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Topic brands image of ICICI Prudential Life Insurance in the century of awesome
entrepreneurs, One of the most worthwhile discoveries that have evolved is in the form of
BRANDS . A brand is not only created by what the consumer perceive but what the
management perceives about their respective prospects. Brands is the make or break in the
ongoing world.
Today the future is very much dependent on the Brand created. Brand provides a majestic
and transparent view of the image all around. Same is the effect in the insurance sector. The
more the Brands awareness, more trustworthy the company. In the present scenario LIC Is
the leader in the insurance industry because of its highly regarded and proved Brands Image.
Same is the case with ICICI Prudential as it is the leader in the private insurance sector. In
my project I have highlighted the consumers thrust towards various products and why they
regard it as a worthy brand.
As of these regards my topic needs a special recognition.
Scope :
My study will be based on the views of several perspective clients on the brand image of my
company. For creating and maintaining the strategic advantage for the ICICI Prudential Life
Insurance business through understanding the customers, building sustainable value position
and execute every aspect of brand strategy , revenue potential through the
design/
deployment of strategic, tactical market plans. As much services company is offering to the
prospective clients , but if they are not able to give much benefit to their clients brand image
of ICICI Prudential Life Insurance will also be helpless in
products.
insurer makes a charge each month for general expenses and death benefit is a set
amount, while in type B policies the death benefits is a set amount plus whatever cash
value has been built up in the policy.
Life insurance may also be classified, according to type of customers, as ordinary group,
industrial, and credit. The ordinary insurance market includes customers of whole life,
term, and universal life contracts and is made up primarily of individual purchasers of
annual premium insurance. The group insurance market consist mainly of employees
who arrange group contracts to cover their employees. The industrial insurance market
consists of individual contracts sold in small amounts with premium collected weekly or
monthly at the policyholders home. Credit life insurance is sold to individuals. usually as
part of an installment purchase contracts; under these contracts if the insured dies before
the installment payments are completed, the seller is protected for the balance of the
unpaid debt.
Insurance may be issued with a premium that remains the same throughout the premiumpaying period, or it may be issued with a premium that increased periodically according
to the age of the insured. Practically all ordinary life insurance policies are issued on a
level premium basis. which makes it necessary to charge more than the true cost of the
insurance in the earlier years of the contracts in order to make up for much higher costs
in the later years; the so- called overcharges in the earlier years are nor really overcharges
but re a necessary part of the total insurance plan, reflecting the fact that mortality rates
increase with age. The insured is not overpaying for protection, because of the claim on
the claim on the cash values or may recapture it completely by lapsing the policy. The
insured does not, however, have claim on all the earnings that accrue to the insurance
company from investing the funds of its policyholders.
By combining term and whole life insurance, an insurer can provide many different kinds
of policies. Two examples of such package contracts are the family income policy and
the mortgage protection policy. In each of these, a base policy , usually whole life
insurance, is combined with term insurance , is combined with term insurance calculated
so that the amount of protection declines as the policy run its course. In the case of the
mortgage contracts, for example, the amounts of decreasing term insurance is designed
roughly to approximate the amount of the mortgage of a property. As the mortgage is paid
off, the amount of insurance declines correspondingly. At the end of the mortgage period
the decreasing term insurance expires, leaving the base policy still in force. Similarly, in a
family income to the beneficiary over a period of years roughly corresponding to the
period during which the children are young and dependent.
Some whole life insurance policies permits the insured to limit to limit the period during
which premium are to be paid, Common examples of these are 20- year life, 30 years
life, and life paid up at age 65. On these contracts, the insured pays a higher premium to
compensate for the limited premium- paying period. At the end of the stated period, the
policy is said to be
paid up but it remains effective until death of surrender.
Term insurance is most appropriate when the need for the protection runs for only a
limited period; whole life insurance is most appropriate when the protection need is
permanent. The universal life plan, which earns interest at a rate roughly equal to that
earned by the insurance (approximately the rate available in long term bonds and
mortgage), may be used as a convenient vehicle by which to save money. The owner can
vary the amount of death protection as the need for it changes in the course of life. The
policy offers flexibility and saves the owner commission expenses by eliminating the
need for dropping one policy and taking out another as protection requirements change.
SATTLEMENT OPTIONS
The death proceeds or cash values of insurance may be settled in various
s ways. The insured may take the cash value and laps the policy. A beneficiary may take
lump sum settlement of the face amount upon the death of the insured. The beneficiary
may instead, elect to receive the proceeds over a given number of years of in some fixed
amounts, such as Rs.1000 a month, for as long as the proceeds last. The money may be
left with the insurer temporarily to draw interest. Or the proceeds may be used to
purchased a life annuity, which in effect is another insurance policy guaranteeing regular
payment for the life insured.
