ICICI Prudential Life Insurance Company

Key Insights

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 plus life insurance policy for employees and manage the policy using Pazcare’s tech-enabled dashboard. 

How to buy ICICI Prudential group term plus life insurance from Pazcare?

These simple steps allow you to purchase the ICICI Prudential group term plus life insurance policy online from Pazcare.

Step 1: Visit Pazcare and click on the products drop down and choose group term life insurance.

Step 2: After going through all the necessary information regarding a group term life insurance policy for employees, fill in the form containing your name, phone number, work email address and the number of employees you wish to purchase ICICI Prudential group term plus life insurance for.

Step 3: Submit this form and our insurance consultants will get back to you to know more about your requirements regarding the GTL policy. We will also ask for the active employee data like the employee ID, the CTC, the designation, etc. to give you the best quotes.

Step 4: Once all the above data are submitted, we will get back to you with the best quotes for the GTL policy from the ICICI Prudential Life Insurance company.

Step 5: Please accept the terms and conditions of the policy and pay the premium quoted for that financial year. The policy is activated immediately after the purchase.

Step 6: Our team will help you with the process and take you through the Pazcare dashboard where you can manage the ICICI Prudential group term plus life insurance policy.

For further information, write to us at support@getpaz.com or call our customer care at +91 78291 11300. Alternatively, connect with us on Whatsapp using the number +91 81973 79596 

ICICI Prudential group term plus life insurance plan

ICICI Prudential group term plus insurance for employees is a tailor-made term life insurance plan for employees. The premium paid towards the group term plus life insurance policy for employees is much lower than any retail plan.

Customise your GTL policy can be customized by adding riders like

  • Critical illness riders
  • Accidental death riders
  • Disability riders

The premium varies according to the type of riders you choose for your group term insurance plan.

ICICI Prudential group term plus life insurance renewal

The ICICI Prudential group term plus 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.

Step 1: Get in touch with Pazcare. Submit the form containing details like your name, name of the company, number of employees you wish to insure, work email address and phone number.

Step 2: Once the form is submitted, our insurance consultants will get in touch with you and request you to submit the following documents.

  • Active data of the employees - name, age, gender, designation, CTC, Covid status and vaccination report, etc
  • Claim history of the last 3 years along with the reason for the death of the employees (if any)
  • Policy copy

Step 3: After submitting these details you can choose additional riders to the policy at your convenience. Once you decide, we will get back to you with the best quotes for your ICICI Prudential group term life insurance policy.

Step 4: The next step is to agree to the terms and conditions of the policy and pay the premium for your ICICI Prudential group term life insurance policy. 

Step 5: The policy gets activated immediately after paying the premium. Our team will guide you through the whole process and help you with the onboarding process too. 

We make sure that your GTL policy experience will be seamless using our Pazcare dashboard. Your employees can access their policy using Pazcare’s employee app which is available on both the app store and the play store.

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

Covid status

The Covid-19 pandemic has caused a lot of deaths in recent times. Hence, the covid status and the vaccination status of the employee impact the premium of the ICICI Prudential group term plus insurance plan.

Sum assured

Depending on the amount of sum assured the employer wish to offer the premiums towards the GTL policy may increase.

Job risks

The nature of the job and the risks involved for the employees also determine the group term plus life insurance premium. For instance, jobs that involve a lot of risks like employees working in a manufacturing industry may have higher premiums when compared to employees with desk jobs.

Claim history

For renewals, the claims history for the last 3 years, and the reason for the death of the employee also determine the premium of the ICICI Prudential Life group term plus insurance policy.

CTC of the employee

The grade and CTC of the employees determine the premiums of the GTL policy as some employers wish to offer a CTC-based sum assured. This means the higher the CTC, the higher the sum assured.

ICICI Prudential Life group term insurance benefits

Purchasing your group term plus life insurance policy for employees from ICICI Prudential Life Insurance company has the following benefits.

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 

No medical screening needed

The group term plus life insurance policy does not require any medical tests to be taken before purchasing the policy. However, this depends on the terms and conditions of the policy you choose.

High claim settlement ratio

The claim settlement ratio of ICICI Prudential Life Insurance company for the financial year 2019-20 is 99.90%. This means the chances of settling the claims for your group term plus life insurance policy are high.

Lower premiums

The premium paid towards the 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

1

Collect the necessary documents

Firstly, collect all the originals of the necessary documents that have to be submitted to raise a death claim.

2

Submit these documents

Submit the supporting documents along with the policy details of the deceased employee.

3

Claim settlement

Once the policy details are verified along with the supporting documents and the information looks credible, the claim is settled directly with the nominee or the employer.

4

Contact us for assistance

Contact Pazcare for any queries or guided claim assistance at support@getpaz.com or call our customer care at +91 78291 11300.

1

Collect the necessary documents

Firstly, collect all the originals of the necessary documents that have to be submitted to raise the rider claim.

2

Submit these documents

Submit the supporting documents along with the policy details of the insured employee.

3

Claim settlement

Once the policy details are verified along with the supporting documents and the information looks credible, the claim is settled directly to the insured employee.

4

Contact us for assistance

Contact us for any queries or guided claim assistance at support@getpaz.com or call our customer care at +91 78291 11300.

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

  1. Duly filled claim form
  2. Original Death certificate of the insured employee or duly attested copy (death claim)
  3. Certificate of Insurance
  4. Photo ID proof of the claimant
  5. Address proof of the claimant
  6. Cancelled cheque / Bank book copy of the claimant
  7. Letter/confirmation from the employer

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

ICICI Prudential Life Insurance Company customer care number

For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.

ICICI Prudential Life Insurance Company

1860 266 7766

Available 24X7

ICICI Prudential Life Insurance Company FAQs

What is ICICI Pru Group Term Plus policy?

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%.