ICICI Prudential Life Insurance is a joint venture between ICICI Bank (51%) and Prudential Corporation Holdings (22%), and was the first Indian life insurer to list on stock exchanges when it went public in 2016. In term insurance specifically, the company is known for its flagship iProtect Smart range, which has expanded over the years into multiple plan variants offering different combinations of critical illness cover, accidental death benefits, and income payout modes. The insurer’s Claim Settlement Ratio for FY 2024-25 was 99.34%, with an average claim turnaround time of 1.27 days for non-investigated claims — competitive with the top tier of Indian term insurers.
Did You Know: ICICI Prudential settled non-investigated death claims in an average of 1.27 days in FY 2024-25. Most policyholders assume insurance claims take weeks to process.
This guide covers the verified term plan details, FY 2024-25 financial and claim data, what ICICI Prudential does well in the term insurance space, where its plans fall short, and which buyer profiles are likely to find it a good fit.
ICICI Prudential claim settlement vs peers — FY 2024-25 (individual death claims, by policy count)
| Insurer | Claims received | Claims paid | Claims repudiated | CSR (by count) | Pending at year-end |
|---|---|---|---|---|---|
| ICICI Prudential | 12,405 | 12,319 | 82 | 99.34% | 4 |
| HDFC Life | 19,729 | 19,666 | 58 | 99.71% | 5 |
| Max Life | 20,225 | 20,165 | 60 | 99.70% | 0 |
| SBI Life | 44,949 | 44,205 | 524 | 98.83% | 165 |
| Tata AIA | 8,577 | 8,526 | 49 | 99.43% | 2 |
| PNB MetLife | 5,639 | 5,615 | 24 | 99.57% | 0 |
| Bajaj Allianz Life | 14,094 | 13,994 | 96 | 99.32% | 4 |
| Aditya Birla Sun Life | 6,361 | 6,275 | 80 | 98.74% | 6 |
CSR is calculated as claims paid divided by the sum of claims paid, repudiated, and rejected (by policy count). Repudiation rate is claims repudiated as a percentage of the same denominator. Average claim size is total amount paid divided by policies paid. IRDAI minimum required solvency ratio is 150%.
ICICI Prudential’s average claim size of ₹14.72 lakh is the highest in this peer group, which means its book skews toward higher sum assured policies. Higher average claim sizes can put more pressure on claim investigation processes, which makes the 99.34% CSR and 0.66% repudiation rate worth reading in that context.
ICICI Prudential vs peers — detailed metrics, FY 2024-25
| Insurer | CSR (by policies) | Repudiation rate | Avg claim size | Claims pending | Solvency (Mar 2025) |
|---|---|---|---|---|---|
| ICICI Prudential | 99.34% | 0.66% | ₹14.72 lakh | 4 | 212% |
| HDFC Life | 99.71% | 0.29% | ₹10.48 lakh | 5 | 194% |
| Max Life | 99.70% | 0.30% | ₹7.20 lakh | 0 | 201% |
| Tata AIA | 99.43% | 0.57% | ₹14.39 lakh | 2 | 180% |
| SBI Life | 98.83% | 1.17% | ₹5.65 lakh | 165 | 196% |
Source: IRDAI Handbook on Indian Insurance Statistics FY 2024-25; solvency ratios as of March 2025 per IRDAI Handbook
CSR by amount: Measured by claim rupee value rather than policy count, ICICI Prudential’s CSR was 98.33% for FY 2024-25 (industry average: 97.18%). The 1.01 percentage point gap between count-based CSR (99.34%) and amount-based CSR (98.33%) is narrower than the industry norm of 1.14 points. Given ICICI Prudential’s high average claim size of ₹14.72 lakh, this relatively small gap suggests that higher-value claims are not disproportionately denied.
Source: IRDAI Annual Report 2024-25, Individual Death Claims by amount
Watch Out: ICICI Prudential’s CSR dropped to 95.54% in FY 2022-23 with no detailed public explanation from the insurer. The subsequent recovery to 99.34% is strong, but the dip is worth factoring into your evaluation.
Where ICICI Prudential earns its money: product mix
ICICI Prudential runs a ULIP-heavy franchise. In FY26, linked products made up 48% of total APE (Rs 106.4 billion). Protection rose to 17.9% from 15.7% in FY25, with retail protection APE growing 32% year-on-year.
Non-linked savings stood at 19%, annuity at 8%, and group at 7.1%.
| Segment | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ULIP | 35.9% | 43.2% | 48.3% | 48.0% |
| Non-Linked Savings | 37.3% | 25.8% | 21.2% | 19.0% |
| Protection | 17.4% | 16.9% | 15.7% | 17.9% |
| Annuity | 5.9% | 10.5% | 8.4% | 8.0% |
| Group | 3.5% | 3.5% | 6.4% | 7.1% |
Source: ICICI Prudential FY26 Earnings Presentation (BSE, Apr 14, 2026)
The protection share at 17.9% is the highest among major private insurers on a total APE basis. ICICI Prudential has been actively pushing retail term insurance alongside its ULIP franchise.
