Latest News on ICICI Prudential Life
Kamlesh Jobanputra has joined Edelweiss Life Insurance as the Chief Technology and Data Officer.
Edelweiss Life Insurance, a prominent private life insurer in India, has appointed Kamlesh Jobanputra as its Chief Technology and Data Officer. This move is aimed at driving the company’s digital transformation and innovation initiatives forward. Jobanputra announced his new role on LinkedIn, bringing with him over 20 years of experience in the Indian insurance and financial services sector.
Throughout his career, Jobanputra has demonstrated a strong ability to lead technology modernization, implement enterprise applications, and oversee large-scale digital programs. These efforts have consistently improved both operational efficiency and customer experience. His professional background includes senior roles at several notable companies such as Kotak Life, IDBI Federal Life Insurance, ICICI Prudential Life Insurance, NSEIT Limited, and Bitsoft.
In these positions, Jobanputra has been responsible for leading technology strategies, data-driven initiatives, and enterprise-wide digital transformation projects. His expertise spans a wide range of areas including IT strategy, architecture design, mobile and digital solutions, cybersecurity, governance, and program management. This comprehensive skill set makes him an ideal candidate to spearhead Edelweiss Life Insurance’s technological advancements and innovation efforts.
As Chief Technology and Data Officer, Jobanputra is expected to leverage his extensive experience to drive Edelweiss Life Insurance’s digital transformation. This will likely involve developing and implementing cutting-edge technology solutions, enhancing the company’s digital infrastructure, and fostering a culture of innovation. By doing so, Edelweiss Life Insurance aims to not only improve its operational efficiency but also enhance its customer experience, ultimately positioning itself for sustained growth and success in the competitive Indian life insurance market.
Jobanputra’s appointment is a significant development for Edelweiss Life Insurance, reflecting the company’s commitment to embracing technological advancements and innovation. As the insurance sector continues to evolve, the ability to effectively leverage technology and data will be crucial for companies seeking to maintain a competitive edge. With Jobanputra at the helm of its technology and data initiatives, Edelweiss Life Insurance is well-placed to navigate the challenges and opportunities of the digital age.
Aviva expert questions new solvency regime – report
At the Insurance Investor Live forum in London, a representative from Aviva, Albici, expressed concerns about the current state of the UK insurance industry. Albici, who is responsible for private asset origination for Aviva’s annuity business, stated that the Prudential Regulation Authority (PRA) had initially aimed to make UK insurers more competitive and encourage investment in real assets that contribute to economic growth. However, he noted that the industry has actually moved in the opposite direction.
The PRA’s intentions were to create a more favorable environment for insurers to invest in assets such as infrastructure, real estate, and private equity, which can provide long-term returns and support economic growth. However, despite these efforts, the industry has not responded as expected. Instead of increasing investment in these areas, insurers have become more cautious and risk-averse, opting for more traditional and lower-yielding investments.
Albici’s comments suggest that the PRA’s efforts to stimulate investment in real assets have been unsuccessful, and the industry is not taking advantage of the opportunities available. This is concerning, as investment in real assets can have a positive impact on the economy, creating jobs and driving growth. The lack of investment in these areas may be hindering the UK’s economic recovery and limiting the potential for long-term growth.
The reasons for this trend are not entirely clear, but it is possible that insurers are being driven by short-term considerations, such as meeting regulatory requirements and managing risk, rather than taking a longer-term view and investing in assets that may provide higher returns over time. Additionally, the current low-interest-rate environment may be making it more challenging for insurers to generate returns from traditional investments, leading them to become even more risk-averse.
Overall, Albici’s comments highlight the need for the insurance industry to re-examine its investment strategies and consider the potential benefits of investing in real assets. By doing so, insurers can not only generate returns for their policyholders but also contribute to the broader economic growth and development of the UK. The PRA’s efforts to encourage investment in real assets are well-intentioned, but it is up to the industry to respond and take advantage of these opportunities.
Income Protection Insurance Market – Key Players:1. Aviva 2. AXA 3. Zurich 4. MetLife 5. Prudential 6. Allianz 7. AIG 8. Lloyds Banking Group 9. Royal London 10. LV=
The Income Protection Insurance market is expected to experience significant growth, with a projected revenue of USD 35.1 billion by 2033, growing at a CAGR of 5.5% from 2026 to 2033. The market’s growth is driven by increasing awareness of financial security, rising health-related uncertainties, and expanding working populations, especially in emerging economies. Economic factors such as rising disposable income and urbanization also contribute to the market’s expansion.
The demand for income protection insurance is influenced by demographic changes, economic stability, government policies, and technological innovations. The market is shaped by a mix of established multinational corporations and dynamic local firms, with leading players leveraging advanced technologies, strong distribution networks, and localized strategies to maintain a competitive edge.