SPECIAL RIDERS
The insured may, at a nominal charge, attach to the contract a waiver-of-premium rider
under which premium payments will be waived in the event of total and permanent
disability before the age of 60. Under the disability income rider, should the insured
become totally and permanently disabled. a monthly income will be paid. Under the
double indemnity rider, if death through accident. the insurance payable is double the
face amount.
GROUP INSURANCE
group have always been important in the insurance field, from the burial societies of the
Romans and the insurance funds of the medieval guilds to the fraternal and religious
insurance plans of modern times. In the 20 th century private insurance companies have
written increasingly large amounts of group insurance; particularly in life insurance,
health insurance , and annuities. In 1990 more than 95 percent of the industrial labour
force in the United States was covered by group life and health insurance plans
established by employers. Much of the imputes for these employee benefit plans came
from the labour unions, which pressed for such fringe benefits
in bargaining with employers.
Group insurance is widely used throughout the world, both in the form of private plans
and as insurance plans. Social security plans with group coverage exist in more than 140
nations. Private group
insurance companies operate. Group life insurance is the most commonly offered plan;
group health plans are government- operated in many nations. In many countries, group
health plans are common as a supplement to social insurance pension schemes.
Group insurance has been especially popular in Japan, where many employees serve a
company for life. All Japanese life insurance companies offer group life insurance. Health
insurance is provided by the government. Funded group pension become popular after a
1962 tax low made contributions tax- deductible for Japanese employers. In addition,
virtually all Japanese employers provide lump-sump retirement allowances to their
workers.
COMPANY PROFILE
India's Number One private life insurer, ICICI Prudential Life Insurance Company is a
joint venture between ICICI Bank-one of India's foremost financial services companiesand Prudential plc- a leading international financial services group headquartered in the
United Kingdom. Total capital infusion stands at Rs. 23.72 billion, with ICICI Bank
holding a stake of 74% and Prudential plc holding 26%.We began our operations in
December 2000 after receiving approval from Insurance Regulatory Development
Authority (IRDA). Today, our nation-wide team comprises of over 680 offices, over
235,000 advisors; and 23 banc assurance partners.
ICICI Prudential was the first life insurer in India to receive a National Insurer Financial
Strength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI
Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic
Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As we grow our
distribution, product range and customer base, we continue to tirelessly uphold our
commitment to deliver world-class financial solutions to customers all over India.
5. Last but definitely not the least, our 20,000 plus strong team is given the opportunity to
learn and grow, every day in a multitude of ways. We believe this keeps them engaged
and enthusiastic, so that they can deliver on our promise to cover you, at every step in
life.
Our values
Every member of the ICICI Prudential team is committed to 5 core values: Integrity,
Customer First, Boundary less, Ownership, and Passion. These values shine forth in all
we do, and have become the keystones of our success.
FACT SHEET
THE COMPANY
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a
premier financial powerhouse, and Prudential plc, a leading international financial
services group headquartered in the United Kingdom. ICICI Prudential was amongst the
first private sector insurance companies to begin operations in December 2000 after
receiving approval from Insurance Regulatory Development Authority (IRDA).
ICICI Prudential's capital stands at Rs. 23.72 billion with ICICI Bank and Prudential plc
holding 74% and 26% stake respectively. For the first quarter ended June 30, 2007, the
company garnered Rs. 987 crore of weighted retail + group new business premiums and
wrote over 450,000 retail policies in the period. The company has assets held to the tune
of over Rs. 18,400 crore.
ICICI Prudential is also the only private life insurer in India to receive a National Insurer
Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating is the
highest rating, and is a clear assurance of ICICI Prudential's ability to meet its obligations
to customers at the time of maturity or claims.
For the past six years, ICICI Prudential has retained its position as the No. 1 private life
insurer in the country, with a wide range of flexible products that meet the needs of the
Indian customer at every step in life.
Distribution
ICICI Prudential has one of the largest distribution networks amongst private life insurers
in India. It has a strong presence across India with over 680 branches and over 235,000
advisors
The company has over 23 bancassurnace partners, having tie-ups with ICICI
Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank, Idukki
District Co-operative Bank, Jalgaon Peoples Co-operative Bank, Shamrao Vithal Co-op
Bank, Ernakulam Bank, 9 Bank of India sponsored Regional Rural Banks (RRBs), Sangli
Urban Co-operative Bank, Baramati Co-operative Bank, Ballia Kshetriya Gramin Bank,
The Haryana State Co-operative Bank and Imphal Urban Cooperative Bank Limited.
