PROFILE OF LIC AND ICICI:

HISTORY OF LIFE INSURANCE CORPORATION IN INDIA

The Early examples of insurance include carrier contracts and loans for maritime trade in
ancient India. Manu's Smriti, Yajnyavalkya's Dharmashastra, and Kautilya's Arthashastra are
the texts that provide evidence for this. From the evidence, it is evident that India had a
sophisticated trade system in the past with little regulations. The regulations are designed in a
way that protects and shields individuals from dangers.

LIFE INSURANCE:

The Oriental Life Insurance Company was founded in Calcutta in 1818, marking the beginning
of the life insurance industry in India in its current form. The company collapsed in 1834.
However, the Madras Equitable started conducting life insurance business in the Madras
Presidency in the year 1829, which is about when the success of Indian life insurance can be
traced back to the second decade of the nineteenth century. The life insurance industry has gone
through dull periods because of inexperienced and poorly managed British insurance
businesses. Due to this, several British offices failed before 1870, which prompted the British
Insurance Act of 1870 to be passed (Agarwala A. N., 1961)1. Insurance had no genuine
presence in the world until the 1970s of the 19th centuries, when only a few European
businesses were present regions of India.
FIRST INDIAN COMPANY:

Indians entered the insurance industry thanks to the pioneering work of reformers and social
activists like Raja Ram Mohan Ray, Dwarakanath Tagore, Ramatam Lahiri, Rustomji Cowasji,
and others. According to Santosh Chaudhury and Kishore G. Kulkarni (1991)2, the first
insurance firm in India was founded in 1870 and operated under the name "Bombay Life
Insurance Society," providing regular rates of coverage for Indian lives. Eventually, in 1874,
the "Oriental Government Security Life Insurance Company" was established, with Sir
Phirozshah Mehta serving as one of its founding directors. It subsequently became the premier
insurance business in India, known as the "Bombay Life Assurance Society."

The first insurance business in India was established in 1818 by a British firm named Oriental
Life Insurance. It was followed in 1823 by the Bombay Assurance business and in 1829 by the
Madras Equitable Life Insurance Society. While doing business in India, these firms provided
life insurance for European residents. Later, once Indians were viewed as "substandard," a
small number of corporations began offering insurance to them at a rate that was around 20%
more than that of Europeans. In the context of insurance, "substandard" refers to physically
disabled lives. The Indian Company Act of 1866 applied to the insurance industry; there were
no particular regulations. Founded in 1871, Bombay Mutual Life Assurance Society was the
first business to begin selling insurance to Indians at "fair value."

However, Indian business in this area gradually began to grow, and over the last three decades
of the 1800s, the Bombay Presidency established the following companies:

a) Oriental (1874)

b) Bombay Mutual (1871)

c) Empire of India (1897)

In various regions of India, a few other businesses were also established. Nonetheless, at this
time, London Globe Insurance, Royal Insurance, Liverpool, and Albert Life Assurance—four
foreign insurance companies that did well in India—dominated the market. The Indian offices
established during this time had to overcome obstacles like the general public's innate ignorance
and prejudice towards life insurance.

The Swedish Movement's 1905 declaration of "Be Indian-Buy Indian" gave rise to several
indigenous provident fund and life insurance enterprises. The main piece of legislation
governing the life insurance industry was the Indian Life Assurance Company Act of 1912.
However, the Government of India started publishing the returns of Indian insurance
companies in 1914, marking the beginning of the country's documented history in the insurance
industry. In order to give the government access to statistical data on the life and non-life
insurance business conducted in India by foreign and Indian insurers, including provident
insurance societies, the Indian Insurance Companies Act was later passed in 1928.

The Indian government established a consulting committee in 1937, and the first complete
"insurance act" was eventually approved in 1938. The Insurance Act 1938 (Mathew M. J.,
1998)3 combined and updated earlier laws to safeguard the public's interest in insurance. It
included extensive measures that provided effective and thorough oversight over insurers'
operations.

NATIONALIZATION OF LIFE INSURANCE:

Our main slogan for the transition to a socialist society is the nationalisation of life insurance.
The aim of nationalising life insurance is to benefit both the government and the individual.
Jawaharlal Nehru stated, "We need life insurance to spread throughout the nation and to bring
a measure of security to the people" (Jawaharlal Nehru 1956)

The Life Insurance (Emergency Provisions) Ordinance, which was enacted on January 19,
1956, marked the beginning of the nationalisation of life insurance. According to these
Ordinances, the central government was in charge of managing the "controlled business" of
insurers. The interim phase, which ran from January 19, 1956, to August 31, 1956, was used
for planning in order to make it easier to integrate the many insurers into one State-owned
corporation later on. Prior to nationalisation, the insurance sector was divided into 243
independent divisions, each with an own administrative structure, personnel from offices and
field offices, agents, and medical examiners. its range of activity was limited to urban regions,
and its offices were centred on major cities. 103 of the 145 insurance firms in India are known
to have their main offices in the four cities of Bombay, Calcutta, Delhi, and Madras. Following
its establishment on September 1st, 1956, the Corporation brought together, under its single
organisational umbrella, the management of 243 distinct Indian and foreign companies
involved in the life insurance sector in India. As of August 31, 1956, the combined assets of
the 243 entities were around Rs. 4,110 million, and the total number of policies in force was
greater than five million, guaranteeing a total amount of more than Rs. 12,500 million.
The Chairman, two Managing Directors, and two more Corporation Members made up the
Executive Committee of the company. Additionally, the corporation had an Investment
Committee to advise it on topics pertaining to the investment of its money. This committee was
composed of a chairman, a functional director, and five additional individuals. Bombay,
Calcutta, Madras, Delhi, and Kanpur served as the headquarters for the five zones that made
up the entire nation.

Insurance is essentially a social tool that civilised society has adopted to lessen the likelihood
that households would experience income loss due to unanticipated events. When life insurance
firms first opened for business in India in the middle of the 20th century, the foul play that is
inherent to all business got its way. Profiteering and fierce rivalry were both prevalent. The
insurance industry's social goal had completely faded into obscurity. Consequently, following
the nationalisation of 245 life insurance-related businesses, the Life Insurance Corporation of
India (LIC) was established on September 1, 1956.The Corporation has grown significantly
since its founding and has constantly strived for more development. Ultimately, nevertheless,
the government adopted the processes of globalisation, privatisation, and liberalisation, which
represented a paradigm change in economic policy. As a result, a committee headed by Mr.
Malholtra, the former governor of RBI, was established to carry out a number of insurance
sector changes in light of the new economic strategy. The Malholtra Committee, whose report
was turned in in 1993, suggested opening up the insurance market to the private sector and
creating a new regulating body modelled after SEBI. The execution of the recommendations of
the Malhotra Committee had a delay due to strong opposition from the insurance industry and
numerous labour unions. To control the insurance industry in the nation, the government did,
however, adopt the Insurance Regulatory and Development Authority (IRDA) Act in 1999. As
a result, private companies are now able to join Indian general and life insurance markets. IRDA
permitted foreign investment in private company equity shareholdings up to a maximum of
26%. Consequently, a large number of organisations in the general and life insurance sectors
registered with the IRDA in order to conduct business in India.

