View source for ICICI Prudential Life Insurance

{{short description|Indian life insurance company}}
{{Advert|date=May 2021}}
{{Use Indian English|date=September 2020}}
{{Use dmy dates|date=August 2021}}
{{Infobox company
| name = ICICI Prudential Life Insurance Company Limited
| logo = ICICI Prudential.svg
| logo_size = 200px
| type = [[Public company|Public]]
| traded_as = {{ubl|{{BSE|540133}}|{{NSE|ICICIPRULI}}}}
| ISIN = INE726G01019
| slogan = 
| foundation = 2000
| location = [[Mumbai]], India
| industry = [[Financial services]]
| products = [[Life insurance]]
| key_people = Narayanan Srinivasa Kannan [[Managing director|MD & CEO]]<ref>{{cite web |title=NS Kannan: ICICI Prudential Life's new pair of legs for the insurance race |url=https://www.moneycontrol.com/news/business/economy/ns-kannan-icici-prudential-lifes-new-pair-of-legs-for-the-insurance-race-2607291.html |website=Moneycontrol |accessdate=14 September 2020 |date=19 June 2018}}</ref>
| revenue = {{profit}} {{INRConvert|2652|c}} (2020)<ref name=6-K>{{cite web|url=https://www.moneycontrol.com/india/stockpricequote/finance-general/iciciprudentiallifeinsurancecompany/IPL01|title=ICICI Prudential Ltd. Financial Statements |website=moneycontrol.com}}</ref>
| operating_income = {{loss}} {{INRConvert|1067|c}} (2020)<ref name=6-K/>
| net_income = {{loss}} {{INRConvert|1066|c}} (2020)<ref name=6-K/>
| assets = {{profit}} {{INRConvert|156030|c}} (2020)<ref name=6-K/>
| equity = {{profit}} {{INRConvert|5842|c}} (2020)<ref name=6-K/>
| num_employees = 14,630
| parent = [[ICICI Bank]]
| homepage = [https://www.iciciprulife.com/ www.iciciprulife.com]
}}
''' ICICI Prudential Life Insurance Company Limited''' is a [[life insurance]] company in India. Established as a [[joint venture]] between [[ICICI Bank]] Limited<ref>{{Cite web|title=Stock Share Price {{!}} Get Quote {{!}} BSE|url=https://www.bseindia.com/stock-share-price/icici-bank-ltd/icicibank/532174/|access-date=2021-09-06|website=www.bseindia.com}}</ref> and [[Prudential plc|Prudential Corporation Holdings Limited]],<ref>{{cite web |title=ICICI Prudential Life climbs after tieup with NSDL Payments Bank |url=https://www.business-standard.com/article/news-cm/icici-prudential-life-climbs-after-tieup-with-nsdl-payments-bank-120091000536_1.html |website=Business Standard India |accessdate=14 September 2020 |date=10 September 2020}}</ref> ICICI Prudential Life is engaged in life insurance and asset management business. In 2016, the firm became the first insurance company in India to be listed in the domestic [[stock exchanges]].<ref name=":4" /><ref name=":5" />

== History ==
ICICI Prudential Life Insurance started its operations in 2001. The life insurance arm was established as a joint venture between [[ICICI Bank|ICICI Bank Limited]] and [[Prudential plc|Prudential Corporation Holdings Limited]]<ref>{{cite news |title=Prudential Corp to sell up to 3.71% in ICICI Prudential Life Insurance |url=https://www.thehindubusinessline.com/markets/prudential-corp-to-sell-up-to-371-in-icici-prudential-life-insurance/article26635224.ece |accessdate=14 September 2020 |work=Hindu Business Line |date=25 March 2019 |language=en}}</ref> with assets under management (AUM) of approx. {{INRConvert|100|c}}.<ref name=":1" />

In 2010, the firm had grown up to {{INRConvert|50000|c}} mark in assets under management (AUM).<ref>{{Cite web|title=ICICI Prudential's Assets Under Management Cross Rs 2 Lakh Crore|url=https://www.moneycontrol.com/news/business/icici-prudentials-assets-under-management-cross-rs-2-lakh-crore-6218251.html|access-date=2021-04-08|website=Moneycontrol}}</ref>