1983: Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies are taken over by the
central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act,
1956, with a capital contribution of Rs. 5 crore from the Government of India.
Meet the various life insurance needs of the community that would arise in the changing
social and economics environment.
Involve all people working in the corporation to the best of their capability in furthering
the interest of the insured public by providing efficient service with courtesy.
Promote amongst all agents and employees of the corporation a sense of participation
pride and job satisfaction through discharge of their duties with dedication towards
achievement of corporate objective.
Opened up to competition.
But at the same time, the committee felt the need to exercise caution as any
Failure on the part of new players could ruin the public confidence in the
Industry. Hence, it was decided to allow competition in limited way by
stipulating the minimum capital requirement of Rs.100 crores . The committee
felt the need to provide greater autonomy to insurance companies in order to
improve their performance and enable them to act as independent companies
with economic motives. For this purpose, it had proposed setting up an
independent regulatory body
VISION
Vision is a short, succinct statement of what the organization intends to become and to achieve at
some point in the future, often stated in competitive terms. Vision refers to the category of
intentions that are broad, all intrusive and forward thinking. It is the image that a business
must have of its goals before it set out to reach them. It describes aspirations for the future,
without specifying the means that will be used to achieve those desired ends.
Warren Bennis, a noted writer on leadership, says: To choose a direction, an executive must
have developed a mental image of the possible and desirable future state of the organization.
This image, which we call a vision, may be as vague as a dream or as precise as a goal or a
mission statement.
Mission Statement
A mission statement is an organizations vision translated into written form. It makes concrete
the leaders view of the direction and purpose of the organization. For many corporate leaders it
is a vital element in an attempt to motivate employees and to give them a sense of priorities.
A mission statement should be a short and concise statement of goals and priorities.
In turn, goals are specific objectives that relate to specific time periods and are stated in terms of
facts. The primary goal of any business is to increase stakeholder value.
Mission:
To make ICICI Prudential the dominant life and pension players built on trust by world class
people and service.
This, the company hopes to achieve by:
Understanding the needs of the customers and offering them superior products and
service.
Leveraging technology to service customers quickly, efficiently and conveniently.
Developing and implementing superior risk management and investment strategies to
offer sustainable and stable returns to the policyholders.
Providing an enabling environment to foster growth and learning for our employees
And above all, building transparency in all dealings.
The success of the company will be founded in its unflinching commitment to 5 core values
Integrity
Customer First
Boundary less
Ownership
Passion
Each of the values describes what the company stands for, the qualities of our people and the
way it works. The company believes that it is on the threshold of an exciting new opportunity,
where it can play a significant role in redefining and reshaping the sector.
Given the quality of there parentage and the commitment of the team, there are no limits to
growth.
# Evaluation of mission statement according to 9 criterion of fred & forest David
( 1 = Statement includes component, 0 = statement doesnt include component )
Component
Mission statement
1. Customers
2. Product / Services
3. Geographic Markets
4. Technology
6. Philosophy
7. Public Image
8. Employees
9. Distinctiveness Competence
STRENGTHS
Efficiently trained sales force and advisors.
There is improvement in response and turnaround times in specific areas such as
delivery of first policy receipt, Policy Document, premium notice, Final maturity
payment, Settlement of claims etc.
Competitive activity, evolution of the distribution channels
WEAKNESSES
More or less all players ( Including market leader LIC ) have aggressively recruited
and trained advisors, appointed agents, launched new products, Improved customer
service standards and revamped / expanded their distribution networks. If at all there
was any major difference between players it was only in time lag in launching of
services.
Consumer awareness, though increasing, it still low and different types of policies
available and the specific benefits of each often confuse them ; thus its the job of
insurance companies to educate them about these.
OPPORTUNITIES
There are 17 insurance companies in the market today. According to a UN survey, only 4 to 6
percent of Indias population is insured. Of these, 22 percent are under insured. So the market
presents opportunities for the enterprising.
Only 22 percent of the insurable possesses life insurance. Whats more, in country of over one
billion people. Life insurance premium forms only 1.8 per cent of the GDP, Indicating the extent
of underinsurance
ICICI Prudential life insurance company has entered in to strategic tie - up with the federal bank
for the distribution of life insurance products. ICICI PrulLife financial services consultants ( FSC
s) could now approach federal Bank customers, based on referrals from the bank. This alliance
expands ICICI Prulifes reach to around 5 lakh customers across 30 bank braches in Kerala and
30 in other cities including a large number of NRI customers.