Reforms in the Indian insurance industry was started in 1993 with the establishment of the
Malhotra Committee. Its objective was to evaluate the Indian insurance company's operational
efficiency. The group was also tasked with making recommendations for India's insurance
industry's future course.
MALHOTRA COMMITTEE'S RECOMMENDATIONS:

The committee filed its report in January 1994, recommending that private insurers be
permitted to coexist with government entities such as life and general insurance corporations.
The recommendation was spurred by a number of factors, including the need for a much larger
scale of economic fund mobilisation for infrastructure development and a greater need for
deeper insurance coverage in the economy. The financial need to access the substantial savings
pool in the economy is a major driving force behind the liberalisation of the insurance industry
(Malhotra Committee Report on Reforms in the Insurance Sector, 1994).

Every growing nation must take seriously the importance of the insurance industry. It cultivates
the saving habit, which in turn produces long-term investible cash for enhancing infrastructure.
The structure of the insurance industry guarantees a steady supply of capital while posing
obstacles including previously unheard-of volatility, shifting client demographics, and active
regulators. Horizontal global development presents growth prospects even in the face of
impending problems. Even yet, FDI in the form of foreign joint venture partners under the
Bancassurance models is restricted to 26 percent of paid-up capital. Thus, international
companies have found it easy to enter the Indian insurance industry (IRDA) (2002–2003).

Building infrastructure projects with a lengthy gestation period requires long-term financing,
which the insurance business provides.

The life insurance industry is heavily impacted by a nation's economic conditions, which are
primarily determined by the GDP growth rate, disposable income, household savings, and
levels of domestic savings. The pace of population growth, the health care and social security
systems, shifts in societal norms and traditions, and dangers all have an impact on the size of
the life insurance market. It has been noted that cultures with continuously rising standards of
living tend to have greater insurance penetration rates. Competition in the market has a very
good impact on insurance density, penetration of life insurance, and market growth. The life
insurance business has a tonne of potential to develop thanks to the recent upswing in the Indian
economy and market changes that have increased competition. As a result, life insurance and
macroeconomic factors are closely related and dependent on one another.This essay aims to
highlight some of the major drivers of the expansion of the Indian life insurance market
considering macroeconomic shifts and the impact of such shifts on investments in the life
insurance market during the post-reform era.
LIFE INSURANCE DURING REFORMS PERIOD:

The start of economic liberalisation, globalisation, and privatisation in 1991 brought about
enormous changes to India's corporate and economic landscape. As a result, the whole system
has become competitive and has created enormous possibilities as well as unsolvable issues
and difficulties. A number of problems have been waiting for practical and efficient answers in
order to continue growing and prospering. The insurance industry plays a vital role in all
growing economies. It fosters a savings culture, which produces long-term investable cash for
enhancing infrastructure (Annual Reports of IRDA 2008-09). Millions of people with no other
alternatives are insured by these nationalised insurance businesses, despite the fact that
nationalisation brought public sector bureaucracy and laborious, inefficient processes with it.
Any attempt to even propose private involvement in an effort to foster healthy competition and
effective services was only partially successful and met with strong opposition. All major
economic fronts saw liberalisation in the early 1990s, but the insurance industry remained
unaffected

OBJECTIVES OF LIFE INSURANCE CORPORATION OF INDIA

(LIC):
Life Insurance Corporation of India (LIC) was established with the primary goal of providing
life insurance coverage to the masses while supporting the economic development of the
country. The key objectives of LIC are:

• Spread Life Insurance widely and in particular to the rural areas and to the socially and
economically backward classes with a view to reaching all insurable persons in the country
and providing them adequate financial cover against death at a reasonable cost.
• Maximize mobilization of people's savings by making insurance-linked savings adequately
attractive.
• Bear in mind, in the investment of funds, the primary obligation to its policyholders, whose
money it holds in trust, without losing sight of the interest of the community as a whole;
the funds to be deployed to the best advantage of the investors as well as the community as
a whole, keeping in view national priorities and obligations of attractive return.
• Conduct business with utmost economy and with the full realization that the moneys belong
to the policyholders.
• Act as trustees of the insured public in their individual and collective capacities.
• Meet the various life insurance needs of the community that would arise in the changing
social and economic environment.
• Involve all people working in the Corporation to the best of their capability in furthering
the interests 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.

COMPANY MISSION AND VISION:

Mission

"Ensure and enhance the quality of life of people through financial security by providing
products and services of aspired attributes with competitive returns, and by rendering resources
for economic development."

Vision

"A trans-nationally competitive financial conglomerate of significance to societies and Pride

of India."

GROWTH OF THE INDIAN INSURANCE INDUSTRY

The Indian economy has been doing well, and since liberalisation began in the 1990s, growth
has accelerated even more. Even while the global growth rate over the last ten years has varied,
it has consistently outperformed several rising economies worldwide. The macro economy saw
a substantial structural shift in the early 1990s as a result of more reforms, and as a result, the
service sector became the main driver of growth and the leading sector. The insurance industry
is essential to boosting economic growth, especially in India. One of the emerging nations in
the globe, India has maintained a stronger inclination to save for the home sector throughout
time and has achieved a high growth rate in domestic savings. Since the implementation of new
economic policies, the life insurance industry's share of India's gross domestic product has been
gradually rising. The proportion of life insurance premiums in household sector Gross
Domestic Savings (GDS) has steadily grown due to the robust growth of the Indian economy.
Higher economic growth has been offset by the insurance industry's greater contribution from
household GDS. Table provides specifics on the proportion of life insurance premiums that go
towards Gross Domestic Savings.

Share of life insurance premiums in GDS (in %)

YEAR PERCENTAGE (%)

2018 10.8
2019 12.7
2020 9.7
2021 10.2
2022 13.9
2023 14.3
2024 13.3
Source: IRDA, National Income Statistics, march2024.

These percentages represent the contribution of life insurance to the gross domestic product
(GDP) in the respective years. It’s interesting to observe the fluctuations over time, and you're
reasoning about awareness and satisfaction influencing domestic savings is quite insightful.