The Income Protection Insurance market can be segmented by demographic, geographic, psychographic, and behavioral factors, including age, income, lifestyle, and usage frequency. The market is also segmented by occupation, with professional occupations, service industry, and trade and skilled workers being key segments. Financial segmentation, including insurance affordability, investment willingness, and financial literacy, is also an important aspect of the market.
The market is expected to be driven by trends such as increasing awareness of financial security, rising health-related uncertainties, and expanding working populations. Businesses are adapting to these trends by offering tailored marketing strategies and product offerings, enhancing customer engagement, and improving targeting accuracy.
Key players in the Income Protection Insurance market include Aviva, Legal & General, Fidelity Life, Royal London, VitalityLife, Generali, Allianz, AXA, LV= Liverpool Victoria, and AIG Life. These companies are investing heavily in R&D and digital transformation, setting benchmarks in quality and service delivery, and adapting to consumer preferences and shifting economic conditions.
The market is expected to experience significant growth, driven by increasing awareness of financial security, rising health-related uncertainties, and expanding working populations. Businesses are adapting to these trends by offering tailored marketing strategies and product offerings, enhancing customer engagement, and improving targeting accuracy. The market is highly competitive, with key players leveraging advanced technologies, strong distribution networks, and localized strategies to maintain a competitive edge.
The report provides a comprehensive analysis of the Income Protection Insurance market, including market dynamics, drivers, restraints, opportunities, and competitive landscape. It also provides company profiles, market segmentation analysis, and trends shaping the market. The report is based on extensive research, including data mining, validation, primary interviews, and a list of data sources.
In conclusion, the Income Protection Insurance market is expected to experience significant growth, driven by increasing awareness of financial security, rising health-related uncertainties, and expanding working populations. The market is highly competitive, with key players leveraging advanced technologies, strong distribution networks, and localized strategies to maintain a competitive edge. Businesses are adapting to trends by offering tailored marketing strategies and product offerings, enhancing customer engagement, and improving targeting accuracy.
ICICI Prudential Life Insurance’s new unit-linked insurance plan (ULIP) with a systematic investment plan (SIP) option can be a viable choice for investors seeking a combination of life insurance and investment.
The key benefits of this ULIP with SIP option include:
- Disciplined Investing: The SIP option allows investors to invest a fixed amount of money at regular intervals, promoting disciplined investing and helping to reduce the impact of market volatility.
- Flexibility: Policyholders can choose from a range of investment funds, allowing them to allocate their investments according to their risk tolerance and financial goals.
- Life Insurance Coverage: The plan provides a life insurance component, which offers a death benefit to the policyholder’s nominees in the event of their demise.
- Tax Benefits: Investments in ULIPs are eligible for tax deductions under Section 80C of the Income Tax Act, and the maturity proceeds are tax-free under Section 10(10D).
- Liquidity: The SIP option can be paused or resumed, and partial withdrawals are allowed after the completion of the lock-in period, providing liquidity in case of emergencies.
However, it’s essential to consider the following factors before investing:
- Charges and Fees: ULIPs come with various charges, including premium allocation charges, administration charges, and fund management charges, which can eat into the investment returns.
- Market Risks: As the investments are linked to the market, there is a risk of losing capital if the market performs poorly.
- Lock-in Period: ULIPs typically have a lock-in period of 5 years, during which the policyholder cannot withdraw the entire amount.
- Surrender Charges: If the policyholder surrenders the policy before the completion of the lock-in period, they may be subject to surrender charges.
To determine whether ICICI Prudential Life Insurance’s new ULIP with SIP option is worth investing in, consider the following:
- Assess Your Financial Goals: Determine whether the plan aligns with your financial goals, risk tolerance, and investment horizon.
- Evaluate the Charges: Calculate the total charges and fees associated with the plan and assess whether they are reasonable.
- Review the Investment Options: Assess the range of investment funds offered and whether they align with your investment objectives.
- Consider Alternative Options: Compare the ULIP with other investment options, such as mutual funds or traditional life insurance plans, to determine which one is more suitable for your needs.
Ultimately, whether ICICI Prudential Life Insurance’s new ULIP with SIP option is worth investing in depends on individual circumstances and financial goals. It’s recommended to consult with a financial advisor to determine the suitability of this investment option.
ICICI Prudential Life has introduced a new ULIP policy called Smart Insurance Plan Plus, which offers a SIP+ smart insurance plan option. The policy is targeted at young investors and allows them to invest in multiple funds across equity, debt, and hybrid categories. The policy has two variants: Wealth and Assure, with different premium payment terms and policy terms. The minimum premium is ₹12,000 per annum for those aged 35 or less and ₹1.2 lakh a year for those above 35.