ICICI prudential life insurance company has recruited talent at lateral level from various
industries, such as FMCG, banking, telecom, etc. for its middle and senior management terms.
Says Shubro Mitra, chief, Human Resources, ICICI Prudential Life. The candidate must have
the requisite qualifications in their functions and relevant experience, however not necessary in
the field of insurance. In fact, Only two people amongst the senior management team has any
experience in insurance.-- the head of sale and chief actuary. Most importantly, the individuals
must have a winning attitude, energy, willingness to learn and to able to bring fresh ideas and
perspective to the business.
Allahabad bank has forayed into Bank assurance business, The bank and Prudential Insurance
Company Limited have entered a strategic Bank assurance tie - up for distribution of life
insurance product in Kolkata. Under the tie - up , ICICI Prulife
financial Service Consultants will offer its entire bouquet of life insurance products to customers
of Allahabad Bank.
ICICI Prudential life insurance has flagged off operations in Channai. The fourth office of the
company, it has accepted five proposals sponsored Madras Cements Ltd and Lucas TVS favoring
underprivileged children. Salam Zindagi .a social sector policy will cover larger groups
amongst the economically weaker section of the society.
The company targets to cross the one lakh policy mark by the end of the next fiscal and have
already sold 1,500 policies till date. It hopes to break even in four to six years and for now has no
plans to introduce any new products. The policies currently on offer are ICICI Pru Single
premium Bond. ICICI Pru save n Protect, ICICI Pru Forever Life, ICICI Pru Cash Bak and
ICICI Pru life guard.
ICICI Pru life has very quickly gone on to become Indias largest private life insurance company.
Again the success lay in aggressive marketing, smart advertising, omnipresence and quick
expansion. ICICI also has a storing presence in the general insurance sector with ICICI Lombard
General Insurance Company Limited .
A large part of the success of the new entrants ran be attributed to the government appointed
Insurance Regulatory and Development Agency ( IRDA), which developed the regulatory
framework. The regulation governing the life and non life insurers are pragmatic and forward Looking, ensuring the customer is protected and creating an environment for thriving private
sector participation and a level playing field.
Banc assurance and corporate agents are the two emerging channels that give companies an
opportunity to reach out to much larger number of individuals who might be interested in
insurance. Moreover, people inherently trust their local through that channel is also regarded
with less suspension, These channels have only just emerged, but are already making heir mark.
With time and the appropriate regulations, the contribution of such channels is bound to drive
penetration of the category.
Multiple touch points have emerged -- contact centers, emails, facsimile, website, and of course
snail-mail - which enable the customer to get in touch with the insurance companies quickly,
easily and directly
.
With the transformation in the industry come a huge opportunity to tap hitherto largely ignored
segments. One of the most promising areas of for life insurers is retirement solutions. Consider
this : Only 89% of the working population in our country has a form of social security for old
age. People in the unorganized sector, self - employed persons and those engaged in agriculture,
have no form of guaranteed post - retirement income. Add to this fact that life expectancy is
expected to rise from 77 years to 85 years in the next decade. And those persons aged 60 and
above are expected to form 8.6 % of the total population by the year 2016. It become oblivious
that the task of retirement planning and pensions is immense and require comprehensive, long ranging regulations.
Penetration of life insurance is beginning to ct across socio- economic classes and attracts people
who have never purchased insurance before. With this heightened awareness and consumer
education comes a willingness to view life insurance as an integral part of the financial portfolio,
marking a significant change from the earlier attitude, where insurance was purchased as a tax saving.
THREATS
ICICI Prudential life Insurance company pvt. Ltd.( ICICI Prulife ) is a joint venture company in
the life insurance segment in India. It is the leading private life insurance company In India.
Expanding at a rapid pace ICICI Prulife is opening branches across multiple cities and towns in
India.
With multiple branches across the country a need was identified by the head office to service
their internal employees in the same way as they would service an external customer. The user
base was growing with people being added every day.
The Problem:
ICIC Prulife wanted to services its employees across different functions in the same way
as they service an external customer while t.
Data flow throughout the organization was via emails - thus all data was stored in silos an individuals mailbox. There was no visibility or count of the issues being faced in the
organization.
Data was hence not centrally available to gather information and convert the same into
knowledge base.
