One of India’s leading life insurer, ICICI Prudential Life Insurance Company has been directed by The Maharashtra State Consumer Commission to pay Rs 2.25 lakh in compensation to a Mumbai-based complainant Dr. Balasaheb Gaikwad. The Commission has also asked ICICI Prudential to reinstate the policy.

Dr. Gaikwad availed a ULIP policy named ICICI Pru Life Time in 2002 for a premium paying term of seven years. He paid quarterly premium instalments of Rs.5,000 totalling to an amount of...  Read More »

After imposing a fine on Shriram Life Insurance earlier this month, IRDA has penalised another life insurance company on the observations made during an onsite inspection in 2010. ICICI Prudential Life Insurance Company, one of India’s leading life insurers has been asked to remit Rs.114 lacs as penalty to the Insurance Regulatory and Development Authority (IRDA).

IRDA observed that Insurer is in practice of paying non-compete fee apart from commission to the Corporate agents (CA). The report...  Read More »

ICICI Pru Elite Wealth and ICICI Pru Elite Life are the two new product offerings by ICICI Prudential Life Insurance Company. The two unit-linked investment plans (ULIPs) have been designed keeping in mind the investment needs of high net worth individuals who want to park a substantial part of their wealth.
 

ULIP is an investment cum insurance product. In both the new plans, the customer would get the fund value on maturity. If the insured person dies before maturity, then either the sum...  Read More »

Today, ICICI Prudential, one of India’s largest private sector life insurance companies announced the launch of its new online pure term insurance plan – iCare.

iCare will succeed the flagship online term plan of ICICI Pru - iProtect. The new online plan iCare carries some best-selling features of iProtect such as the Option 2 which has an inbuilt Accidental Death Benefit rider.

Key Features of iCare Term Plan:

- Instant Life Cover through simple online application process

- Flexibility...  Read More »

After the runaway success of its first online term insurance plan iProtect, ICICI Prudential introduces yet another online new term insurance plan ‘iCare’.
 

ICICI Prudential was the 2nd life insurance company to launch low-cost online term plan in the Indian market and in a year of launch, ICICI Pru iProtect became one of the top-selling online life plans in the country. One of the unique features of iProtect was the choice of attaching an Accidental Death Benefit rider with the base plan and...  Read More »

New business premium of life insurance companies have collectively declined by 2.5% for the month of July 2011 as compared to that in July 2010.
 

Out of the 23 life insurance companies in India, only 7 of them have shown a positive growth. These companies are Life Insurance Corporation of India (LIC), SBI Life Insurance, Max New York Insurance, Aviva Life Insurance, Kotak Life Insurance, Met Life Insurance and ING Vysya Life.

Aviva Life Insurance has taken the highest jump of 94% by...  Read More »

Insurance awareness among Indian consumers is on the rise and insurance companies are leaving no stone unturned to gain an edge over their competitors by launching innovative plans. A lot of insurance companies are breaking out of the old vanilla plans to introduce insurance products to cater to different customer needs.

Life insurance policies contribute close to 4.4% of the total insurance penetration of 5.1% in India. This clearly indicates that customers are more inclined towards buying a...  Read More »

SBI Life Insurance Company has managed to overshadow all the 21 private life insurance companies for the month of May 2011 by collecting premiums of Rs 394.38 crores.

In comparison to SBI Life’s business figures, ICICI Prudential Life has collected only Rs 245.6 crores in May, followed by HDFC Life Insurance Company's collections of Rs 187.3 crores. These three are the top three private life insurance companies in terms of their business figures for last month.

There are 22 private life...  Read More »

Life insurance companies in India focused on controlling costs and renewal business which enabled them to make higher profits in 2010-2011 as compared to the previous year.

Last year, when insurance companies were worried about the new guidelines on Unit Linked Insurance Plans (ULIPs) and how it would affect their business, Insurance Regulatory and Development Authority (IRDA) suggested them to cut down on costs in order to stay profitable. This suggestion hinted towards redesigning of...  Read More »