ICICI Prudential Life Insurance Company Limited is a life insurance 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 economic risk, risks, and shared governance. Companies typically pursue joint ventures for one of four rea ...

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 ...

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 i ...

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 .

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, Premji Invest and Government of Singapore are other major shareholders of the company. In 2017, ICICI Prudential Life was to take over Sahara Life's insurance business on request from the regulator

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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

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so that users can get the iProtect Smart plan benefits through it. * In January 2021, the company collaborated with

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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 of Chrome Pictures with music given by

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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 ...

. *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

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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

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