Employees often spent considerable time in finding out from whom to seek information.
This in turn had an overall enterprise efficiently impact.
With multiple branches all across the country, the need existed to be able to centrally
provide a pool of expert as it was not possible to have experts for every function at every
branch level.
This in turn would mean that a user would have to know the expert, location of the expert
and his availability and correspond with him over email long distance phone calls. This
was not feasible; as it was nor possible to educate all the users of the different experts and
with possible transfer of experts the problem was greater than it seemed.
The challenge
o Easy to use - without any training, as it was not possible totrain an employee
force of 1500+ spread across 40+ locations.
o Centralized administration of the system.
o Updating of user information on daily basis - because of addition of employees
almost on daily basis.
Ensuring the solution becomes the only conduit for employees service.
Consumer awareness, though increasing, it still low and different type of policies available and
the specific benefits of each often confuse them. And its the job of insurance companies to
educate them about these.
Major Players
Major players in the market include ING Vyasa, ICICI Prulife ,SBI Life ,HDFC,AMP Sanmar,
Birla Sunlife, Max New York Life, Tata AIG, Aviva, Oriental Insurance, Allianze bajaj and Om
Kotak.
MARKETING STRATEGY OF
ICICI PRUDENTIAL LIFE INSURANCE COMPANY
ICICI Prudential is case study in the role of marketing in reshaping an industry. It highlights how
an industry where sell and push were oft used words and consumer was nothing more than a
file no. has changed to one where consumer preference and consumer pull rules the roost.
Heres a look at how ICICI Pru changed the rules of the game and emerged a leader in the
process.
Background
When the insurance sector was liberalized in 2000, the private players had to contend with a few
issues. Ratio of premium to GDP was low : 1.3 % of GDP was invested in insurance, Insurance
penetration was at an abysmal 22 % of the insurable population. Besides the above the private
players were faced with: Attitudinal Barriers, Perception of insurance as tax saving tool and lack
of a consumer centric approach in service and product offerings.
Differentiation Strategy
The creative execution:
TVC: Building image and creating a differential in the most creative and compelling manner.
The creative execution heightened the emotional connect with the ICICI Pru brand - Indian;
satisfaction that ones loved ones are protected. Symbolic representation of the protector of the
family through situation showcasing various life stages and creating endearing imagery of
protection and familial bonding.
Press: Gave the consumer a rational and tangible reasons to buy insurance first and secondly
from ICICI Prudential. The product specific advertising focused on changing the prevalent
perception about insurance and breaking a few myths: non- affordability, insurance not being
good investment option and the myth that insurance was good only for tax saving.
Other Communication:
Other program included direct mail, PR of communication campaign in press and TV, website
marketing; and database generation through Banc assurance channels.
The Result of communication efforts :
Being no.1 in awareness and saliency. Awareness between feb and sept. 2001. Image : Highest
score among all insurance players including LIC, on image parameters like safety, modernity,
service, good returns etc. Intention to invest: next only to LIC as per research ( All Source :
Research by ORG Mar).NO. of calls and E-mails: There were 70000 calls at the call center and
6585 emails in the year 2001.
Sum up:
In just over a year ICICI Pru has emerged as Indias No.1 Private life insurance company with
almost 50 % market share of the private players. Has sold highest no. of policies both in volume
and value. Major Milestone - Over 150000 policies on March 31,2005.
MARKET SAGMENTS
The life insurance and pension business has two distinct customers segments - individuals and
corporate. In case of retail business for individuals, the 4 sub segments are - protection ,
investment , saving and pension. Apart from the existing leader LIC , new companies such as
HDFC standard life, TATA AIG , ICICI Prudential and more will seek to be present across all the
segment of market.
Among retails product for individual, pure risk protection product have been introduced by some
of the new life insurance companies in the market. As these products have no savings
components to it, the premium are very low compared to other products. Investment products
provide long term investment growth and insurance cover. This segment is growing rapidly,
saving product like Endowments and Money - Back Provide a combination of protection and
investment benefits. The last segment of pension includes products that are aimed at offering
customer an income during their retirement Years.
In case of the group business, there are three segments - Protection, Statutory savings and
pension, Group insurance products are taken to provide low cost life insurance cover to a group
of people. Group insurance product are taken to provide low cost life insurance cover as part of
employee benefit package to motivate employees or to cover the housing or vehicle loan given
by employee to employee. It can also be used as a substitute for the statutory EDLI subject to
approval by the Regional Provident Fund Commissioner. The statutory savings segments
essentially comprise of the gratuity products for companies. The pension segment will include
products like group superannuation, which will enable a company to benefit from the actuarial,
investment and operational expertise of a specialist company to manage its superannuation
funds.