INVESTMENT BY LIFE INSURANCE CORPORATION OF INDIA

The combined efforts of all of a life insurance company's operation, which are divided into
three main categories: marketing, investments, and administration, determine the company's
performance. The Corporation's Central Office mobilises public deposits and allocates them in
accordance with the investment goals delineated under the LIC 104 of India Act, 1956 and the
IRDA Regulations. It serves as a trustee for the insured. Both the public and private sectors
have a need to use caution while doing business. Product development and pricing are the key
areas in which the corporation should focus its investing efforts. The following table explains
that LIC has made investments not just in the public and private sectors but also in joint, quasi,
and cooperative sectors.
 Investments by Life Insurance Corporation of India (Rs. in Crores)

Year Sector-wise investment made (Rs. in Crores)

Public Private Joint Co-operative Total
2012 96410.5 15048.4 549.3 2094.5 114102.7
2013 117059 19268.4 575.5 2129.3 139032.2
2014 141256.2 22779.5 799.7 2168.4 167003.8
2015 180574.1 23707.8 792.8 2128.6 207203.3
2016 219596.7 29406.8 684.5 2082.3 251770.3
2017 271778.5 51923.6 959.6 2079.5 326741.2
2018 322021.8 68484.5 1270.2 1408.2 393184.7
2019 378807.2 105148.1 1915.5 1356.5 487227.3
2020 433810.3 84294 75.2 3555.1 521734.6
2021 503388.4 128467.8 73.7 3817.6 635747.5
2022 572050.3 187140.8 71.7 3628.9 762891.7
2023 678374.5 236134.7 70.9 3336.5 917916.6

It is estimated that the total investment of LIC of India in the public sectors was estimated at
Rs.96,410.5 crores in 2012 but it has increased to Rs.7,75,992.5 crores in 2023,
correspondingly the private sectors accounted for Rs.15,048.4 crores in 1999 it was increased
to Rs. 2,65,798.3 crores, the investment in cooperative sectors have also significantly increased
from Rs.2,094.5 crores to Rs.3,666.6 67 crores. The total investment of LIC of India has
increased from Rs. 1,14,102.7 crores in 2012 to Rs.10,45,539.5 crores.

INVESTMENT AND TOTAL LIFE INSURANCE PREMIUM OF LIC:

The most crucial metric for evaluating an insurance company's performance is the amount of
premiums it collects. First-year premiums and renewal premiums are the two categories into
which premium revenue may be divided. First year premiums are the premiums earned from
the investment in new business, while renewal premiums are the premiums paid from
businesses that have previously been invested in and are still in effect. The link between
investment and total life insurance premium is shown in the table.
 Investments and Total life insurance premium of Life Insurance Corporation of India

Year Total investment (Rs. in Crores) Premium (Rs. in Crores)

2011-12 207203.3 50094.45
2012-13 251770.3 55747.55
2013-14 326741.2 66287.92
2014-15 393184.7 82854.79
2015-16 487227.3 105875.76
2016-17 521734.6 156075.76
2017-18 635747.5 201351.41
2018-19 762891.7 221785.48
2019-20 917916.6 265450.37
2020-21 1045539.5 291638.64
2021-22 1349531.9 287072.11
2022-23 1434520.1 287202.49

The data clearly shows that total insurance investments have increased in tandem with premium
increases. Specifically, between 2011 and 2023, total investment is estimated to have increased
from Rs. 207203.3 crores to Rs. 1434520.1 crores, while total premium increased from Rs.
50094.45 crores to Rs. 287202.49 crores.

PROGRESS OF INDIAN LIFE INSURANCE INDUSTRY IN THE POST

LPG ERA

The Indian life insurance market saw incredible development and reached a historical high
during the post-LPG era. This outstanding accomplishment has been largely attributed to a
number of causes. The LIC of India launched a number of amazing commercial methods
throughout this time by providing eye-catching promotions and goods. The fierce rivalry that
emerged amongst the private insurance firms was the sole factor contributing to these types of
exceptional effects. To gain a significant market share in the insurance industry, private
insurance firms are introducing a plethora of innovative and alluring plans and products. LIC
of India, on the other hand, has a strong network and often releases eye-catching commercials
to raise public awareness. As a result, private life insurance firms are also going to great lengths
to conceal the fact that the majority of the population that falls within their purview are
innovators. To this end, they are funding several eye-catching advertisings in addition to a
number of successful awareness campaigns. Public opinion is shifting in support of more
insurance investment due to this healthy competition. The Indian life insurance industry is
seeing phenomenal development when comparing the effectiveness and progressiveness of the
life insurance business before and after the LPG period.

PROFILE AND GROWTH OF LIFE INSURANCE COPORATION OF

INDIA:

On September 1, 1956, the Life Insurance Corporation of India (LIC) was established by
nationalizing 245 Indian and foreign insurance companies. For 57 years, LIC has been
providing insurance coverage against various life risks. The visionaries behind this move aimed
to offer affordable life insurance to India’s vast rural population and channelize savings for the
nation’s betterment.

• LIC holds the distinction of being India’s largest life insurance sector and the country’s
largest investor. As a fully government-owned entity, its headquarters are in Mumbai. Here
are some key facts about LIC:
• Branch Network: LIC operates 2048 fully computerized branch offices, 1202 satellite
offices, and the corporate office. Additionally, it has 113 divisional offices and 8 zonal
offices.
• Online Services: To enhance convenience for policyholders, LIC has partnered with banks
and service providers to offer online premium collection in select cities. The ATM and ECS
premium payment facility further streamlines transactions.
• Information Centers: LIC has established information centers in major cities such as
Mumbai, Bangalore, Ahmedabad, Chennai, New Delhi, Kolkata, Hyderabad, and Pune.
• Satellite Sampark Offices: In pursuit of easy customer access, LIC has launched its Satellite
Sampark offices, which are digitally connected to facilitate service anywhere and provide
additional convenience.
INSURANCE PLANS:

Every person has unique demands and requirements, which distinguish them from one another
as well as from other individuals. Insurance plans are LIC policies that speak with each client
personally and provide the best solutions to meet their needs.

TERM INSURANCE:

This insurance is similar to an insurance protection contract in that it protects the individual
from financial loss in the event of death but does not include a savings plan. The owner
purchases a defined amount of coverage and pays an annual payment based on their age in this
insurance policy. These insurances are available for five, ten, or fifteen years, with the premium
remaining constant. Life insurance can also be obtained with a condition of 65 years of age, but
the premiums will grow annually after that. There is also diminishing term life insurance, which
reduces insurance coverage.