In 2015, the firm had crossed {{INRConvert|1|t}} mark in [[assets under management]] (AUM).<ref>{{cite news |title=ICICI Prudential Life AUM crosses Rs 1 trillion |url=https://www.thehindubusinessline.com/money-and-banking/icici-prudential-life-aum-crosses-rs-1-trillion/article6933362.ece |accessdate=14 September 2020 |work=Hindu Business Line |agency=Press Trust of India |date=25 February 2015 |language=en}}</ref> It became the first insurance company in the industry to benchmark in AUM.<ref name=":1">{{Cite web|date=2020-12-11|title=ICICI Prudential Life Insurance company's AUM cross ₹2 lakh crore|url=https://www.livemint.com/insurance/news/icici-prudential-life-insurance-company-s-aum-cross-rs-2-lakh-crore-11607697972741.html|access-date=2021-04-08|website=mint|language=en}}</ref>

In 2016, ICICI Prudential Life became the first insurance company to be listed in Indian stock market, namely [[Bombay Stock Exchange]] and [[National Stock Exchange of India|National Stock Exchange]].<ref>{{cite news |title=SBI Life Insurance IPO opens, raises Rs2,226 crore from anchor investors |url=https://www.livemint.com/Money/vn0L8tWtAJds9fmb7uQVWP/SBI-Life-Insurance-IPO-opens-raises-Rs2226-crore-from-anch.html |accessdate=14 September 2020 |work=Mint |date=20 September 2017 |language=en}}</ref> The IPO, where the parent company ICICI Bank Limited offloaded 12.65 per cent of its shares, was termed as biggest in the Indian market since 2010 with its market capitalisation of {{INRConvert|5000|c}}. [[Temasek Holdings]], Premji Invest and [[Government of Singapore]] are other major shareholders of the company.<ref>{{cite web |title=ICICI Pru Life IPO to open on Sep 19, price band Rs 300-334/sh |url=https://www.moneycontrol.com/news/business/ipo/icici-pru-life-ipo-to-opensep-19-price-band-rs-300-334sh-965643.html |website=Moneycontrol |accessdate=14 September 2020 |date=9 September 2016}}</ref><ref>{{cite news |author1=Swaraj Singh Dhanjal |title=Singapore govt buys ICICI Pru Life stake worth Rs842 crore |url=https://www.livemint.com/companies/news/singapore-govt-buys-icici-pru-life-stake-worth-rs643-crore-11592835336918.html |accessdate=14 September 2020 |work=mint |date=22 June 2020 |language=en}}</ref><ref>{{Cite news|title=ICICI to sell 6% stake in life insurance JV to Premji Invest, Temasek arm for Rs 1,950 crore|work=The Economic Times|url=https://economictimes.indiatimes.com/industry/banking/finance/icici-to-sell-6-stake-in-life-insurance-jv-to-premji-invest-temasek-arm-for-rs-1950-crore/articleshow/49809021.cms?from=mdr|access-date=2021-08-17}}</ref>

In 2017, ICICI Prudential Life was to take over [[Sahara India Pariwar|Sahara]] Life’s insurance business on request from the regulator [[Insurance Regulatory and Development Authority|IRDA]] in a motive to resolve the crisis at Sahara's life insurance arm.<ref>{{cite news |title=IRDAI asks ICICI Prudential to take over Sahara insurance business |url=https://www.zeebiz.com/companies/news-irdai-asks-icici-prudential-to-take-over-sahara-insurance-business-19951 |accessdate=14 September 2020 |work=Zee Business |date=29 July 2017}}</ref> The merger was later revoked by Securities Appellate Tribunal.<ref>{{cite news |title=Tribunal Revokes IRDAI Order To Transfer Sahara Life Business To ICICI Prudential |url=https://www.bloombergquint.com/law-and-policy/tribunal-revokes-irdai-order-to-transfer-sahara-life-business-to-icici-prudential |accessdate=21 September 2020 |work=BloombergQuint |date=11 January 2018 |language=en}}</ref>

In 2020, ICICI Prudential Life had crossed {{INRConvert|2|t}} mark in assets under management (AUM).<ref name=":0">{{Cite news|agency=Press Trust of India|date=2020-12-11|title=ICICI Prudential's assets under management cross Rs 2 trillion|work=Business Standard India|url=https://www.business-standard.com/article/pti-stories/in-20thyear-icici-prudential-s-aum-crosses-rs-2-lakh-cr-120121101019_1.html|access-date=2021-04-08}}</ref> The total premium income was {{INRConvert|32000|c}} of which {{INRConvert|12000|c}} was from the new business premium while approx. {{INRConvert|21000|c}} was of the renewal premium.<ref name=":2">{{Cite web|date=2021-03-28|title=ICICI Pru Life confident to double value of new biz premium in FY23 over FY19|url=https://www.livemint.com/insurance/news/icici-pru-life-confident-to-double-value-of-new-business-premium-in-fy23-over-fy19-11616924828658.html|access-date=2021-04-08|website=mint|language=en}}</ref>