The policy offers 25 fund options, and investors can choose from four different investment strategies, including fixed portfolio, target asset allocation, trigger portfolio strategy, and lifecycle-based portfolio strategy. The policy also allows unlimited switching between funds without charges. The charges associated with the policy are relatively low, with no policy administration and premium allocation charges levied. The only charge is a fund management fee of 1.35% per annum.
The performance of ICICI Pru Life’s funds is impressive, with 75% of the funds rated 3, 4, or 5-star by Morningstar. The top 10-15 funds have given annualized returns of 20-22% over the past five years and 11-12% over the past 10 years. However, it’s essential to note that the net returns for ULIP policyholders would be lower due to mortality charges.
While the policy has some attractive features, it’s essential to keep insurance and investment separate for healthy financial planning. A term insurance policy with adequate sum assured is sufficient for covering risk, and mutual funds are ideal for investments, especially for young investors. However, if you have a surplus after exhausting all your regular investment options, you can consider parking tiny sums in the ULIP, provided you have separate term and medical policies and don’t depend on the ULIP for risk cover.
In conclusion, the ICICI Pru Smart Insurance Plan Plus has some interesting features, but it’s crucial to weigh the pros and cons before investing. It’s essential to prioritize separate term insurance and medical policies for risk cover and consider mutual funds for investments. The ULIP can be considered as a supplementary investment option, but only after exhausting all other regular investment options.
- LIC (Life Insurance Corporation of India): With a claim settlement ratio of 98.62%, LIC is one of the most trusted life insurance companies in India.
- HDFC Life Insurance: Offering a claim settlement ratio of 99.07%, HDFC Life Insurance is known for its efficient claim processing.
- ICICI Prudential Life Insurance: With a claim settlement ratio of 98.58%, ICICI Prudential is a popular choice among policyholders.
- SBI Life Insurance: SBI Life Insurance has a claim settlement ratio of 94.99%, making it a reliable option for life insurance.
- Max Life Insurance: Max Life Insurance boasts a claim settlement ratio of 99.22%, ensuring that policyholders receive their claims in a timely manner.
- Tata AIA Life Insurance: With a claim settlement ratio of 99.07%, Tata AIA Life Insurance is a trusted name in the Indian life insurance market.
- Bajaj Allianz Life Insurance: Bajaj Allianz Life Insurance has a claim settlement ratio of 98.48%, providing policyholders with peace of mind.
- Kotak Mahindra Life Insurance: Kotak Mahindra Life Insurance offers a claim settlement ratio of 98.15%, making it a popular choice among policyholders.
- PNB MetLife India Insurance: With a claim settlement ratio of 97.18%, PNB MetLife India Insurance is a reliable option for life insurance.
- Aegon Life Insurance: Aegon Life Insurance has a claim settlement ratio of 98.01%, ensuring that policyholders receive their claims efficiently.
- Exide Life Insurance: Exide Life Insurance boasts a claim settlement ratio of 98.47%, providing policyholders with a smooth claim experience.
- Reliance Nippon Life Insurance: With a claim settlement ratio of 97.71%, Reliance Nippon Life Insurance is a trusted name in the Indian life insurance market.
- Birla Sun Life Insurance: Birla Sun Life Insurance has a claim settlement ratio of 96.35%, making it a reliable option for policyholders.
- Aviva Life Insurance: Aviva Life Insurance offers a claim settlement ratio of 97.41%, ensuring that policyholders receive their claims in a timely manner.
- Future Generali India Life Insurance: With a claim settlement ratio of 95.71%, Future Generali India Life Insurance is a popular choice among policyholders.
- Canara HSBC OBC Life Insurance: Canara HSBC OBC Life Insurance has a claim settlement ratio of 95.39%, providing policyholders with a smooth claim experience.
- Pramerica Life Insurance: Pramerica Life Insurance boasts a claim settlement ratio of 95.55%, ensuring that policyholders receive their claims efficiently.
- Aditya Birla Sun Life Insurance: Aditya Birla Sun Life Insurance has a claim settlement ratio of 96.67%, making it a trusted name in the Indian life insurance market.
- Star Union Dai-ichi Life Insurance: With a claim settlement ratio of 95.13%, Star Union Dai-ichi Life Insurance is a reliable option for policyholders.
- Shriram Life Insurance: Shriram Life Insurance offers a claim settlement ratio of 94.99%, providing policyholders with peace of mind.
The life insurance industry in India has evolved from being a tax-saving instrument to a vital component of financial security. The Insurance Regulatory and Development Authority of India (IRDAI) plays a crucial role in regulating life insurance companies, setting standards such as Claim Settlement Ratio (CSR) and solvency ratio. As of FY 2024-25, private insurers in India have shown remarkable efficiency in settling death claims, with an average CSR of almost 99% within 30 days.