CASH VALUE INSURANCE:

In this type of policy, the actual insurance amount reduces over time while the policy’s savings
component grows. This insurance is paid by the insured's premium payments and the earnings
from the policy's savings component. There are two life insurance policies: a straight life policy
and a restricted payment policy that covers the insured for the rest of his or her life. Straight
life insurance provides less protection as the amount saved grows, but the policy's total
coverage, which includes protection and savings, remains the same. These policies have a
higher premium than term insurance, which is based on the individual's age at the time of
purchase. This policy's premium remains constant. The sum paid out when the insured
individual dies is referred to as the face value of insurance. Limited payment life insurance
requires the policyholder to pay the entire policy amount within a certain number of years or
by age 65. If the sum is not withdrawn during the term, the policy remains valid for the duration
of the insured's life. The annual premium for this policy is higher than the annual premium for
a pure life policy.
SCHEME OF LIC:

LIC offers a wide variety of schemes tailored to different financial needs, risk appetites, and
life stages. The scheme of LIC is

ENDOWMENT PLANS:

Endowment policies are life insurance policies that serve two purposes. An endowment policy
can be used to build a risk-free savings account that protects the family financially in the event
of a disaster. It serves as a financial safety net for the policyholder and their family. It enables
the insured to save regularly over a certain length to receive a lump-sum payment at the policy's
maturity. A sum assured with a bonus is paid to the policy beneficiary in the event of the
insured's untimely death during the policy's term. In addition, endowment policy aids in the
creation of financial security for the future to satisfy long-term and short-term financial goals.

LIC JEEVAN LABH:

India's LIC (Life Insurance Corporation of India) Jeevan Labh is a non-linked, limited-
premium, with-profit endowment plan that provides protection and savings. A lump-sum
payment is made to the policyholder upon maturity or to the nominee in the event of the
policyholder's death during the policy's term. This type of plan can be used to secure a loan.

SINGLE-PREMIUM ENDOWMENT PLAN:

The Single Premium Endowment Plan of the Life Insurance Corporation of India is a
participating, non-linked endowment plan. A standard endowment plan includes bonuses and
death and maturity benefits.

NEW ENDOWMENT PLAN:

The new endowment plan from LIC is a non-linked, participating endowment plan that
provides a nice blend of protection and savings. The plan pays a lump sum if the policy survives
and provides financial security to the policyholder's family if the policyholder dies before the
end of the term. This plan can also be used as collateral for a loan.

NEW JEEVAN ANAND:

The LIC of India's New Jeevan Anand is a savings and protection product. Even after the plan's
maturity period, the insured is protected until his or her death. As a result, this plan is excellent
for investors searching for a way to save money while receiving the necessary security.
JEEVAN RAKSHAK:

Jeevan rakshak from LIC of India is a participating endowment plan with death and maturity
benefits that provides a good blend of protection and savings. The payment for this sort of
policy must be paid until the policy expires. The policyholder receives the basic sum assured,
plus any Loyalty Addition, if applicable if he or she survives until the end of the term.

LIMITED PREMIUM ENDOWMENT PLAN:

The Limited Premium Endowment Plan of the Life Insurance Corporation of India is a simple
participating endowment plan that provides death and maturity benefits and the ability to add
riders. The premium for this type of plan is only required to be paid fora certain number of
years, and the policy remains in effect.

JEEVAN LAKSHYA:

Jeevan Lakshya, a healthy plan for minors offered by the Life Insurance Corporation of India,
provides a lump-sum payment regardless of the insured's survival at the time of policy maturity.
By providing an annual income benefit, the plan meets the needs of the family, particularly the
children.

AADHAAR SHILA:

The LIC of India's Aadhar Shila plan offers a solid balance of safety and savings. The plan is
specifically designed for females who have a UIDAI-issued Aadhaar Card. The plan provides
financial security to the policyholder's family in the event of the policyholder’s death during
the policy's term. In addition, the plan includes motor insurance and a financing facility. The
female does not need to undergo medical examination to qualify for this plan.
AADHAR STAMBH:

The Aadhar Stambh plan from LIC of India is a fantastic combination of savings and safety.
The scheme is primarily meant for men who have been issued an Aadhaar Card by UIDAI
(Unique Identification Authority of India). The policyholder's family is protected under the
plan in the case of his untimely death

JEEVAN UMANG:

Jeevan Umang is a complete life assurance plan offered by the Life Insurance Corporation of
India. It offers a solid blend of savings and protection. Annual benefits are granted to
policyholders at the end of the premium-paying term till maturity. The insured receives a lump
receives a lump sum payment on death or at the end of the policy's term.

LIC ENTRY Maximum Policy Term Minimum Sum

ENDOWMENT AGE Maturity Age (Min - Max) Assured
PLANS (Rupees)
New Endowment 8-55 years 75 years 12-35 years 100000
Plan
Single Premium 90-65 years 75 years 10-25 years 50000
Endowment Plan
New Jeevan Anand 18-50 years 75 years 15-35 years 100000

Jeevan Labh 8-59 years 75 years 16,21 or 25 200000

years
Jeevan Lakshya 18-50 years 65 years 13-25 years 100000

Aadhaar Shila 8-55 years 70 years 10-20 years 75000

Aadhar Stambh 8-55 years 70 years 10-20 years 75000

Jeevan rakshak 8-55 years 70 years 10-20 years 75000

Jeevan Umang 90days-55 100 years 100 years 200000

years

WHOLE LIFE INSURANCE PLANS:

Whole life insurance is permanent life insurance that covers the insured for the rest of their
lives as long as the premiums are paid on time. Permanent life insurance is distinct from term
life insurance, which provides coverage for a specific period (usually between 10 and 30 years).
It covers the insured's death benefit for the rest of his or her life. Whole life insurance has a
savings component that can accumulate financial value in addition to paying a death benefit.
Interest is compounded at a fixed rate and is tax-deferred. In exchange for regular, level
premium payments, whole life insurance assures payment of a death benefit to beneficiaries.
Along with the death benefit, the policy provides a savings component known as the "cash
value."

UNIT LINKED PLANS:

It is a blessing for those who understand the value of hard-earned money and unit plans as
investment strategies. Even if policyholders don't have steady income, these programmes let
people save taxes and realise that their investments provide great rewards.

MONEY-BACK PLANS:

Rather than getting a lump sum payment at the end of the term, the insured person is paid a
percentage of the money assured at regular intervals. It is an endowment fund with a cash
component

NEW MONEY BACK PLAN (20):

Money-Back Plan-20 Years from LIC of India is a money-back traditional, participating, non-
linked plan that pays out regularly. It is a straightforward money-back plan with a Simple
Reversionary Bonus. The plan stays in force for 20 years and makes payout at specific intervals

NEW MONEY BACK PLAN (25):

The LIC of India's New Money Back Plan- 25 Years is a non-linked participating plan that
provides periodic payments and protection. It protects the policyholder’s family financially and
also pays money to the policyholder regularly. This straightforward money-back guarantee
includes bonuses and lasts for 25 years.

