age
Three 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
We can Four readymade investment strategies to choose from
Plan NameICICI Pru 1 Wealth Plan
Sum Assured1.10 to 10 times the single premium paid
Policy Tenure5 years and 10 years
Entry Age8-60 years
PremiumSingle premium. Minimum premium is INR 50,000 and there is no limit on maximum premium.
Salient FeaturesSingle premium unit linked plan
9 investment funds to choose from
Wealth boosters help in increasing the fund value
Plan NameICICI Pru Lifetime Classic Plan
Sum Assured1.25 times to 30 times the annual premium
Policy TenureFor limited and regular premium payment – 10,15,20,25 years
For single premium – 5-30 years
Entry Age0-75 years
PremiumSingle, limited or regular premium.
Minimum premium is INR 50,000 for single pay and INR 30,000 for regular pay.
Salient Features4 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 NameICICI Pru Lakshya
Sum AssuredHigher of (10 times Annualised Premium or PPT X Annualised Premium)
Policy TenureBetween 12 to 30 years 
Entry Age0 years to 55 years 
Premium payment ModeMonthly, Half-Yearly, Yearly 
Salient FeaturesThis 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:
I’m Lump sum payout at maturity
Income for a specific number of yearsIncome for lifetime 
You can avail of guaranteed benefits and bonuses
Plan NameICICI Pru LifeTime Classic
Sum AssuredMinimum : 1.25 X Single Premium
Maximum: 10 X Single Premium
Policy Tenure5 to 30 years
Entry Age0 to 65 years (Limited/ Regular Pay)0 to 75 years (Single Pay)
PremiumStarts from INR 2,500 a month
Salient FeaturesThe 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 NameICICI Pru Cash Advantage
Minimum Premium5 year Pay: INR 30,000 per year
7 year Pay: INR 18,000 per year
We 10 year Pay: INR 12,000 per year
Entry Age5 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 Term5 years7 years10 years
Salient FeaturesIn 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 NameICICI Pru Guaranteed Wealth Protector
Policy Tenure10 years – 12 years
Entry Age8 years to 70 years 
Maturity Age18 years to 80 years
Premium Payment TermSingle Premium/ 5 years/ 7 years
Salient FeaturesA 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 NameICICI Pru Guaranteed Income For Tomorrow (New)
Sum Assured10 times the annualised premium
Policy TenurePremium Payment Term (PPT) + 1 PPTs: 5, 7 or 10 years
Entry AgeMinimum: 18 years MINUS Policy TermMaximum: 60 years
PremiumThe plan comes with guaranteed benefits that can be either in:
Lumpsum – Regular incomePremiums can be paid on a monthly, quarterly, semi-annually, and yearly basis.
This policy makes you eligible for laon as well
On the premiums that are paid and the benefits received, you can enjoy tax benefits Minimum Premium:For Lump Sum option SP: INR 50,000Other than SP: INR 6,000 per annum
For Income and Early income option: INR 30,000 per annum
Plan NameICICI Pru Smart Kid Solution
Minimum Sum AssuredLimited Pay: INR 45,000 per year
Regular Pay: 7 times the Annualised Premium
One Pay: 10 times the Annualised Premium
Policy Tenure10 to 25 years
Entry Age20 years to 54 years
Salient FeaturesA 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 education
Staying invested for longer will fetch you better benefitsFrom 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 NameICICI Pru Heart/Cancer Protect Plan
Sum AssuredMinimum – INR 2 lakhs
Maximum:Cancer cover – INR 50 lakhs
Heart cover – INR 25 lakhs
Policy Tenure5 -40 years
Entry Age18-65 years
PremiumSingle or regular premiums. Premium would depend on the sum insured selected
Salient FeaturesA 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 NameICICI Pru Smart Health Cover Plan
Sum AssuredUp to INR 25 lakhs
Policy Tenure10-30 years
Entry Age18-50 years
PremiumRegular premiums. The amount depends on the sum insured selected.