The top life insurance companies in India, ranked based on CSR, financial strength, and customer service quality, are:
1. Life Insurance Corporation of India (LIC) – With a CSR of 99.48% and a solvency ratio of 2.11, LIC continues to be the nation’s largest and most trusted life insurer.
2. HDFC Life Insurance – Achieving a CSR of 99.96% and a solvency ratio of 2.03, HDFC Life is a leader in digital services and has a broad product portfolio.
3. ICICI Prudential Life Insurance – With a CSR of 99.3% and a solvency ratio of 212.2%, ICICI Prudential has consistently demonstrated operational excellence.
4. SBI Life Insurance – Backed by the State Bank of India, SBI Life reported a CSR of 99.4% and a solvency ratio of 1.96, showcasing strong financial soundness.
5. Axis Max Life Insurance – Sustaining one of the industry’s highest CSR at 99.65%, Axis Max Life has a customer-centric approach and strong capital adequacy.
6. Bajaj Allianz Life Insurance – Achieving a CSR of 99.23% and a solvency ratio of 325%, Bajaj Allianz has reinforced its reputation for financial stability and innovation.
7. Kotak Mahindra Life Insurance – Reporting a CSR of 98.7% and a solvency ratio of 2.27, Kotak Life has steadily gained ground in India’s life insurance industry.
8. Aditya Birla Sun Life Insurance – With a CSR of 98.12% and a solvency ratio of 1.94, Aditya Birla Sun Life balances Indian legacy with global expertise.
9. Tata AIA Life Insurance – Achieving a CSR of 99.41% and a solvency ratio of 180%, Tata AIA has established itself as one of the most reliable private insurers.
10. PNB MetLife India Insurance – With a retail CSR of 99.57% and a group CSR of 99.72%, PNB MetLife has further strengthened its position through strong financial and operational performance.
When selecting a life insurance company, policyholders should consider the CSR, solvency ratio, and service quality. The life insurance industry in India is booming, driven by increasing financial literacy, digital penetration, and awareness about protection and retirement planning. The key takeaway for policyholders is that numbers matter, and they should always check a life insurer’s CSR, solvency ratio, and service quality before making a purchase. Ultimately, life insurance is not just about tax benefits, but about securing futures and providing peace of mind.
Stock Market Updates for ICICI
Recent Updates
Life insurance companies pay a 4% commission on Unit Linked Insurance Plans (ULIPs).
Recent data from the Insurance Regulatory and Development Authority of India (IRDAI) reveals that life insurance companies paid an average commission of 4.03% to distributors for Unit-Linked Insurance Plans (ULIPs) in 2024, up from 3.13% in 2023. The total commission paid for ULIPs in 2024 was Rs. 4,900 crore, while the total ULIP premiums collected were Rs. 1.21 lakh crore.
Tata AIA Life topped the list of insurers, paying 11.22% in commissions to distributors, followed by Aviva Life at 8.32%, and Shriram Life at 6.65%. Other insurers, such as Axis Max Life, HDFC Life, and PNB MetLife India, also paid significant commissions, ranging from 4.92% to 4.67%.
In absolute terms, SBI Life paid the highest commission on ULIPs, amounting to Rs. 1,371 crore in 2024, followed by Tata AIA Life at Rs. 818 crore, and HDFC Life at Rs. 701 crore. ICICI Prudential Life and Axis Max Life also paid substantial commissions, with Rs. 548 crore and Rs. 354 crore, respectively.
The data highlights the significant role that commissions play in the sale of ULIPs in India. ULIP commissions accounted for 9.5% of the total commission payout in FY 2024. The high commissions paid by some insurers suggest that they are relying heavily on distributors to sell their ULIP products.
The top 10 life insurers in terms of ULIP commission payouts were SBI Life, Tata AIA Life, HDFC Life, ICICI Prudential Life, Axis Max Life, Bajaj Allianz Life, LIC, Kotak Mahindra Life, Aditya Birla Sunlife, and PNB MetLife India. These insurers paid a total of Rs. 3,831 crore in ULIP commissions in 2024, accounting for approximately 78% of the total ULIP commission payout.
The data also shows that some insurers, such as Bandhan Life and Future Generali India Life, paid very low commissions, with 0.01% and 1%, respectively. This suggests that these insurers may be relying more on other distribution channels, such as online sales or direct marketing, to sell their ULIP products.
Overall, the data provides insights into the commission structures of life insurers in India and highlights the importance of distributors in the sale of ULIPs. It also suggests that some insurers are relying heavily on commissions to drive sales, which could have implications for policyholders and the overall insurance industry.