JEEVAN TARUN:

The Jeevan Tarun plan offers an appealing combination of savings and safety for protecting a
child's future. The plan is tailored to meet the needs of growing children and consequently gives
an annual Survival Benefit from 20 to 24 and a maturity benefit at 25. It allows the policyholder
to choose how much of the survivor benefits he or she wants during the policy's term
 MONEY BACK ENTRY Maximum Policy Term Minimum Sum
PLANS AGE Maturity Age (Min - Max) Assured
(Rupees)
New Money Back 13-50 years 70 years 20 years 100000
Plan (20)

New Money Back 13-45 years 70 years 25 years 100000

Plan (20)

Jeevan Tarun 90 days -12 25 years 25 years 75000

years

TERM PLANS:

Term insurance is a type of life insurance in which the insurer provides coverage for a set length
of time in exchange for a set amount of premium paid over a set period. It pays a monetary
benefit to the nominee/beneficiary in the event of the insured's untimely death within the policy
term. It offers high life insurance coverage at reasonable premiums. A term plan provides
financial protection to the policyholder's family for a set amount of money over a set period,
known as the 'Policy Term.' If the insured individual passes away within this period, the chosen
cover amount is given to the nominee as a death benefit.

PENSION PLANS:

A pension plan, also known as a retirement plan, is a sort of investment plan that allows you to
accumulate a portion of your resources over time in order to ensure a stable financial future. A
pension plan can help you deal with the uncertainties of retirement and assure a continuous
income stream. A pension plan is essential even if a person has a savings account.

SPECIAL PLANS / MICRO INSURANCE PLANS:

Opportunities for Special Plans and Micro Insurance Plans present themselves to customers
just once in their lives. They provide the ideal fusion of everlasting enjoyment, insurance, and
investments.
PRODUCTS AND SERVICES IN LIC:

LIC continues to be a prominent insurance provider in India, offering a wide range of policies
that provide both life cover and investment opportunities. Here are some key points about LIC’s
products and services in 2025:

• Comprehensive Insurance Solutions:

LIC provides a diverse range of insurance plans tailored for various needs. These plans are
designed to offer financial security and peace of mind to policyholders. You can explore LIC’s
official website to discover the latest offerings

• Best LIC Policies to Invest in 2025:

LIC offers policies with features, benefits, and potential returns. If you’re considering
investment options, it’s worth exploring LIC’s policies to find the one that aligns with your
financial goals.

• Global Presence:

Beyond India, LIC has extended its activities to 12 countries. This expansion aims to cater to
the insurance needs of non-resident Indians (NRIs) living abroad.

• Customer-Centric Approach:

LIC aims to strengthen its relationship with its vast customer base by providing value-added
services. These include premium payment facilities and credit card services for policyholders.

• Monopoly Power in India:

In India, LIC enjoys a near monopoly when it comes to soliciting and selling life insurance
policies. Its extensive network of branches, zonal offices, and divisional offices contributes to
its dominant position.

• Corporate and Group Business:

LIC serves major business houses and has more than 1,18,000 corporate customers, covering
over 3,15,00,000 members.
FLEXIBLE RIDER

• Adaptable Period for Paying Premiums:

The option to choose the premium payment period based on appropriateness and convenience
is accessible, and the premium paying term is shorter than the real duration. With the help of
this function, you may pay your premiums in full during your busiest days and get life insurance
as well as bonus accumulations throughout the duration of the policy.

• Protection Against Risk:

It has been noted that life insurance to the amount of one full sum guaranteed begins with
merely the payment of the first premium. As long as the policy is in effect and the risk event
happens during the plan's term, life insurance will continue to be given, together with any
accumulated bonuses and final additional bonuses (if applicable). The whole amount promised
will be paid.

• Benefits for Accidents and Extended Disability:

Unexpected and regrettable are accidents. When an accident occurs, LIC assumes the risk and
provides the family with help by paying twice the amount guaranteed in addition to cumulative
bonus and final additional bonus (if qualified).

There is a little additional fee to get these advantages. It is a unique benefit that is exclusively
accessible to those above the age of 70 throughout the duration of the insurance. The total
accident coverage obtained under other policies will also affect this amount of coverage.

impairment Benefit steps in to help if an accident results in a lifelong impairment. A sum equal
to the Sum Assured is paid in monthly instalments over a period of ten years. Following that,
up to the maturity date, subsequent payments are also waived (those who have accessed
accident benefit are eligible for prolonged disability benefits).

• Service Quality of LIC:

Credit card firms, appliance repair, long distance phone service, securities brokerage, and retail
banking are some of the service categories that the historic and landmark research, which
focuses on service quality characteristics, is based on.
EXPANSION OF OFFICES:

1. LIC's Growth Over the Year:

• LIC has a rich history that dates to its establishment in 1956. Over the decades, it has
played a pivotal role in providing life insurance coverage to millions of Indians.
• In the early years, LIC started with 212 branch offices in 1956. However, it has
consistently expanded its footprint across India. As of now, LIC operates 2,048 branch
offices nationwide.
• The corporation has sustained its leadership position, even after the liberalization of the
insurance sector, maintaining a 62.58% market share in New Business Premium (NBP)
in FY23.
• LIC significantly increased its branch network, particularly in rural and semi-urban
areas, to improve service accessibility and tap into underserved markets.

2. Comparison with the Industry:

• While LIC has steadily grown its network, the overall industry has also witnessed
expansion.
• During the last 5 years, LIC increased its offices from 2,197 to 3,030 (a growth factor
of approximately 0.37 times).
• In contrast, the industry expanded its offices from 3,001 to 11,815 (a growth factor of
approximately 2.93 times) during the same period.
• Consequently, the percentage of LIC offices to total industry offices decreased from
73.21% in 2004-05 to 25.64% in 2008-09.
• Additionally, private sector life insurance companies reduced their branches from 8,175
to 6,759 between 2011 and 2013. Meanwhile, LIC's network grew to 3,526 offices as
of March 31, 2013.
• Unlike many competitors who focus on digital channels, LIC continues to invest in
physical offices, which helps build strong customer relationships and reach areas with
limited digital access.
3. 2024 Projection:

• While I don't have specific data for 2024, LIC has consistently adapted to changing
market dynamics and remains a dominant player in the insurance landscape.
• The corporation's strategic focus, customer-centric approach, and extensive distribution
network position it well for future growth.
• LIC is expected to further expand its network with a hybrid approach—integrating
digital tools in its offices—to enhance efficiency and maintain its market leadership.

CHALLENGES FACED BY LIC

The Life Insurance Corporation of India (LIC), despite its long-standing legacy and dominance
in the insurance sector, faces several challenges. Let’s explore them:

Market Share Maintenance:

LIC has the uphill task of maintaining its market share in a competitive landscape. As private-
sector insurers gain ground, LIC must continue to serve its existing policyholders while
attracting new customers.