=== Historical Landmarks ===
Following are the major landmarks of the company after its formation:
{| class="wikitable sortable"
!Year
!Landmarks
|-
|2016
|First Insurance company in the country to get listed in the stock exchanges of BSE and NSE<ref name=":4">{{Cite news|title=ICICI Prudential Life Insurance Company Ltd.|work=Business Standard India|url=https://www.business-standard.com/company/icici-pru-life-22005/information/company-history|access-date=2021-05-03}}</ref><ref name=":5">{{Cite web|date=2016-09-28|title=ICICI Prudential Life Insurance to debut on BSE, NSE tomorrow|url=https://www.financialexpress.com/market/icici-prudential-life-insurance-to-debut-on-bse-nse-tomorrow/395276/|access-date=2021-05-03|website=The Financial Express|language=en-US}}</ref>
|-
|2020
|In September, entered into a corporate agency agreement with NSDL Payments Bank for providing customer-based protection and savings products to customers of latter<ref>{{Cite news|last=Market|first=Capital|date=2020-09-10|title=ICICI Prudential Life climbs after tieup with NSDL Payments Bank|work=Business Standard India|url=https://www.business-standard.com/article/news-cm/icici-prudential-life-climbs-after-tieup-with-nsdl-payments-bank-120091000536_1.html|access-date=2021-08-17}}</ref>
|-
|2020
|In December, collaborated with RBL Bank and formed a bancassurance partnership with a plan to offer portfolio of life insurance products to customers<ref>{{Cite news|title=RBL Bank, ICICI Prudential join hands for bancassurance partnership|work=The Economic Times|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/rbl-bank-icici-prudential-join-hands-for-bancassurance-partnership/articleshow/79643225.cms?from=mdr|access-date=2021-08-17}}</ref>
|}

== Key people ==

* N S Kannan - Managing Director and CEO<ref name=":0" />
*M S Ramachandran - Chairman, Independent Director<ref name=":3">{{Cite news|title=ICICI Prudential Life Insurance Company Ltd.|work=Business Insider|url=https://www.businessinsider.in/business/news/icici-pru-life-reappoints-m-s-ramachandran-as-independent-director/articleshow/76327425.cms|access-date=}}</ref>
*Amit Palta - Chief Distribution Officer<ref>{{Cite web|last=www.ETBFSI.com|title=ICICI Prudential Life to settle death claims in single day - ET BFSI|url=https://bfsi.economictimes.indiatimes.com/news/insurance/icici-prudential-life-to-settle-death-claims-in-single-day/74209996|access-date=2021-04-13|website=ETBFSI.com|language=en}}</ref>
*Judhajit Das - Chief Human Resource Officer<ref>{{Cite web|last=www.ETHRWorld.com|title=We are a leadership talent factory: Judhajit Das, CHRO, ICICI Prudential Life - ETHRWorld|url=https://hr.economictimes.indiatimes.com/news/trends/leadership/we-are-a-leadership-talent-factory-judhajit-das-chro-icici-prudential-life/80019869|access-date=2021-04-15|website=ETHRWorld.com|language=en}}</ref><ref>{{Cite web|last=Nair-Ghaswalla|first=Amrita|title=Covid-19 demands an adaptive response, says ICICI Pru Life Insurance|url=https://www.thehindubusinessline.com/premium/covid-19-demands-an-adaptive-response-says-icici-pru-life-insurance/article31549591.ece|access-date=2021-04-15|website=@businessline|language=en}}</ref>
*Satyan Jambunathan - Chief Financial Officer<ref name=":2" />
*Ganessan Soundiram - Chief Technology Officer<ref name="www.ETCIO.com">{{Cite web|last=www.ETCIO.com|title=ICICI Prudential Life boosts customer experience with FACE ID, PIN and Fingerprint login - ET CIO|url=https://cio.economictimes.indiatimes.com/news/strategy-and-management/icici-prudential-life-boosts-customer-experience-with-face-id-pin-and-fingerprint-login/81183132|access-date=2021-04-09|website=ETCIO.com|language=en}}</ref>
*Manish Dubey - Chief Marketing Officer<ref name=":7" />
*Deepak Kinger - Chief Risk & Compliance Officer
*Manish Kumar - Chief Investments Officer
*Ashish Rao - Chief Customer Experience & Operations<ref>{{Cite web|last=Dubey|first=Navneet|date=2021-03-03|title=Digitalization helped maintain persistency levels of insurance policies|url=https://www.livemint.com/insurance/news/digitalization-helped-maintain-persistency-levels-of-insurance-policies-11614745227804.html|access-date=2021-09-10|website=mint|language=en}}</ref>

