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ICICI Prudential Life launches a market-linked product for the youth

Newsmantra — Wed, 25 Jun 2025 11:46:08 +0000

· Affordable – minimum monthly premium of just ₹1,000

· Offers a cost-effective and tax-efficient wealth creation route

Bengaluru, June 25, 2025: ICICI Prudential Life Insurance launched ICICI Pru Smart Insurance Plan Plus, a market linked product designed to enable customers to build wealth over the long-term.

This product can be purchased with a monthly premium of just ₹1000, enabling a large cross section of young customers to systematically invest and achieve their long-term financial goals. The life cover component in the product ensures the family is financially secure in case of any eventuality.

Mr. Amit Palta, Chief Product and Distribution Officer, ICICI Prudential Life Insurance said, “Recently, India achieved the milestone of becoming the 4^th largest economy in the world. Also, the country is the fastest growing major economy and pegged to become the 3^rd largest by 2028, as per Morgan Stanley. India’s growth story is largely propelled by the youth which constitutes about 65% of the population and keeping this segment in mind, we have introduced ICICI Pru Smart Insurance Plan Plus.

ULIPs, by design, are an effective wealth creation tool, to encourage the youth to start investing early and remain invested for the long-term we launched ICICI Pru Smart Insurance Plan Plus. This cost-effective and tax-efficient product allows the first-jobbers or the youth, in general, to start early with affordable investments, as low as ₹1000 per month. This product will aid the youth to participate in and benefit from India’s growth story to build their wealth over the long term.

Keeping in mind the target segment for the product and their preference to engage with brands and products digitally, we have enabled a complete digital purchase journey.

ICICI Pru Smart Insurance Plan Plus offers customers an array of 25 funds and four portfolio strategies to choose from. Besides, customers can fine tune their asset allocation by switching from one fund to another without any cost or tax implications. Additionally, the product offers customers financial security in the form of a life cover.

We believe wealth creation is a long-term process and requires customers to have a disciplined approach. ICICI Pru Smart Insurance Plan Plus has been designed in a manner which nudges customers to systematically make regular premium payments towards achieving their desired financial goals. Notably, customers can opt for the Waiver of Premium add-on benefit which can ensure the long-term savings goal remains on track even in the absence of the policyholder.”

Mr. Palta further stated, “The launch of this product reinforces our focus on developing products which fulfil the evolving needs of customers. It is a cost-effective tool that empowers individuals to plan for their future on their own terms, with flexibility, clarity and peace of mind.”

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ICICI Prudential Life Insurance Profit After Tax grows by 39.6% to ₹ 1,189 crore in FY2025

Newsmantra — Wed, 16 Apr 2025 12:34:59 +0000

Performance highlights: FY2025

· VNB grew by 6.4% to ₹ 2,370 crore in FY2025

· Profit after Tax (PAT) registers a growth of 39.6% to ₹ 1,189 crore in FY2025

· Strong RWRP growth of 15.2% in FY2025

· Robust growth in retail protection of 25.1% and retail new business sum assured of 37% in FY2025

· 13th month persistency of 89.1% at FY2025

· Total in-force sum assured witnessed a growth of 15.6% to ₹ 39 lakh crore on March 31, 2025

· Final dividend of ₹ 0.85 per share declared

Bengaluru, 16th April 2025 : ICICI Prudential Life Insurance registered a strong growth of 39.6% in its Profit After Tax (PAT) to 1,189 crore for FY2025. The Value of New Business (VNB), which represents the present value of future profits, stood at 2,370 crore with a VNB margin of 22.8% in FY2025.

The total Annualised Premium Equivalent (APE) grew by 15% year-on-year to 10,407 crore in FY2025. Retail protection business APE grew by 25.1% year-on-year to 598 crore in FY2025. Annuity business grew at a two-year CAGR of 31.4% in FY2025. The Company’s retail New Business Sum Assured (NBSA) grew by 37% year-on-year to

3.32 lakh crore in FY2025. The total in-force sum assured, which is the quantum of life cover taken by customers of the Company, grew by 15.6% year-on-year to 39.43 lakh crore.

The Company has a well-diversified distribution network, ensuring its presence across platforms and touchpoints preferred by different customer segments. Proprietary channel which includes Agency and Direct together grew by 15.2% in FY2025.