Strengths
- Highest solvency ratio among private insurers reviewed: At 225.4% as of June 2026 (Q1 FY27), little changed from 227.3% at March 2026 and up from 212% a year earlier — ICICI Prudential holds the strongest capital buffer relative to its liabilities among the four private insurers covered in this guide series.
- Insta Claim benefit (iProtect Smart Plus): ₹3 lakh is paid to the nominee within days of claim intimation, before the full claim is processed. This addresses the practical problem of families needing immediate liquidity after a death, an issue that a lump-sum payout weeks or months later does not solve.
- Premium Break: The ability to defer premium payment for up to 12 months in iProtect Smart Plus without the policy lapsing provides meaningful flexibility during financial difficulty.
- Life-stage sum assured increase: At marriage (up to 50% SA increase) and on home loan disbursement (up to 100% SA increase) without fresh medical underwriting, allowing coverage to scale with life events rather than requiring a new policy.
- Income payout option: In iProtect Smart Plus, nominees can choose monthly income for up to 10 years rather than a lump sum, providing structured payouts to the family. Comparable to most competitors’ 10-year maximum.
- Women’s pricing: 15% lifetime discount for women, with an additional 15% first-year discount for salaried women on policies above ₹1 crore, one of the more favourable pricing structures in the market.
- ICICI Bank distribution: Available through ICICI Bank branches, net banking, and relationship managers alongside the direct online channel.
216.8%
204.0%
209.0%
191.8%
212.2%
227.3%
225.4%
Source: ICICI Prudential public disclosures (Form L-40), IRDAI quarterly filings
Watch-Outs
- FY 2022-23 CSR dip to 95.54%: This was a notable single-year drop compared to industry peers who averaged around 98% that year. ICICI Prudential has not published a detailed public explanation for the dip. The recovery to 99.34% in FY 2024-25 is strong, but buyers who weight CSR trend consistency should factor this in.
- FY 2024-25 total death claims amount not yet published: The ₹1,867 crore figure in the infographic above is for FY 2023-24 — the most recent confirmed full-year number. FY 2024-25 total claim rupee amounts were not available from public sources at the time of writing.
- iProtect Smart and iProtect Smart Plus overlap: Both are active. The names are close enough to cause confusion — confirm the UIN on the plan brochure before purchasing. The Smart Plus has a higher ADB limit (₹3 crore vs 2× SA), income payout options, and the Insta Claim feature. If you qualify for Smart Plus, it is the more feature-rich option.
Grievances reported
FY 2024-25
−7.1% from 3,830 in FY 2023-24
Ombudsman complaints received
FY 2024-25
+14.9% from 456 in FY 2023-24
13th-month persistency
FY 2024-25
Down from 84.7% in FY 2023-24
Source: IRDAI Handbook on Indian Insurance Statistics FY 2024-25, ICICI Prudential public disclosures, ICRA Rating Report (Oct 2025)
Who ICICI Prudential Term Insurance Suits
- Buyers with a home loan: The life-stage SA increase on home loan disbursement (up to 100% more SA, no fresh medicals) makes iProtect Smart Plus a natural match for buyers who are taking on property debt alongside their life cover.
- Women buyers: The combined 15% lifetime + 15% first-year salaried discount (for policies above ₹1 crore) is one of the most favourable women’s pricing structures in the industry.
- Buyers who want income for nominees, not a lump sum: The income payout option in Smart Plus provides structured monthly payments for up to 10 years. If you have concerns about a lump sum being mismanaged, a structured income payout is worth evaluating.
- Buyers who prioritise financial strength metrics: A 225% solvency ratio, listed status, and ICICI Bank backing provide a strong institutional foundation. Buyers who weight capital adequacy will find ICICI Prudential stands out.
IRDAI DATA
Source: IRDAI Handbook on Indian Insurance Statistics, FY 2013-14 to FY 2024-25
How This Decision Plays Out: An Illustrative Scenario
The following is a fictional scenario to illustrate how a real buyer might weigh these factors. Names, amounts, and outcomes are illustrative only.
Rahul is 34, works as a project manager at a Pune construction firm, and has just taken a ₹75 lakh home loan. He wants ₹2 crore in term cover. When reviewing iProtect Smart Plus, he notices two features that matter for his situation specifically: the life-stage enhancement clause allows him to increase his SA by up to 100% on home loan disbursement without going through medical underwriting again, and the monthly income payout option for up to 10 years means his family would receive a structured income rather than a large lump sum they may not be equipped to manage.
Quick Tip: If you plan to take a home loan, check whether your term plan includes a life-stage sum assured increase at disbursement. It lets you scale cover without fresh medical underwriting; no new policy needed.