== Partnerships ==

* In December 2019, the company collaborated with [[Paytm]] so that users can get the iProtect Smart plan benefits through it.<ref>{{Cite web|last=www.ETBrandEquity.com|title=ICICI Prudential Life Insurance partners with Paytm - ET BrandEquity|url=https://brandequity.economictimes.indiatimes.com/news/marketing/icici-prudential-life-insurance-partners-with-paytm/72923139|access-date=2021-04-09|website=ETBrandEquity.com|language=en}}</ref>
* In January 2021, the company collaborated with [[PhonePe]] so that users can get term life insurance instantly via the app without any health check-ups and paperwork.<ref>{{Cite web|date=2021-01-06|title=PhonePe Launches Term Life Insurance Plans Starting at Rs 149 Annual Premium, How to Access It|url=https://www.news18.com/news/tech/phonepe-launches-term-life-insurance-plans-starting-at-rs-149-annual-premium-how-to-access-it-3253106.html|access-date=2021-04-10|website=www.news18.com|language=en}}</ref>

== Advertising and marketing campaigns ==

* In February 2013, the firm released a brand awareness campaign with a theme of "''bande achhe hai''". This TV commercial was inspired by a real-life incident that was aired for four weeks. The ad was shot by [[Amit Sharma (director)|Amit Sharma]] of Chrome Pictures with music given by [[Shantanu Moitra]] and lyrics written by [[Swanand Kirkire]].<ref>{{Cite web|title=ICICI Prudential's new ad 'Bande achhe hai' aims to build an emotional relevance|url=https://economictimes.indiatimes.com/advertising-marketing/icici-prudentials-new-ad-bande-achhe-hai-aims-to-build-an-emotional-relevance/responsible-husband-and-father/slideshow/18829061.cms|access-date=2021-04-10|website=The Economic Times}}</ref><ref>{{Cite web|title=ICICI Prudential's tribute to men|url=https://www.afaqs.com/news/advertising/36771_icici-prudentials-tribute-to-men|access-date=2021-04-10|website=afaqs!}}</ref>
*In March 2018, the firm had collaborated with actress [[Konkona Sen Sharma]] to drive awareness about their term plan ICICI Pru iProtect Smart plan that provides a life cover for family's protection and a 34 critical illness cover for self. The ad was showcased on TV, digital, cinema, outdoor media and other mediums.<ref>{{Cite web|last=www.ETBrandEquity.com|title=ICICI Prudential Life Insurance ropes in Konkona Sen Sharma for its newest campaign - ET BrandEquity|url=https://brandequity.economictimes.indiatimes.com/news/advertising/icici-prudential-life-insurance-ropes-in-konkona-sen-sharma-for-its-newest-campaign/63267177|access-date=2021-04-10|website=ETBrandEquity.com|language=en}}</ref>
* During [[COVID-19]] time, in the month of November 2020, the firm released a commercial ad to spread awareness of their term plan product ICICI Pru iProtect Smart where customers can get the benefits of both life and health insurance.<ref name=":7">{{Cite web|title=ICICI Prudential Life Insurance unveils new campaign for term insurance - Exchange4media|url=https://www.exchange4media.com/advertising-news/icici-prudential-life-insurance-unveils-new-campaign-for-term-insurance-109094.html|access-date=2021-04-10|website=Indian Advertising Media & Marketing News – exchange4media|language=en}}</ref>

== Corporate Social Responsibility (CSR) initiatives ==

* In March 2019, ICICI Prudential Life Insurance geared up for a CSR initiative with a campaign named "''Suna Kya? Body Ka Alarm''" ({{Translation|Listen to your body}}) in association with Times Spotlight. This initiative is urging Indian people to pay attention to their body signs and encourages them to be prepared financially. The company has also partnered with SRL diagnostics for discounted health check-up packages.<ref>{{Cite news|last=Krishnan|first=Aishwarya|title=Our body is talking to us. Are we too busy to listen?|work=The Economic Times|url=https://economictimes.indiatimes.com/wealth/insure/health-insurance/our-body-is-talking-to-us-are-we-too-busy-to-listen/articleshow/68493326.cms|access-date=2021-04-10}}</ref>
* In March 2020, ICICI Prudential Life Insurance partnered with Times of India for conducting the Mission Healthy India Survey 2020 to find out if people were paying attention to the signs their body gives that can help them catch the onset of a critical illness early. This awareness initiative from the company urges people to take good care of their health and be financially prepared against any uncertainty.<ref>{{Cite web|title=Your body is talking to you. The Mission Healthy India survey reveals why you need to pay attention! - Times of India|url=https://timesofindia.indiatimes.com/spotlight/your-body-is-talking-to-you-the-mission-healthy-india-survey-reveals-why-you-need-to-pay-attention/articleshow/74747750.cms|access-date=2021-04-10|website=The Times of India}}</ref>

