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ICICI stands for Industrial Credit and Investment Corporation of India is an Indian multinational banking and financial services company based in Mumbai founded in 1994.
ICICI Prudential Life Insurance:
ICICI Prudential Life Insurance is the subsidiary company of ICICI. It is a joint venture of ICICI Bank Ltd. and Prudential Corporation Holdings Limited.
ICICI Prudential Life Insurance started in operation in 2001. Since then it has been the top market leader among its competitors in private sector of Life Insurance sector. It is the first life insurance company to listed in NSE and BSE.
Due to its customer-centric approach and long-term investment offers ICICI prudential life has become the first choice for life insurance in private sector. The company is known for its hassle-free claim settlements and superior quality customer service.
Term Insurance is the most basic form of life insurance plan. They enable you to secure your family financially, by offering a high life insurance cover amount for a relatively low premium payment. You can pay these premiums regularly, or at one go, depending on the life insurance policy you choose.
Products and Features:
Term Life Insurance Plan: In term life insurance plan ICICI is providing a plan named ICICI Pru iProtect Smart in which the insurer gets the following benefits.
- Insurer can get up to 1 crore in case of 34 critical illnesses
- Protection against permanent disability due to accident
- The insurer also gets the option to get the assured sum as a lump sum or as monthly income.
Health Insurance Plan: In health insurance plan of ICICI Prudential the insurer gets the protection from heart diseases and cancer. Following are the benefits you are getting under this plan.
- Insurer gets the claim amount on detection
- You can get the treatment at your choice of hospital.
- Waiver of future premiums for Minor conditions of Cancer or Heart for full policy term
- Tax benefit under Section 80D
ICICI Prudential also provide plans for retirement and savings plans from which you can choose to secure your future.
ICICI Prudential is known for its hassle-free claims settlement. They have one of the highest claims settlement ratios in the country. The process for claim settlement in really simple and company claims to settle 96.87% of claims this year.
ICICI Prudential Growth in India:
In 2001 after the company started its operations the company has crossed the mark of 1 lakh policies in just one year and crossed 5 million policies in 2008. In 2008 company’s asset value was 250 billion rupees. In 2015 company’s total assets under management was 1 trillion rupees then in 2017 ICICI Prudential life became first life insurance company to listed in NSE and BSE.