Salient FeaturesA 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 NameICICI Pru Cash Advantage Plan
Sum Assured7 or 10 times the annual premium
Policy Tenure15,17,20 years
Entry Age0-60 years
PremiumLimited premium. Minimum premium – INR 12,000
Salient FeaturesA 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 NameICICI Pru Savings Suraksha Plan
Sum Assured7 or 10 times the annual premium
Policy Tenure10-30 years
Entry Age0-60 years
PremiumLimited or regular premiums. Minimum premium – INR 12,000
Salient FeaturesThe plan pays bonuses during the term
Guaranteed Additions are added in the first five years
Maturity benefit is promised 
Plan NameICICI Pru Assured Savings Insurance Plan 
Sum AssuredDepends on premium, age and term
Policy Tenure10 or 15 years
Entry Age3-60 years
PremiumLimited premiums. Minimum premium – INR 30,000
Salient FeaturesGuaranteed additions are added every year
The maturity benefit is guaranteed 
Plan NameICICI Pru Savings Suraksha
Sum Assured on death7 or 10 times the annual premium
Policy Tenure10 years to 30 years
Entry AgeMinimum: 0 years Maximum: 60 years
Maturity Age Minimum: 18 years Maximum: 70 years 
Minimum Annual PremiumLimited 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 FeaturesCovers 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 bonusEnjoy 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 NameICICI Pru Future Perfect Plan
Sum Assured on DeathMinimum – INR 84,000Maximum – No limit
Policy Tenure10-30 years
Entry Age91 days – 58 years
PremiumLimited premiums
.Minimum annual premium – INR 8,400
Salient FeaturesThe 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 NameICICI Pru Smart Couple Plan
Policy TenureOne PayLimited Pay: 5/ 7/ 10 years
Regular Pay: 10 years to 25 years
Entry AgeMinimum: 20 yearsMaximum: 54 years
Minimum PremiumOne Pay: INR 48,000
Limited Pay: INR 45,000
Regular Pay: INR 45,000 per year
Salient FeaturesA unit linked plan that combines the benefits of an investment plan along with insurance
There 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 NameICICI Pru Easy Retirement Plan
Sum AssuredDepends on the premium paid
Policy Tenure10-30 years
Entry Age35-70 years
PremiumLimited or regular premium.
Minimum premium – INR 48,000
Salient FeaturesA 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 NameICICI Pru Immediate Annuity Plan
Sum AssuredNA
Policy TenureNA
Entry Age30 years onwards
PremiumSingle premium
Salient FeaturesAn immediate annuity plan which pays lifelong income
A variety of annuity options to choose from
Joint life annuities can also be availed 
Plan NameICICI Pru Guaranteed Pension plan – Deferred Annuity
Policy Tenure1-10 years
Entry Age30-85 years 
PremiumINR 12,000 is the minimum annuity per annum according to the IRDAI guidelines and there is no maximum limit to it.
Salient FeaturesThe 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 yearsFlexibility to receive annuity payments on a monthly, yearly, quarterly, or half-yearly basisThe 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 NameICICI Pru Saral Pension Plan
Sum AssuredThe minimum purchase price will depend on the annuity rates.The maximum purchase price is subject to the decisions made by the board.
Policy TenureOption 1 (Single Life Annuity): Until the death of the policyholder Option 2 (Joint Life Annuity): Until the death of the last survivor.
Entry Age40-80 years
PremiumCan be paid annually, half-annually, quarterly or monthly The minimum annuity payout is INR 12,000 per annum.
Salient FeaturesAfter 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 wellThere is the option of the Purchase Price being returned to the nomineeOption to choose from a single-life or joint-life annuity plan.Additional annuity benefit on the higher purchase price.
Plan NameICICI Pru Guaranteed Pension Plan-Immediate Annuity
Sum AssuredThe purchase price is variable according to the chosen option.
Policy Tenure1 to 10 years
Entry Age30-70 years
PremiumCan be paid monthly, quarterly, half-yearly, and annually. The minimum annuity is INR 12,000 per annum.
Salient FeaturesThe 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 fromOptions to choose for single life or joint life.Additional benefits on higher purchase prices.
Plan NameICICI Pru Easy Retirement SP
Policy Tenure10, 15, 20, 25, and 30 years
Entry Age35-80 years
PremiumMinimum Premium: INR 48,000Maximum Premium: No Limit
Salient FeaturesThe plan offers regular payment after retirement with only a single time premium payment.Option to invest any available amount in the form of top-upsOption to choose from the annuity variants at the time of retirementThe 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 companyClaim Settlement Ratio
Aditya Birla Sun Life Insurance Company97.54%
Aviva Life Insurance Company97.53%
AEGON Life Insurance Company98.01%
Bajaj Allianz Life Insurance Company98.02%
Bharti AXA Life Insurance Company97.35%
Canara HSBC OBC Life Insurance Company98.12%
Edelweiss Tokio Life Insurance Company83.44%
Exide Life Insurance Company98.15%
Future Generali Life Insurance Company95.28%
HDFC Standard Life Insurance Company99.07%
IDBI Federal Life Insurance Company96.47%
IndiaFirst Life Insurance Company96.65%
LIC of India93.45%
Max Life Insurance Company94.48%
PNB MetLife Life Insurance Company87.22%
Reliance Nippon Life Insurance Company94.01%
Sahara Life Insurance Company87.64%
Shriram Life Insurance Company82.88%
SBI Life Insurance Company89.74%
Star Union Dai-ichi Life Insurance Company94.71%
TATA AIA Life Insurance Company95.91%

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 requirementsWithin 15 days of receiving the claim intimation 
Claim settlement/claim rejection/claim repudiation if investigation is not requiredWithin 15 days of receiving the last document needed for claim processing.
Claim settlement/claim rejection/claim repudiation if investigation is requiredIn 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.

Life Insurance Companies