He also notes that ICICI Prudential’s FY 2024-25 CSR is 99.34%, but he flags the FY 2022-23 dip to 95.54% before making his decision. Satisfied that the recovery trend is consistent and that the insurer’s 225% solvency ratio reflects strong financial health, he purchases iProtect Smart Plus with the Life Plus option and the 10-year income payout mode.
This scenario is not a recommendation. Rahul’s choice depends on his full financial picture and the actual plan terms at the time of purchase.
ICICI Prudential v. Mahesh Chand (May 2023)
Dismissed
ICICI Prudential repudiated a claim on the ground that the policyholder had coronary artery disease since 2011, before the policy was issued, and did not disclose this condition in the proposal form. The complainant challenged the repudiation at the State Consumer Disputes Redressal Commission.
Rejection reason: Non-disclosure of pre-existing coronary artery disease
Outcome: Complaint dismissed; insurer’s repudiation upheld
Takeaway for buyers: Disclose every known medical condition in the proposal form. Non-disclosure of a condition diagnosed years before the policy can be grounds for claim rejection, even if the condition was not the cause of the claim.
Source: State Consumer Disputes Redressal Commission, Doc ID 28954436
Next Steps if You Are Evaluating ICICI Prudential
- Visit iciciprulife.com or use the ICICI Bank portal to run a quote under your profile for both iProtect Smart and iProtect Smart Plus and compare the premium difference against the additional features in Smart Plus.
- If you have a home loan or plan to take one, check the life-stage enhancement clause in Smart Plus carefully; the no-medical increase at disbursement could be material to your total cover.
- If you want income payout mode, confirm the income payout duration options and calculate whether a monthly income or a lump sum better matches your family’s needs.
- Review the FY 2022-23 CSR note. If CSR trend consistency is important to your decision, compare with peers before finalising.
- Consult the how to buy term insurance guide before submitting your application.
Frequently Asked Questions
What is ICICI Prudential’s Claim Settlement Ratio for FY 2024-25?
99.34% by policy count for individual death claims, as per the IRDAI Handbook on Indian Insurance Statistics FY 2024-25. By claim amount, the CSR was 98.33%; the 1.01 percentage point gap is narrower than the industry average gap of 1.14 points, which is a positive signal given ICICI Prudential’s high average claim size of ₹14.72 lakh. The average claim turnaround time for non-investigated claims in FY 2024-25 was 1.27 days.
What is the difference between iProtect Smart and iProtect Smart Plus?
iProtect Smart Plus has a higher accidental death benefit cap (up to ₹3 crore vs 2× SA in Smart), an Insta Claim payout of ₹3 lakh on claim intimation, a premium break option of up to 12 months, income payout options, and a life-stage SA increase feature at marriage and home loan events. Smart Plus is generally the more feature-rich option for buyers who qualify.
What is the Insta Claim benefit?
In iProtect Smart Plus, ₹3 lakh is paid to the nominee immediately on claim intimation, before the full claim investigation and settlement process is complete. It is available for policies with a sum assured of ₹1 crore or above that have been in force for at least 3 years.
Does ICICI Prudential give a discount to women buyers?
Yes. A 15% lifetime premium discount applies to women on iProtect Smart and iProtect Smart Plus. An additional 15% discount on the first-year premium is available to salaried women on policies with a SA of ₹1 crore or more.
What was the ICICI Prudential CSR dip in FY 2022-23?
ICICI Prudential’s CSR was 95.54% in FY 2022-23, a significant drop from the 97%+ range in prior years and well below the industry average for that year. The insurer has not published a detailed public explanation. The CSR recovered to 99.20% in FY 2023-24 and 99.34% in FY 2024-25. Buyers are advised to factor both the historical dip and the recovery trend into their evaluation.
Is ICICI Prudential financially stable?
Its solvency ratio was 225.4% as of June 30, 2026 (Q1 FY27), little changed from 227.3% at March 2026 and up from 212% a year earlier. This is the highest solvency ratio among the four major private term insurers reviewed in this guide series. ICICI Prudential is listed on NSE and BSE and is promoted by ICICI Bank (51%) and Prudential Corporation Holdings UK (22%).
Related Reading
- LIC Term Insurance: Complete Guide (2025)
- HDFC Life Term Insurance: Full Guide
- SBI Life Term Insurance: Full Guide
- Tata AIA term insurance: complete guide (2026)
- Bajaj Allianz term insurance: complete guide (2026)
CSR methodology: All Claim Settlement Ratios on this page use the IRDAI Handbook formula: Claims Paid ÷ (Claims Paid + Claims Repudiated + Claims Rejected), by policy count. Pending claims and unclaimed amounts are excluded from the denominator. Source: IRDAI Handbook on Indian Insurance Statistics.