In FY2025, APE contribution from agency, direct, bancassurance, partnership distribution, and group channels stood at 28.9%, 14.4%, 29.4%, 10.9% and 16.4% respectively.

The assets under management of the Company stood at 3.09 lakh crore as on March 31, 2025. This is an outcome of the trust reposed in the Company by customers, growth in new business, strong persistency and robust fund management.

The Company’s robust risk management framework has enabled it to have a record of zero non-performing assets since inception. The solvency ratio was 212.2% as on March 31, 2025, against the regulatory requirement of 150%.

The Board has approved a final dividend of 0.85 per equity share for FY2025.

The Company’s commitment to sustainability is central to its vision of building an enduring institution that serves the protection and long-term saving needs of customers with sensitivity.The Company continues to be the highest rated Indian insurer as per two leading ESG rating agencies. The current ESG rating of ‘AA’ ascribed by MSCI makes the Company, one of the top-rated life insurers in India.

Commenting on the results, Mr. Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “We are pleased to announce that we have crossed 10,000 crore APE for the first time, marking a significant milestone in our growth journey. Notably, we have also provided insurance coverage to over 9 crore lives as on March 31, 2025. Our Retail Weighted Received Premium (RWRP) growth of 15.2% in FY2025, demonstrates our ability to deliver superior performance in a competitive landscape. This has resulted in a robust year-on-year growth of 39.6% in Profit After Tax to 1,189 crore for FY2025. Our FY2025 Value of New Business stood at 2,370 crore with a margin of 22.8%.

Our nimble multi-channel distribution allows us to adapt swiftly to the shifting macro- economic conditions and launch products as per the customer demands. The same was demonstrated with the addition of ‘ICICI Pru Gift Select’, a non-par product with guaranteed income in January 2025 given the growing trend towards wealth preservation.

Our retail protection and annuity APE registered a strong 2-year CAGR of 30% plus, reflecting our focus on these segments.

Our 13th month persistency ratio of 89.1% at FY2025, underscores the customers’ trust in the Company. It is also evident by our Company topping the Net Promoter Score (NPS) across insurers for the third year in a row, as revealed in the Hansa Research’s latest Life Insurance CuES 2025 report.

We have an industry leading claim settlement ratio of 99.3% in FY2025, with an average turnaround time of 1.2 days for non-investigated individual death claims.

In line with our commitment to delivering value to our shareholders, our Embedded Value (EV) and AUM both have grown at a five-year CAGR of above 15% in FY2025, echoing the robustness of our financial foundation and long-term value creation capabilities.

Moving forward, we remain committed to enhancing customer experience through innovative product propositions, seamless onboarding, best-in-class servicing and claims settlement. Our resilient balance sheet and strong solvency position provide the stability and foundation to support sustainable growth in the years ahead.”

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ICICI Prudential Life Insurance reports strong performance for 9M-FY2025

Newsmantra — Wed, 22 Jan 2025 12:57:39 +0000

Performance Highlights

• Profit after Tax (PAT) registers a growth of 18.3% to ₹ 803 crore in 9M-FY2025

• VNB grew by 8.5% ₹ 1,575 crore in 9M-FY2025

• Robust RWRP growth of 31.4% in 9M-FY2025, outperforming overall and private life insurers over the last five quarters

• Number of policies (NOP) sold grew by 14.4% in 9M-FY2025, outperforming the private sector NOP growth

• Strong growth in Annuity and Retail Protection of 81.7% and 24.2% respectively in 9M-FY2025

• 13th month persistency of 89.8% at 9M-FY2025

• Total In-force Sum Assured witnessed a growth of 17.0% to ₹ 37.78 lakh crore at December 31, 2024

• Pension Funds under Management crossed the ₹ 40,000 crore milestone in Ǫ3- FY2025

Bengaluru, 22nd January, 2025: ICICI Prudential Life Insurance has reported a growth of 18.3% year-on-year in its Profit After Tax (PAT) to 803 crore for 9M-FY2025. For the same period, the Value of New Business (VNB) registered a growth of 8.5% to 1,575 crore and the VNB margin stood at 22.8%.