Profitability and Revenue Growth:

• Sustaining profitability is crucial. LIC needs to strike a balance between offering

competitive products and maintaining financial stability.
• Revenue growth is essential to meet policyholder commitments and expand its
operations.

Investments in Technology:

• As the world embraces digital transformation, LIC must boost investments in

technology. This includes enhancing customer experience, streamlining processes, and
adopting innovative solutions.
• The transition to digital platforms is critical for efficiency and customer engagement.

Adapting to Changing Customer Needs:

• LIC must continuously evolve its product offerings to meet changing customer
preferences and life stages.
• Customization, flexibility, and relevance are key factors in retaining policyholders
Recruitment and Retention of Agents:

Agent recruitment and retention remain a significant challenge. Despite appointing nearly 18
lakh agents in the last six years, LIC faces difficulties in keeping up with the recruitment
potential and addressing unemployment issues in India

Disinvestment and Listing Challenges:

• Despite several attempts, LIC has evaded listing or disinvestment. The corporation’s
unique position as both an insurer and the government’s lender of last resort has
contributed to this challenge.
• The recent IPO announcement marks a significant step in addressing this challenge.

External Factors (e.g., COVID-19):

• The ongoing COVID-19 pandemic poses challenges across various aspects of LIC’s
business:
• Restrictions on agent sales due to lockdowns.
• Increased expenses due to regulatory changes and adapting to pandemic-related
restrictions.

PLANS OF LIC FOR FUTURE GROWTH

The Life Insurance Corporation of India (LIC) and its strategic plans for future growth across
various dimensions:

Product Development:

• LIC aims to innovate and diversify its product offerings to cater to changing customer
needs.
• This includes developing customized plans, retirement solutions, and investment-linked
policies. Flexibility, relevance, and competitive features are key considerations.

Training and Skill Enhancement:

• LIC recognizes the importance of a well-trained workforce. It plans to invest in training

programs for agents, employees, and intermediaries.
• Continuous skill enhancement ensures better customer service and efficient operations.
Share Price Target Predictions:

While I don’t have precise data for 2030, various analysts and experts have made predictions
about LIC’s share price. Here are some projected share price targets for LIC in the coming
years:

2025:

• Minimum Share Price Target: ₹1,232.73

• Maximum Share Price Target: ₹1,407.18

2030:

• Minimum Share Price Target: ₹3,761.98

• Maximum Share Price Target: ₹4,294.36

Direct Marketing and Digital Transformation:

• LIC is actively expanding its direct marketing efforts. This involves reaching out to
customers directly through digital channels, campaigns, and personalized communication.
• The shift to digital platforms for sales, service, and claims processing is a priority.

Overseas Operations:

• LIC aims to expand its global presence. It will explore opportunities in international
markets.
• Strategic partnerships, collaborations, and cross-border insurance offerings are part of this
plan.

Bancassurance and Alternate Channels:

• LIC will strengthen its bancassurance partnerships with banks and financial institutions.

Exploring alternate distribution channels such as corporate tie-ups and online platforms is on
the agenda.

PROFILE AND GROWTH OF ICICI PRUDENTIAL LIFE INSURANCE

For more than ten years, ICICI Prudential life insurance has been committed to providing a
broad selection of adaptable plans that cater to policyholders' requirements at every stage of
life. This has made sure that the company's many products strategically fit into policyholders'
financial plans and assist them in reaching a variety of long-term financial objectives. ICICI
Prudential life insurance makes sure that policy holders may access its goods and services via
a wide range of geographic and income groups through a robust multi-channel distribution
network.

Prudential Plc is a multinational financial services corporation that ranks among the biggest
insurers in the United Kingdom. In December 2000, ICICI Prudential Life entered this market
by providing its first batch of insurance to youngsters from disadvantaged backgrounds. After
that, these policies developed, and the consumer received the revenues.

To reach the insurance holders, the firm has created cutting-edge distribution tactics for the last
ten years. The business has made significant investments in educating its distribution network
to provide policyholders tailored insurance options depending on their life stage. More
significantly, the distribution is designed to deliver advice rather than just goods. The ICICI
Prudential insurance's profit and loss summary is shown in a table.

Profit and Loss Summary of ICICI (Rs. In Billion)

2020 2021 2022 2023 2024

Total income [A] 185.34 211.89 175.56 173.29 17.50
Total premium (net of reinsurance) 164.79 178.17 139.28 134.17 137.50
New business premium 63.34 74.39 44.41 48.09 50.50
Renewal premium 101.98 104.42 95.8 87.3 87
Investment and other income 3.67 5.95 8.44 13.2 14.50
Linked charges 16.88 27.76 27.85 25.92 24.10
Total expenses [B] 182.53 202.64 160.99 157.36 160.00
Commission 6.03 5.61 6.05 7.65 7.90
Operating expenses1 23.5 19.91 17.84 17.32 17.00
Benefits paid 2.88 2.81 5.42 11.66 12.00
Increase in reserves 5.72 25.38 24.99 26.39 27.00
Transfer to Linked fund 144.41 148.95 106.7 94.33 90.00
Profit before tax [A-B] 2.81 9.25 14.57 15.93 18.50
Tax credit/(charge) -0.23 -1.17 -0.73 -0.97 -1.10
Profit after tax 2.58 8.08 13.84 14.96 17.40
The total income is observed to have increased from Rs. 185.34 billion in 2020 to Rs. 211.89
billion in 2021, but it subsequently declined to Rs. 175.56 billion in 2022 and further to Rs.
173.29 billion in 2023. Correspondingly, total expenses initially peaked at Rs. 202.64 billion
in 2021 before falling to Rs. 157.36 billion in 2023. In stark contrast, the profit before tax has
grown dramatically over this period, rising from Rs. 2.81 billion in 2020 to Rs. 15.93 billion in
2023. Consequently, it can be said that ICICI Prudential Insurance Company has consistently
turned a profit by attracting new business and increasing premiums, even as overall income
levels have fluctuated.

The "Protection" component of every life insurance policy is its most important component. It
provided the framework upon which a person might construct his financial plans as a risk
management tool. The main goal of ICICI Prudential Life Insurance is to protect an individual's
and his family's financial goals and objectives against unforeseen circumstances. The business
has always emphasised how crucial it is to include a significant amount of protection via life
insurance. The company's introduction of numerous goods and service initiatives has placed
the notion of "Securing Lives" at the forefront.

Furthermore, the business has led the way in fund innovation. It has introduced a number of
fund management techniques that enable policyholders to wisely manage their money during
various economic cycles. The company's investment plans are designed to guarantee the long-
term growth, stability, and safety of the policyholders' money. By creating an investing
framework based on a good investment methodology combined with a strict and sophisticated
risk management approach, the organisation has been successful in producing better, risk-
adjusted returns.The entire assets of ICICI Prudential insurance firm are shown in the table.