Source: CII Insurance Committee Report 1999.
PRODUCT: The development of flexible product to suit individual requirement is what will
differentiate the winners from the also - rans. The key to providing insurance solution, not
standardized insurance product. The concept of riders/optional benefits has already been a huge
innovation brought about by the new players, which has led to customization of products for
individuals needs. However, companies may differentiate themselves on the basis of product
segment that they choose to focus on and excel in.
PRICE: Price is relevant differentiator only in two segments - pure term insurance and in pure
annuities. Here too, service delivery and financial strength will need to be present at a minimum
acceptable level for price to be a relevant differentiator. In case of saving oriented products. Long
term returns generated will be more relevant than just price of the product. A focus on generating
good investment performance and keeping a tight control on costs will help in generating good
long - term maturity value for customers, Norms have been laid down on all of these by IRDA
and adhering to these while delivering good returns will be a challenge.
ADEVERTISING AND PROMOTION: The level of demand is latent and will have to
be activated considerably. The market needs to be developed. Greater awareness of insurance and
need too have it as a protection tool rather than as a tax planning measure needs to be appreciated
by the Indian people. Various communication tools including advertising, direct marketing and
road shows will contribute to all this and different companies will take different approaches on
these.
Product profile
ICICI Prudential Life Insurance offers a range of innovative, customer-centric products
that meet the needs of customers at every life stage. Its products can be enhanced with up to 5
riders, to create a customized solution for each policyholder.
Savings Solutions
SecurePlus is a transparent and feature-packed savings plan that offers 3 levels of protection.
Cash Plus is a transparent, feature-packed savings plan that offers 3 levels of protection as
well as liquidity options.
SavenProtect is a traditional endowment savings plan that offers life protection along with
adequate returns.
CashBak is an anticipated endowment policy ideal for meeting milestone expenses like a
childs marriage, expenses for a childs higher education or purchase of an asset.
Lifetime & Lifetime offer customers the flexibility and control to customize the policy to
meet the changing needs at different life stages. Each offer 4 fund options ? Preserver, Protector,
Balancer and Maximiser.
LifeLink II is a single premium Market Linked Insurance Plan which combines life
insurance cover with the opportunity to stay invested in the stock market.
Premier Life is a limited premium paying plan that offers customers life insurance cover till
the age of 75.
InvestShield Life is a Market Linked plan that provides capital guarantee on the invested
premiums and declared bonus interest.
InvestShield Cash is a Market Linked plan that provides capital guarantee on the invested
premiums and declared bonus interest along with flexible liquidity options.
InvestShield Gold is a Market Linked plan that provides capital guarantee on the invested
premiums and declared bonus interest along with limited premium payment terms
Protection Solutions
LifeGuard is a protection plan, which offers life cover at very low cost. It is available in
3 options ? level term assurance, level term assurance with return of premium and single
premium.
Child Plans
Retirement Solutions
SecurePlus Pension is a flexible pension plan that allows one to select between 3
levels of cover.
InvestShield Pension is a regular premium pension plan with a capital guarantee on the
investible premium and declared bonuses.
Golden Years: is a limited premium paying retirement solution that offers tax benefits up
to Rs 100,000 u/s 80C, with flexibility in both the accumulation and payout stages.
ICICI Prudential also launched Salaam Zindagi, a social sector group insurance policy
targeted at the economically underprivileged sections of the society.
Health Solution
Health Assure: Is a regular premium plan, which provides l ong term cover against 6
critical illnesses by providing policyholder with financial assistance, irrespective of the actual
medical expenses.
Health Assure Plus: Is a regular premium plan which provides long term cover against 6
critical illnesses by providing financial assistance, irrespective of actual medical expenses, as
well as an equivalent life insurance cover
ICICI Pru Group Gratuity Plan: ICICI Prus group gratuity plan helps employers fund
their statutory gratuity obligation in a scientific manner. The plan can also be customized to
structure schemes that can provide benefits beyond the statutory obligations.
ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible defined
contribution superannuation scheme to provide a retirement kitty for each member of the group.
Employees have the option of choosing from various annuity options or opting for a partial
commutation of the annuity at the time of retirement.
ICICI Pru Group Term Plan: ICICI Prus flexible group term solution helps
provide affordable cover to members of a group. The cover could be uniform or based on
designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary
nominated by the member on his/her death.