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Knowledge Base Life Insurance Basics ICICI Prudential Life Insurance
Tuesday, 25 January 2011 18:32

ICICI Prudential Life Insurance

Written by  Yashish Dahiya
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ICICI Prudential Life Insurance Company


ICICI Prudential Life Insurance Company is the largest private insurance provider in India. ICICI prudential began its operations in December 2000 after getting approval from Insurance Regulatory and Development Authority (IRDA). ICICI Prudential is a joint venture between ICICI Bank- India’s second largest bank and Prudential plc – international financial services group headquartered in United Kingdom. ICICI bank has 74% stake and Prudential has 26% stake in the venture.

Product Portfolio:


ICICI prudential has large portfolio of retirement plans, child plan, term plans, savings & investment plans and health plans.

Retirement Plan: With rising inflation, it’s absolutely necessary to make provisions for the future which makes retirement plan an important financial decision. Better known as Pension plan, this plan takes care of financial needs after retirement by investing a part of your savings for limited period. Pension plan provides steady income after retirement and takes care of daily needs. The pension plans offered by ICICI Prudential are Forever Life and Immediate Annuity.

Child Plan: Parenthood brings responsibilities and no one is better judge of that than you. Child Plan is a plan specifically designed to take care of financial needs of your child. Child plan provides with necessary funds that will take care of child’s education, marriage etc. By investing small portion of your savings you secure the financial end of your child. Child plan of ICICI Prudential is called SmartKid Regular Premium.

Term Plan: A risk plan which provides comprehensive cover for your family in the unfortunate event of untimely demise. A term life insurance plan provides good cover at relatively nominal cost and has no survival benefits. ICICI Prudential term plans are iProtect, Pure Protect, Life Guard and Home Assure.

Investment Plan:  Popularly known as ULIP, an investment plan invests part of your savings in equity or debt market as per your preference. The objective of investment plan is to give you returns which easily beat the rising costs since the usual returns in a bank are extremely low. ULIP’s offered by ICICI Prudential are Lifestage Wealth II, Lifetime Premier, Pinnacle II, Lifelink Wealth SP, Guaranteed Savings Insurance Plan, Whole life, Save ‘n’ protect and Cashbak.

Health Plan: Slightly different from health insurance, health plan provides cover for surgery costs, critical illness. A lump sum is paid irrespective of actual hospital bill. MediAssure, Hospital Care II and Crisis Cover are ICICI Prudential’s health plan.

Distribution Network:


ICICI Prudential has very strong distribution network among all insurance companies. It has formidable presence across India with over 1900 branches and an advisor base of over 210000(March, 2010). The company has 7 bancassurance partners having tie-ups with ICICI Bank, Ratanagiri District Central Co-op Bank, Ballia Kshetriya Co-operative Bank, Renuka Nagrik Sahakari Bank, Bhandara Urban Co-operative Bank, Balasinor Nagarik Sahakari Bank Limited, Arvind Co-op Bank. ICICI Pru products like iProtect, LifeLink Wealth SP are also available online.

Financial Information:


The total premium earned for the half year ended September 30, 2010 was Rs 72,672 million. The profit after tax for the same period is Rs 1,010 million. A total of 6,624 death claims were made during the period out of which 4,633 claims were settled and 167 claims were rejected.

Marketing Campaigns:


ICICI Prudential has excellent recall value because of their successful ad campaigns. The common man mascot, Chintamani was a huge success for ICICI Prudential. The ads featuring Chintamani focused mainly on tax benefits, health and other similar aspects. There have been also regular advertisements on pension products and “Jeete Raho” campaign. Recently ICICI Prudential signed up with Bollywood actor Amitabh Bachchan to be its brand ambassador.