Assets under Management (Rs. In Billion)

Year Debt Equity Total

2016 13.28 3.35 16.63
2017 27.83 10.48 38.31
2018 42.52 45.69 88.21
2019 63.1 95.08 158.18
2020 92.36 193.42 285.78
2021 166.5 161.38 327.88
2022 192.19 381 573.19
2023 248.25 433.25 681.5
2024 308.81 398.9 707.71
Total assets climbed from Rs. 6.66 billion in 2014, which consisted of Rs. 6.10 billion in debt
and Rs. 0.56 billion in equity, to Rs. 707.71 billion in 2024, which consisted of Rs. 308.81
billion in debt and Rs. 398.90 billion in equity. It is seen that ICICI Prudential's equity has been
rising significantly in relation to the company's debt. As a result, ICICI Prudential's asset
management is essential to drawing clients and ensuring that they pay their premiums.

Distribution

The firm currently provides its life insurance products via a combination of online and offline
channels in response to customers' evolving demands. The organisation has made significant
progress in improving its online offers of products and services to meet the evolving needs of
its policyholder base, which is becoming more technologically savvy.

Excellence in Distribution

Through an ideal distribution mix of branches, Bancassurance, financial advisers, and the
internet channel, the company's multi-channel distribution strategy guarantees that goods and
services are made available to policy holders. The business has used digital strategy and will
keep using it to improve policyholder experience.

Service and Claims

The goal of ICICI Prudential Life Insurance has always been to simplify continuing
communication with policy holders by offering timely and relevant services as well as creative
methods to do so. The business has established a strong culture of service excellence that meets
the evolving demands of its expanding clientele of policyholders, offers self-service options,
and guarantees prompt resolution of policyholder inquiries.

Increased Transparency with policy holders

Because life insurance is a long-term product, it is crucial that policyholders understand exactly
what they are purchasing. At ICICI Prudential Life, our goal has always been to work in total
openness with policyholders, answering any questions they may have and teaching them how
to get the most out of their coverage. For example, tremendous effort is made to guarantee that
policy holders have acquired sufficient understanding about the policy when they are acquiring
a new solution. This is made possible by a one-page policy summary, brief and simple-to-
understand policy terms and conditions, friendly phone calls, and thorough product brochures.
A concerted effort has been made to inform policyholders of the value of long-term wealth
generation and protection. A number of policyholders connect initiatives, including senior
management meetings, service camps, and dialogue conversations, were successfully launched
last year to foster more communication and involvement with policyholders.

Board Customer Service & Policyholders’ Protection Committee

A Customer Service & Policyholders’ Protection Committee has been established by the
company to handle a variety of compliance issues pertaining to safeguarding policyholder
interests and educating policyholders about insurance products and complaint resolution
processes. The Committee's responsibilities include establishing appropriate protocols and
functional systems to handle policyholder complaints and grievances, including
misrepresentation by the agents. It supervises the operations of the customer service council
and guarantees that policyholders get enough updates about "material information."
Additionally, it gives policyholders information on insurance ombudsmen and periodically
sends grievance details in forms that may be required by IRDA.

ICICI PRUDENTIAL LIFE INSURANCE

A joint venture between the UK's Prudential PLC and the ICICI Group is ICICI Prudential Life
Insurance. When ICICI first began operating in 1955, it offered financing for the growth of
various sectors. Later, it expanded into mutual funds, consumer finance, home finance, virtual
universal banking, and life insurance.

International Partner: Since its founding in 1848, Prudential PLC has expanded to become the
biggest provider of mutual funds and life insurance in the United Kingdom. Over the course of
the last 75 years, Prudential PLC has served over a million clients in 11 Asian nations. Together,
ICICI and Prudential launched mutual fund products in India in 1993, and as of right now, they
are the biggest mutual fund provider for the country's private sector. Their most recent
endeavour, ICICI Prudential Life, aims to meet people's insurance requirements at different
stages of life. With the goal of growing and changing the life insurance market in India, ICICI
Prudential Life Insurance was founded in 2000. It was the first insurance business in the private
sector to start operations after permission for the Insurance Regulatory Development Authority
(IRDA), and since then, it has made a number of advancements towards achieving its objective.

The company's expansion over a variety of demographics and urban areas has been fueled by
its strong brand, extensive product offering, and distribution capabilities. The equity basis of
ICICI Prudential is Rs. 6.25 billion, of which 74% is held by ICICI Bank and 26% by Prudential
plc. As of March 31, 2009, the firm has issued around 3,50,000 policies, generating over INR
5 billion in premium revenue and over INR 87 billion in total amount guaranteed. As of right
now, the ICICI Prudential life insurance firm ranks as the top private life insurer in the nation.

COMPANY VISION

To establish ICICI Prudential as the leading player in life and pensions, based on the provision
of excellent service and people. This might be accomplished via,

• Recognising policyholder requirements and providing them with top-notch goods and
services.
• Making use of cutting-edge technology to provide policyholders with prompt, easy, and
effective service.
• To build an enduring institution that serves the protection and long-term saving needs
of customers with sensitivity.
• Enhancing and implementing better risk management and investing methods in order
to provide clients with consistent and steady returns.
• Creating an atmosphere that facilitates ICICI Prudential staff' quicker learning and
progress.
• Above all, all ICICI Prudential transactions should be structured with openness.

Products:

Individual Insurance Solutions The company provides a variety of innovative, customer-

focused products that satisfy clients at every level of the product lifecycle.

Term Plan:

A substantial lump sum payment known as the sum guaranteed is provided by a term life
insurance plan in the tragic event of the policyholder's death. The client pays a premium for the
protection of insurance coverage.

Term Insurance with Return:

ICICI Prudential offers Term Insurance with Return of Premium (TROP), which provides life
cover along with a refund of premiums paid if the policyholder survives the policy term. This
type of plan ensures financial protection for the family in case of an untimely demise while also
offering maturity benefits. One such plan is ICICI Pru Protect Return of Premium, where the
total premiums paid are returned if no claim is made during the policy tenure. This plan is ideal
for individuals looking for both security and savings. It provides the dual advantage of risk
coverage and financial returns, making it a smart choice

Wealth Plan:

When a wealth insurance policy matures, the policyholder gets a lump sum payment of money.
The family gets the amount guaranteed if the policyholder passes away during the policy's term.
The plan therefore combines the advantages of savings and protection.

Savings & Investment Plans

ICICI Prudential offers savings and investment plans to help individuals build wealth while
ensuring life cover. ICICI Pru Signature is a Unit-Linked Insurance Plan (ULIP) that provides
multiple fund options for investment. ICICI Pru Lakshya and Future Perfect are endowment
plans that offer guaranteed returns at maturity. These plans help in long-term financial
planning, including child education and wealth accumulation. They combine savings with
insurance protection, ensuring financial stability.