The total Annualised Premium Equivalent (APE) grew by 27.2% year-on-year in 9M-FY2025. This was supported by 14.4% year-on-year increase in number of policies sold in 9M-FY2025 and 18.3% year-on-year in Ǫ3-FY2025.

Annuity business APE grew by 81.7% year-on-year to 616 crore in 9M-FY2025. Retail protection business APE grew by 24.2% year-on-year to 426 crore in 9M-FY2025. Notably, the retail protection segment grew by 40.0% year-on-year in Ǫ3-FY2025.

The Company’s retail New Business Sum Assured (NBSA) grew by 39.2% year-on-year to 2.28 lakh crore in 9M-FY2025. The total In-force sum assured, which is the quantum of life cover taken by customers of the Company, grew by 17.0% year-on-year to 37.78 lakh crore.

The Company has a well-diversified distribution network, ensuring its presence across platforms and touchpoints preferred by different customer segments. In 9M-FY2025, APE contribution from agency, direct, bancassurance, partnership distribution, and group channels stood at 30.2%, 15.3%, 27.7%, 10.1% and 16.7% respectively.

The assets under management of the Company stood at 3.10 lakh crore as on December 31, 2024. The Company acts as custodian and trustee of customers’ funds enabling it to deliver superior risk-adjusted returns while maintaining its track record of zero Non-performing Assets since inception.

The solvency ratio was 211.8% as on December 31, 2024, against the regulatory requirement of 150%. During the quarter, the Company successfully raised additional capital by issuance of non-convertible debentures of 1,400 crore thereby further strengthening its solvency.

The Company’s commitment to sustainability is central to its vision of building an enduring institution that serves the protection and long-term saving needs of customers with sensitivity. The Company continues to be the highest rated Indian insurer as per two leading ESG rating agencies. It has successfully retained the ESG rating of ‘AA’ ascribed by MSCI making it one of the top-rated life insurers in India.

Commenting on the results, Mr. Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “Our focus on aligning with the customer demand has helped us outperform the industry’s premium growth for five consecutive quarters. We have delivered a 31.4% year-on-year Retail Weighted Received Premium (RWRP) growth in 9M-FY2025, on the back of an increase of 14.4% in the number of policies sold. Our VNB grew by 8.5% year-on-year to ₹ 1,575 crore in the same period, reflecting the growing profitability of our business.

We continue to innovate our product suite to meet the evolving needs of our customers. We recently launched ‘ICICI Pru Wish’, the life insurance industry’s first health plan designed exclusively for women. Another industry-first product proposition we offered in the regular pay annuity segment was ‘ICICI Pru Guaranteed Pension Plan Flexi’ with the ‘Increasing Income’ feature enabling customers to manage inflation.

Our customer focused approach has enabled us to build simplified processes across the policy life cycle. Our 13th month persistency ratio of ~90% at 9M-FY2025, underscores the customers’ trust in the Company.

Our claim settlement ratio of 99.3% in 9M-FY2025, with an average turnaround time of just 1.2 days for non-investigated individual claims reflects our commitment to fulfilling the promise made to our customers and their families.

It is our endeavour to deliver sustainable VNB growth by balancing business growth, profitability and risk & prudence.”

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ICICI Prudential Life and RGA launch life insurance industry’s first product covering women specific ailments

Newsmantra — Fri, 13 Dec 2024 10:25:45 +0000

Extensively researched product developed in collaboration with RGA India
Immediate lump sum payout upon diagnosis of a critical illness along with hassle-free claims settlement
Offers customers the freedom to choose hospital for treatment
Premium guaranteed throughout the policy tenure
Inbuilt flexibility with premium holiday

Bengaluru, December 13, 2024: ICICI Prudential Life Insurance today launched ‘ICICI Pru Wish’, a first-of-its-kind health product, in the life insurance industry, catering to women specific critical illnesses and surgeries. This product has been developed by ICICI Prudential Life Insurance in collaboration with Reinsurance Group of America, Incorporated (RGA), a leading global life and health reinsurer.

ICICI Pru Wish offers an instant payout of up to 100% of the health cover amount on diagnosis of critical illnesses like breast, cervical, uterine cancers and heart ailments to name a few. Unlike standard plans, where the payouts are in the form of reimbursements, this product offers a fixed lump sum on diagnosis, providing flexibility to customers.

