How Does Group Term Life Insurance Work?
From premiums to claims understand the how a group term life insurance work.
By Pazcare
April 30, 2023
ICICI Prudential Life Insurance Company
Key Insights
 |
Claim settlement ratio (2019-20) | |
Inception | |
| 97.90% | 2001 | |||
|
Presence | |
Total death benefit paid | |
| 500+ offices | Rs 1,023.64 Crore | |||
|
Solvency ratio | |||
| 2.17 |
|
Claim settlement ratio (2019-20) |
| 97.90% | |
|
Inception |
| 2001 | |
|
Presence |
| 500+ offices | |
|
Total death benefit paid |
| Rs 1,023.64 Crore | |
|
Solvency ratio |
| 2.17 |
About ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance Company Ltd is a joint venture between the largest private sector banking institution in India ICICI Bank Limited and a financial services company Prudential Corporation Holdings Limited. It is one of the first life insurance companies in India to be listed on the domestic stock market.
The insurance company offers a variety of life insurance products to cater to the needs of its customers. These include savings plans, retirement plans and many more.
With Pazcare employers can provide their employees with a group term plus life insurance policy from ICICI Prudential Life Insurance company.
Get the best quotes for the ICICI Prudential group term life insurance policy for employees and manage the policy using Pazcare’s tech-enabled dashboard.
How to buy ICICI Prudential group term life insurance from Pazcare?
These simple steps allow you to purchase the ICICI Prudential group term plus life insurance policy online from Pazcare.
- Visit Pazcare
Visit Pazcare, and choose group term insurance. If you are new to buying a group term policy, we recommend you review our offerings before purchasing the ICICI Prudential Life group term life insurance policy.
- Consult with our insurance experts
After submitting the form, our insurance experts will call you within 24 hours. Share your requirements to personalize your ICICI Prudential Life group term insurance policy offering with Pazcare.
- Product demo & sharing active employee data
We provide you with a product demo of how to administer the ICICI Prudential Life group term life insurance plan using the Pazcare dashboard. Once approved, share with us your active employee data to proceed with the process of buying the ICICI Prudential Life group term life insurance for employees.
- Getting quotes & onboarding
We get you competitive quotes from ICICI Prudential Life Life Insurer and other 4+ life insurers. Choose the best offering, say ICICI Prudential Life group term insurance policy and the onboarding process begins in 24 hours. You are covered with the best employee benefits from Pazcare.
ICICI Prudential group term life insurance renewal with Pazcare
The ICICI Prudential group term life insurance can be renewed easily with Pazcare at end of the policy term. Here is how you can renew your group term life insurance policy.
- Visit Pazcare
Visit Pazcare, and choose group term insurance. If you are new to renewing your ICICI Prudential Life group term insurance policy, we recommend you review our offerings before purchasing the ICICI Prudential Life group term life policy.
- Consult with our insurance experts
After submitting the form, our insurance experts will call you within 24 hours regarding the ICICI Prudential Life group term insurance policy renewal. Please submit active employee data, policy copy, claim dump report & claim analysis report to proceed.
- Product demo & personalisation
We provide you with the product demo if you are new to buying/renewing the ICICI Prudential Life group term insurance plan with Pazcare. The above-submitted documents allow us to personalise your ICICI Prudential Life group term policy according to the previous offerings.
- Getting quotes & onboarding
We get you competitive quotes from ICICI Prudential Life Life Insurance and other 4+ insurers. Choose the best ICICI Prudential Life group term life insurance policy renewal offering and the onboarding process begins in 24 hours. You are covered with the best employee benefits from Pazcare.
ICICI Prudential Life Insurance claim settlement ratio
The claim settlement ratio is the percentage of the claims settled by the ICICI Prudential Life insurance company during a particular financial year. Hence, the higher the claim settlement ratio, the better chances of the claims getting settled.
In the financial year, 2019-20, the claim settlement ratio of ICICI Prudential Life Insurance Company is 99.90%.
ICICI Prudential group term plus life insurance premium
The ICICI Prudential Life group term insurance premium depends on various factors like
ICICI Prudential Life group term insurance benefits from Pazcare
Purchasing your group term plus life insurance policy for employees from ICICI Prudential Life Insurance company has the following benefits with Pazcare
Tax benefits
As employers, when you pay the premium towards the ICICI Prudential Life group term plus insurance policy, you are eligible to avail tax benefits under Section 37(1) of the Income Tax Act of 1961.
Choose your riders
Your ICICI Prudential Life Sun group term plus life insurance policy comes with customisable riders like critical illness rider, terminal illness rider, accidental death benefit, etc at a much lower price
Lower premiums
The premium paid towards the ICICI group term life insurance policy is much lower than that of the premium paid in a retail term life insurance plan.
ICICI Prudential Life group term insurance claim
Documents required to claim ICICI Prudential Life group term insurance
Here are the documents that you require to claim the ICICI Prudential Life group term plus insurance policy
Why buy a group term life insurance
policy online from Pazcare?
- Choose the suitable policy with our consulting approach
- Custom-made plan with health and mental wellness add-ons
- The tech-enabled Pazcare dashboard to manage endorsements
- Integrate the dashboard with your HRMS tool
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ICICI Prudential Life Insurance Company customer care number
ICICI Prudential Life Insurance Company customer care is available 24X7 for all policy related assistance.
For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
ICICI Prudential Life Insurance Company FAQs
What is ICICI Pru Group Term Plus policy?
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ICICI Pru Group Term Plus policy is nothing but a group term life insurance policy of ICICI Prudential Life Insurance company. This plan offers death benefits to the employees in a group in case of any unfortunate events.
What is ICICI Prudential Life Insurance contact number?
The ICICI Prudential Life Insurance contact number is 1860 266 7766. Alternatively, you can email them at lifeline@iciciprulife.com
What is ICICI Prudential Life Insurance Company claim settlement ratio?
The claim settlement ratio of ICICI Prudential Life Insurance Company for the financial year 2019-20 is 99.90%.
How do I go about renewing my ICICI Prudential term life insurance policy?
With Pazcare, you can now easily renew your ICICI Prudential term life insurance policy. Reach out to our insurance consultants at Pazcare. Submit all the required documents and decide on the riders you need. Team will get back with the best quote. After you agree with terms & conditions, just pay the premium and your policy shall get activated.
What are the riders offered under ICICI Prudential term insurance plans?
Riders like accidental death benefit rider, accelerated death benefit rider, accidental disability benefit rider, critical illness benefit rider are offered under ICICI Prudential term insurance plans.
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