Retirement Plan:

Following the posting of a retirement date, clients and their family members may receive a
regular return in the form of pensions from retirement insurance plans. This plan's advantage
is that the client may choose when to retire and how they want to get their pension.

Group Plan:

Under this plan, the employer is required to provide the worker every advantage possible in
order to satisfy the worker's and their family's needs for savings and financial stability. Since
these programmes protect the future of the employee's family, they will work tirelessly.

Rural Plans:

Through its rural insurance plans, ICICI Prudential launches its rural business. It has covered
more than 2.5 million lives from 16 Indian states. This plan offers hassle-free enrollment, life
insurance, and reasonably priced premiums.
Cost-Reduction Strategies:

An anticipated endowment policy perfect for covering milestone expenses like the purchase of
an asset, costs for a child's higher education or marriage, and an endowment plan that provides
life insurance along with sufficient returns is the cash back plan of ICICI Pru.

Protection Solutions:

Life Guard, ICICI Pru's protection plan, provides life insurance at a relatively affordable rate.
There are three alternatives for this plan: level term assurance with return of premium, single
premium, and level term assurance.

kid Solutions:

ICICI Pru Smart Kid will provide a kid with assured educational advantages in addition to life
insurance coverage for the parent who acquires the policy. This insurance gives the kid money
at significant junctures in their lives.

Market-linked Solutions:

ICICI Pru's Life Link is a single-premium Market Linked Insurance Plan that provides life
insurance coverage in addition to stock market investing opportunities. The Balanced Plan,
Income Plan, and Growth Plan are the three investing alternatives that are offered to the
consumer.

ICICI Pru Group Gratuity Plan:

The ICICI Pru Group Gratuity Plan assists employers in methodically allocating their cash in
accordance with legal guidelines regarding their gratuity obligations.

ICICI Pru Group Superannuation Plan:

Each group member receives a retirement fund under ICICI Pru's flexible superannuation
scheme. It is versatile because, upon retirement, the employee may choose from a variety of
annuity choices for a partial annuity commutation.

ICICI Pru Group Term Plan:

Members of a group may get reasonably priced coverage with ICICI Pru's adaptable Group
Term solution. The coverage may depend on a person's title or position, their pay, or their attire.
Upon the member's death, the benefit of the insurance is paid to the nominee.
PLANS ENTRY Maximum Policy Term Minimum Sum
AGE Maturity Age (Min - Max) Assured
(Rupees)
ICICI Pru iProtect Smart 18-65 years 99 years 5-81 years 50,00,000

ICICI Pru iCare II 18-65 years 75 years 5-30 years 800000

ICICI Pru iProtect 18-60 years 75 years 10-30 years 500000

Return of Premium
ICICI Pru Signature 0-60 years 99 years 5-30 years 125000

ICICI Pru Lakshya 0-60 years 75 years 10-30 years 200000

ICICI Pru Future Perfect 91 days-60 75 years 10-30 years 100000

years
ICICI Pru Smart Kid 20-45 years 64 years 10-25 years 200000
Plan
ICICI Pru Guaranteed 30-70 years Lifetime Single
1,00,000
Pension Plan Income Premium

ICICI Pru Easy 18-70 years Lifetime 10-30 years

1,00,000
Retirement Income
ICICI Pru Saral Pension 40-80 years Lifetime Single
1,00,000
Income Premium

ICICI Pru Heart/Cancer 18-64 years 85 years 5-40 years 200000

Protect
ICICI Pru Group Term 18-79 years 80 years 1 Year ₹5,000 per
Life (renewable) member
ICICI Pru Loan Protect 18-65 years 75 years 5-30 years 50000

ICICI Pru Group 18-79 80 As per employer

1 year
Gratuity Plan
(renewable)
FLEXIBLE RIDER OPTIONS

The number of flexible riders that ICICI Pru offers as an add-on to the basic policy at a
reasonable price, based on the particular needs of the client.

Accident and Disability Benefit:

If an accident results in death within the policy's term, the beneficiary will receive an extra
payment equal to the sum insured in addition to the assured amount. Should the demise
transpire within the If the policyholder travels in an authorised mass transit vehicle, the extra
benefit payable to the recipient will be double the amount insured.

Accident Benefit:

In the event of an accident-related fatality, this rider option pays the amount guaranteed by the
rider.

Benefit for catastrophic Illness:

In the case of any of the nine catastrophic diseases listed, it shields the policyholder from
financial loss. The consumer receives these benefits to cover medical costs incurred before
passing away.

Major Surgical Assistance Benefit:

It provides the policyholder with financial help in the case of a medical emergency by attesting
to the fact that the life insured used the benefits to cover medical costs related to surgical
operations, which fall within the list of 43 surgical procedures that are covered. (ICICI
Prudential Insurance, Annual Reports, 2012).

SERVICES PROVIDED BY ICICI PRUDENTIAL LIFE INSURANCE

ICICI Prudential Life Insurance offers a wide range of services to ensure customer satisfaction
and smooth policy management. These services include:

Customer Support Services

ICICI Prudential provides 24/7 customer assistance through toll-free numbers, email support,
live chat, and WhatsApp. Customers can resolve queries related to policy details, claims, and
payments efficiently.
Online Policy Management

Policyholders can manage their policies via the ICICI Pru Customer Portal and Mobile App,
allowing them to check policy status, update details, pay premiums, and download statements.

Claim Settlement Services

The company offers a hassle-free claim process with quick settlement through online claim
submission, dedicated claim managers, and tracking features. The Claim for Sure initiative
ensures speedy approvals for eligible claims.

Premium Payment & Auto-Debit Options

Customers can pay premiums through online banking, UPI, credit/debit cards, auto-debit,
mobile wallets, and offline methods at bank branches and drop boxes. Flexible payment options
make transactions convenient.

Policy Renewal & Revival Assistance

ICICI Prudential provides grace periods, renewal reminders, and easy policy revival options to
help customers continue their coverage without interruptions.

NRI (Non-Resident Indian) Services

ICICI Prudential provides dedicated services for NRIs, including online premium payments,
specialized customer support, and simplified claim processes.

Tax Planning & Benefits

The company assists customers with tax planning by explaining tax benefits under Section 80C
and Section 10(10D), ensuring maximum tax savings through insurance investments.

AI Chatbot & WhatsApp Services

Customers can use AI-powered chatbots and WhatsApp to get instant policy updates, receive
premium reminders, and submit service requests conveniently.

Grievance Redressal & Feedback System

ICICI Prudential has a structured grievance redressal mechanism to handle customer

complaints. Customers can escalate issues online, visit branches, or contact the grievance cell
for prompt resolution.