ICICI Prudential Life Insurance Company Limited is a
life insurance
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...
company in India. Established as a
joint venture
A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...
between
ICICI Bank
ICICI Bank Limited is an Indian Private bank. It is headquartered at Mumbai. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiari ...
Limited and
Prudential Corporation Holdings Limited, ICICI Prudential Life is engaged in life insurance and asset management business. In 2016, the company became the first insurance company in India to be listed in the domestic
stock exchanges
A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for the i ...
.
History
ICICI Prudential Life Insurance started its operations in 2001. The life insurance arm was established as a joint venture between
ICICI Bank Limited and
Prudential Corporation Holdings Limited with assets under management (AUM) of approx. .
In 2010, the company had grown up to mark in assets under management (AUM).
In 2015, the company had crossed mark in
assets under management (AUM). It became the first insurance company in the industry to benchmark in AUM.
In 2016, ICICI Prudential Life became the first insurance company to be listed in Indian stock market, namely
Bombay Stock Exchange
BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange. It is located on Dalal Street in Mumbai. Established in 1875 by cotton merchant Premchand Roychand, a Jain businessman, it is the oldest stock exchange in ...
and
National Stock Exchange. 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 .
Temasek Holdings
Temasek Holdings (Private) Limited, or simply Temasek, is a Singaporean state holding company owned by the Government of Singapore. Incorporated on 25 June 1974, Temasek owns and manages a total of US$496.59 billion (S$671 billion) in assets u ...
, Premji Invest and
Government of Singapore
The Government of Singapore is defined by the Constitution of Singapore to mean the executive branch of the state, which is made up of the president and the Cabinet. Although the president acts in their personal discretion in the exercise ...
are other major shareholders of the company.
In 2017, ICICI Prudential Life was to take over
Sahara
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Life's insurance business on request from the regulator
IRDA
The Infrared Data Association (IrDA) is an industry-driven interest group that was founded in 1994 by around 50 companies. IrDA provides specifications for a complete set of protocols for wireless infrared communications, and the name "IrDA" also ...
in a motive to resolve the crisis at Sahara's life insurance arm. The merger was later revoked by Securities Appellate Tribunal.
In 2020, ICICI Prudential Life had crossed mark in assets under management (AUM).
The total premium income was of which was from the new business premium while approx. was of the renewal premium.
In 2022, ICICI Prudential Life Insurance company had crossed ₹2.5 trillion (US$30.75 billion) mark in AUM.
Historical landmarks
Following are the major landmarks of the company after its formation:
Key people
* N S Kannan - Managing Director and CEO
*M S Ramachandran - Chairman, Independent Director
*Amit Palta - Chief Distribution Officer
*Judhajit Das - Chief Human Resource Officer
*Satyan Jambunathan - Chief Financial Officer
*Ganessan Soundiram - Chief Technology Officer
*Manish Dubey - Chief Marketing Officer
*Deepak Kinger - Chief Risk & Compliance Officer
*Manish Kumar - Chief Investments Officer
*Sonali Chandak - Company Secretary
*Souvik Jash - Appointed Actuary
Partnerships
* In December 2019, the company collaborated with
Paytm
Paytm (acronym for "pay through mobile") is an Indian digital payments and financial services company, based in Noida. It was founded in 2010 by Vijay Shekhar Sharma under One97 Communications. The company offers mobile payment services to co ...
so that users can get the iProtect Smart plan benefits through it.
* In January 2021, the company collaborated with
PhonePe
PhonePe is an Indian digital payments and financial technology company headquartered in Bengaluru, Karnataka, India. PhonePe was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer. The PhonePe app, based on the Unified ...
so that users can get term life insurance instantly via the app without any health check-ups and paperwork.
Advertising and marketing campaigns
* In February 2013, ICICI Prudential Life released a campaign with the theme, "Bande achhe hai". The campaign aimed to build an emotional connect for the customer by putting the simple acts of goodness of the family man as the pivot. The ad was shot by
Amit Sharma
Amit Sharma (born 20 November 1974), is an Indian cricketer. He is a right-handed batsman and a right-arm offbreak bowler. Amit Sharma was considered as an allrounder and was the captain of the U-19 team that visited England in 1994 season and ...
of Chrome Pictures with music given by
Shantanu Moitra
Shantanu Moitra (born 22 January 1968) is an Indian score composer, musician and pianist who has composed songs for the Hindi film industry, and is most known for his scores in the films '' Parineeta'' (2005), ''Hazaaron Khwaishein Aisi'' (200 ...
and lyrics written by
Swanand Kirkire
Swanand Kirkire (Marathi: स्वानंद किरकिरे) (born 29 April 1972) is an Indian lyricist, playback singer, writer, assistant director, actor and dialogue writer, both in television with Marathi and Hindi films.
Kirkire wo ...
.
*In March 2018, the company had collaborated with actress
Konkona Sen Sharma
Konkona Sen Sharma (born 3 December 1979) is an Indian actress and filmmaker who works primarily in Hindi and Bengali films. She has received two National Film Awards and four Filmfare Awards. The daughter of filmmakeractress Aparna Sen, Sen ...
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.
* During
COVID-19
Coronavirus disease 2019 (COVID-19) is a contagious disease caused by a virus, the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The first known case was COVID-19 pandemic in Hubei, identified in Wuhan, China, in December ...
time, in the month of November 2020, the company 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.
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''" () 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.
* 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.
Awards and accreditation
See also
*
ICICI Lombard General Insurance Company Limited
*
List of life insurance companies in India
*
SBI Life Insurance Company
SBI Life is an Indian life insurance company which was started as a joint venture between State Bank of India (SBI) and French financial institution BNP Paribas Cardif. SBI has a 55.50% stake in the company and BNP Paribas Cardif owns a 0.22% ...
*
HDFC Life
HDFC Life Insurance Company Ltd. ( d/b/a HDFC Life) is a long-term life insurance provider with its headquarters in Mumbai, offering individual and group insurance services and incorporated on 14 August 2000.
The company is a joint venture be ...
References
42.
LIC Policies To Invest uppsc.org.in/
External links
*
ICICI Prudential Life Insurance' (Official Website)
{{ICICI Group
Life insurance companies of India
Financial services companies based in Mumbai
Financial services companies established in 2001
Indian companies established in 2001
2001 establishments in Maharashtra
Companies listed on the National Stock Exchange of India
Companies listed on the Bombay Stock Exchange