ICICI Prudential Life Insurance Company Limiteda

ICICI Prudential Life Insurance Company was founded in 2001. The company is a renowned alliance between Prudential Corporation Holdings Limited and ICICI Bank Limited. It is committed to its core belief of prioritising customers above all else.

Recognising that each individual has distinct financial goals and evolving needs, it has developed an extensive portfolio of long-term savings and protection products. These offerings are specifically designed to address the diverse life stage requirements of customers, ensuring that their unique financial journeys are supported at every step.

In order to prioritise the satisfaction of its customers, it has implemented a variety of initiatives. These initiatives encompass the development of cost-effective products that offer maximum returns, the provision of high-quality services, the consistent achievement of strong fund performance, and the streamlining of its claims settlement process to ensure a hassle-free and efficient experience for customers.

Its vision is firmly grounded in the purpose of its existence. Their ultimate goal is to establish a sustainable institution that is committed to fulfilling the protection and long-term saving requirements of their esteemed customers.

In the financial year 2022-23, ICICI Prudential Life Insurance Company Limited issued 6,06,080 policies and received 5,47,319 claims.

Awards & Recognition

ICICI Prudential Life Insurance Company Limited has been recognised with several prestigious accolades and awards -

The team Business Intelligence Unit (BIU) of ICICI Prudential Life Insurance Company Limited was recognised with the ‘ASSOCHAM Award’ by ASSOCHAM Insurance Leaders Meet 2023 for their organisational excellence and contribution towards the insurance sector.
It was honoured with the prestigious ‘ Award for Most Innovative Insurer’ by FICCI in 2023 for its outstanding service towards the insurance sector.
ICICI Prudential Life Insurance Company Limited was recognised with the ‘Award for Excellence in Driving Distribution in Digital’ by FICCI in 2023 - as a testament to its dedication and commitment to providing quality digital services to its customers.
Femina presented ICICI Prudential Life Insurance Company Limited with the ‘Brand Excellence’ Award 2022-23 for its commitment to providing customers with superior products and services.
In 2023, Zendesk bestowed ICICI Prudential Life Insurance Company Limited with ‘The Customer Fest Award for Best Use of Mobile to Enhance Customer Experience’ for bringing ease and technology right to the hands of its customers.

Claim Settlement Ratio

The Claim Settlement Ratio (CSR) serves as a crucial indicator of an insurance company's proficiency in managing and resolving claims.

In the fiscal year 2021-22, ICICI Prudential Life Insurance Company Limited achieved an outstanding Claim Settlement Ratio of 97.82%. This remarkable figure highlights their ability to effectively settle a significant majority of the claims they received. Furthermore, ICICI Prudential Life Insurance Company Limited also achieved an impressive Claim Amount Settlement Ratio of 95.49% in the same period. This ratio indicates the percentage of the claim amount they received that they have successfully paid out. By analysing an insurance company's claim settlement ratio and CSR, you can assess their claims handling efficiency and reliability. An insurer who has maintained a high CSR consistently over the years is considered trustworthy and reliable.

Solvency Ratio

The solvency ratio holds great significance in assessing the financial strength and stability of an insurance company. As per the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI), insurers are required to maintain a minimum solvency ratio of 150%. This ensures that they have adequate financial resources to meet their obligations and uphold their commitments.

As of 31 March 2023, ICICI Prudential Life Insurance Company Limited maintains an impressive solvency ratio of 208.9%. This remarkable figure highlights its exceptional financial standing, far exceeding the minimum requirement. So, you can be confident that ICICI Prudential Life Insurance Company Limited can effortlessly fulfil all its claim commitments and meet its other obligations with utmost ease.

Important Links

Customer Service

Toll-free Number
If you need assistance with your insurance policies or have any questions, you can reach out to ICICI Prudential Life Insurance Company Limited’s customer support team by calling their toll-free number 1860-266-7766.
E-mail
You can also contact ICICI Prudential Life Insurance Company Limited by sending an email to lifeline@iciciprulife.com for any queries, concerns, etc.

For doubts, inquiries, issues, etc. ICICI Prudential Life Insurance Company Limited provides alternative contact options as well -

Twitter: https://twitter.com/iciciprulife
Facebook: https://www.facebook.com/ICICIPruLife
WhatsApp: 9920667766