== Awards and accreditation ==
{| class="wikitable sortable"
!Year
!Title
!Product
!Awards
!Notes
|-
|2011
|Insurance Company of the Year Award 2011
|
|Indian Insurance Awards
|<ref name=":9">{{Cite web|title=ICICI Prudential Life Insurance Company History {{!}} ICICI Prudential Life Insurance Company Information - The Economic Times|url=https://economictimes.indiatimes.com/icici-prudential-life-insurance-company-ltd/infocompanyhistory/companyid-1898.cms|access-date=2021-04-15|website=economictimes.indiatimes.com}}</ref>
|-
|2011
|Company of the Year Award 2011 Life Insurance
|
|Indian Insurance Awards
|<ref name=":9" />
|-
|2016
|Product of the Year 2016
|ICICI Pru iProtect Smart
|Life insurance category by Product of the Year (India) Private Limited
|<ref name=":9" />
|-
|2018
|Best Customer Orientation in Life Insurance
|
|Emerging Asia Awards 2018
|<ref name=":10">{{Cite web|date=28 May 2018|title=Emerging Asia Insurance Awards 2018|url=http://www.iccasiainsuranceawards.com/pdf/Emerging%20Report.pdf|url-status=live|access-date=15 April 2021|website=Iccasiainsuranceawards.com|page=9}}</ref>
|-
|2018
|Best Life Insurance Company of the Year
|
|Emerging Asia Insurance Awards 2018
|<ref name=":10" />
|-
|2018
|Best Growth in Life Insurance
|
|Emerging Asia Awards 2018
|<ref name=":10" />
|-
|2018
|Best Insurance Firm of the Year 2018 – Life Insurance
|
|Highest Persistency and Claim Settlement Ratio at the Moneycontrol

Wealth Creator Awards
|<ref>{{Cite web|title=Wealth Creator Awards {{!}} Financial Sector Awards - Moneycontrol.com|url=https://www.moneycontrol.com/ms/wealth-creator-awards/|access-date=2021-04-15|website=Moneycontrol|language=en}}</ref>
|-
|2019
|Product of the Year 2019 - Life insurance category
|ICICI Pru iProtect Smart
|"Product of the Year 2019" in the life insurance category by Product of the Year (India) Private Limited
|<ref>{{Cite web|last=PoyUser|title=Winning Products|url=https://www.productoftheyear.in/winners/winning-products/|access-date=2021-09-06|website=Product of the Year India {{!}} Consumers Vote. Sales Increase.|language=en-GB}}</ref><ref>{{Cite web|title=Product of the Year Awards India 2019 recognises the best brands and innovations|url=https://www.timesnownews.com/business-economy/industry/video/product-of-the-year-awards-india-2019-recognises-the-best-brands-and-innovations/461341|access-date=2021-09-06|website=www.timesnownews.com|language=en}}</ref>
|-
|2020
|Claims and Customer Service Excellence Awards
|
|Life Insurance Category by FICCI
|<ref>{{Cite web|title=ICICI Prudential Life Insurance - Buy Best Life Insurance Plans|url=https://www.policyx.com/life-insurance/icici-prudential-life-insurance/|access-date=2021-04-15|website=www.policyx.com}}</ref>
|-
|2021
|Best ULIP Policy of the Year
|ICICI Pru Signature
|Business Today - Money Today Financial Awards
|<ref>{{Cite web|title=The Top Rung- Business News|url=https://www.businesstoday.in/magazine/money-today/cover-story/the-top-rung/story/434160.html|access-date=2021-04-15|website=www.businesstoday.in}}</ref>
|}

== See also ==
* [[ICICI Lombard|ICICI Lombard General Insurance Company Limited]]
*[[Life insurance in India#Companies|List of life insurance companies in India]]
*[[SBI Life Insurance Company]]
* [[HDFC Life]]

== References ==
{{Reflist}}

== External links ==

* ''[https://www.iciciprulife.com/ ICICI Prudential Life Insurance]'' (Official Website)
{{Insurance in India}}
{{Nifty 200 companies}}
{{ICICI Group}}

[[Category:Life insurance companies of India]]
[[Category:Financial services companies based in Mumbai]]
[[Category:Financial services companies established in 2001]]
[[Category:Indian companies established in 2001]]
[[Category:2001 establishments in Maharashtra]]
[[Category:Companies listed on the National Stock Exchange of India]]
[[Category:Companies listed on the Bombay Stock Exchange]]