As per research findings, one of the causes for customers’ anxiety was the probability of an increase in premium every few years. ICICI Pru Wish, with its premium guarantee for a period of 30 years, can enable customers to better plan for their premium payments providing them with peace of mind. This product also provides customers with a premium sabbatical for 12 months, anytime during the premium payment term. This feature offers customers financial flexibility, equipping them to navigate their health responsibilities.

Besides, this product also offers customers an option to cover maternity related complications and newborn congenital illnesses.

Mr. Amit Palta, Chief Product and Distribution Officer, ICICI Prudential Life Insurance, said, “We are delighted to offer ICICI Pru Wish, the life insurance industry’s first health product addressing women specific health ailments. This product empowers them to be financially prepared by offering a lump sum payout to cover medical exigencies.

ICICI Pru Wish has been developed by combining our customer-focused approach and RGA India’s in-depth knowledge on the health challenges faced by Indian women. We believe the women customer segment offers a large market opportunity, and this product has been specifically designed to address the insurance needs of this segment. This product will relieve the financial distress caused to women due to the unique health risks they face.

ICICI Pru Wish offers customers a compelling proposition by providing a premium guarantee for 30 years while giving them the flexibility to make multiple claims for certain medical incidences. Importantly, it provides an additional payout which helps in covering rehabilitation expenses.”

Mr. Sunil Sharma, Chief Executive Officer, Reinsurance Group of America, India said, “We are excited to announce our collaboration with ICICI Prudential Life Insurance on ‘ICICI Pru Wish,’ a pioneering health product designed specifically to address the unique needs of Indian women in today’s world. This partnership highlights our mutual dedication to offering innovative, customer-focused solutions for changing market demands.”

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ICICI Prudential Life launches industry’s first ‘Increasing Income’ feature in ICICI Pru Guaranteed Pension Plan Flexi to manage inflation

Newsmantra — Fri, 15 Nov 2024 13:29:11 +0000

· Industry’s first regular pay annuity product offering increasing income to retirees

· Offers a 5% increase in annuity pay-out annually enabling customers to manage inflation

Bengaluru, November 14, 2024: ICICI Prudential Life Insurance has launched the ‘Increasing Income’ feature, an industry first, for its regular pay annuity product, ICICI Pru Guaranteed Pension Plan Flexi.

This feature offers customers a five percent increase in the annuity pay-out annually, which can aid retired individuals to cope with inflation.

ICICI Pru Guaranteed Pension Plan Flexi with the ‘Increasing Income’ feature can enable customers to maintain their standard of living as inflation reduces their purchasing power over time.

Mr. Amit Palta, Chief Product and Distribution Officer, ICICI Prudential Life Insurance, said, “Annuity products are designed to provide a guaranteed permanent income to retired individuals. We recognise that inflation impacts the standard of living of individuals, especially retirees who don’t get the benefit of a periodic hike in salary. To address this challenge, we have introduced the ‘Increasing Income’ feature. This is the first-of-its-kind feature in the industry being offered in our regular premium payment annuity product – ICICI Pru Guaranteed Pension Plan Flexi.

The introduction of the ‘Increasing Income’ feature exemplifies our approach in delivering enhanced experience to customers by equipping them with the essential resources to navigate their financial journey with confidence.”

Mr. Palta, further added, “we designed ICICI Pru Guaranteed Pension Plan Flexi to enable a broader segment of the country’s population to plan for retirement in advance giving them the flexibility to make wallet-friendly contributions over the long-term to build their desired retirement corpus.

As India continues its transition to becoming a developed economy, the interest rates are expected to fall. We believe, the current high-interest rate regime provides an excellent opportunity for customers to purchase an annuity product and lock-in the rate of interest and receive permanent guaranteed income for life.”

Mr. Palta, concluded, “we are committed to innovating across products and processes to deliver the right product to the right customer at the right price and through the right channel and enhance customer experience. Also, technology solutions implemented have enabled us to become the most customer and distributor friendly life insurance Company.

The ICICI Prudential Life Insurance brand is known for delivering on its promises made to customer and their families, this is reflected in our industry leading claim settlement ratio of 99.3% in H1-FY2025. Notably the average claim settlement turnaround time was just 1.2 days for non-investigated claims.”

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