Distinctions:


ICICI Prudential has been conferred with following awards:

 

  • India's Most Customer Responsive Insurance Company. AGC Networks - Economic Times, Customer Responsiveness Awards, 2010.
  • The International Council of Customer Service Organizations (ICCSO) recently awarded ICICI Prudential Life the International Service Excellence Awards 2009 in the categories of Customer Charter – Winner, Service Excellence in Large Business – Highly Commended and Customer Service Leader awarded to Ms. Priya Nayak, VP-Service Quality.
  • ICICI Prudential Life Insurance has won the first runner up award for the Best Defect Elimination in Service & Transaction category at Asian Six Sigma Excellence Summit 2009.
  • ICICI Pru Life ranked as the Most Trusted Pvt Life Insurance brand in the Brand Equity "Most Trusted Brands 2009" survey
  • ICICI Prudential Life won a Gold award for AboutULIPS.com and Health Saver campaign, innovation award for www.taxguru08-09.com and a silver award for its Insurance yoga campaign at the ICICI Group Marketing Excellence award.
  • Confederation of Indian Industry (CII) - Western Region recently awarded ICICI Prudential Life a 'Commendation for Strong Commitment to HR Excellence 2008' at the CII HR Summit 2008.

Management:


Sandeep Bakhshi is the MD and CEO of ICICI Prudential

Sandeep Batra is the CFO of ICICI Prudential.
Avijit Chatterjee is the Appointed Actuary of ICICI Prudential.

Reach Aviva Life:


Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Telephone: 1800-22-2020

ICICI Pru Product Table:


 

Retirement/Pension Plan

ICICI Pru Forever Life

Retirement/Pension Plan

ICICI Pru Immediate Annuity

Child Plan

ICICI Pru SmartKid Regular Premium

Term Plan

ICICI Pru iProtect

Term Plan

ICICI Pru Pure Protect

Term Plan

ICICI Pru Life Guard

Term plan

ICICI Pru Home Assure

Savings & Investment Plan

ICICI Pru Lifestage Wealth II

Savings & Investment Plan

ICICI Pru Lifetime Premier

Savings & Investment Plan

ICICI Pru Pinnacle II

Savings & Investment Plan

ICICI Pru Lifelink Wealth SP

Savings & Investment Plan

ICICI Pru Guaranteed Savings Insurance Plan

Savings & Investment Plan

ICICI Pru Whole Life

Savings & Investment Plan

ICICI Pru Save “n” Protect

Savings & Investment Plan

ICICI Pru Cashbak

Health Plan

ICICI Pru MediAssure

Health Plan

ICICI Pru Hospital Care II

Health Plan

ICICI Pru Crisis Cover


Sources:


ICICI Prudential Website

 

Compare Life Insurance Plans from All Insurance Companies

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6 comments
  • Comment Link DR.NARAIN KHEMCHAND TAHILIANI Sunday, 11 September 2011 14:08 posted by DR.NARAIN KHEMCHAND TAHILIANI

    I AM DR.NARAIN KHEMCHAND TAHILIANI FROM JAIPUR RAJASTHAN HAVING POLICY ICIPRULIFE SAVE N PROTECT POLICY NO.00186339.PLS ASK SOME CUSTOMER CARE PERSON TO CONTACT ME AT 9xxxxxxxxx

  • Comment Link Administrator Monday, 12 September 2011 12:06 posted by Administrator

    Hi Dr Narain
    If you require ICICI customer assistance, you can contact them at their Rajasthan number which is 9829277766.

  • Comment Link H.Singh Friday, 04 November 2011 20:34 posted by H.Singh

    how can i check my policy account?

  • Comment Link Ramesh Wednesday, 09 November 2011 22:10 posted by Ramesh

    Unfortunately ICICI is not able to manage any funds in ULIP, I have a Premier Life Pension plan where in 3years i have invested 400000/- and believe me after the end of 4th year the fund is 363000/-. Even a Simple bank interest of 6% per annum would have fetched me a PROFIT and my total asset will be 450000/-.
    It is a Shame all those 20-25fund manager are doing nothing and taking huge pay packets from our hard earned money (deducted as admin charges). DONOT INVEST IN ULIP with ICICI.

  • Comment Link Suresh Kumar P Friday, 27 September 2013 08:35 posted by Suresh Kumar P

    I wish to surrender my ICICI Pru Life Insurance Policy Jeetey Raho kindly calculate the surrender value of My policy and how to surrender the policy early

  • Comment Link Yashish Dahiya Friday, 27 September 2013 14:07 posted by Yashish Dahiya

    Hi Suresh,
    Please mention which specific plan are you talking about?

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