A city consumer commission in Chennai has ordered an insurance company, ICICI Prudential Life Insurance Co. Ltd, and its broker, Gennext Insurance Brokers Pvt Ltd, to pay over Rs 98 lakh in compensation to a woman, Swedha Pothiraj. Swedha’s husband, Sreyas RV, had purchased a Rs 1 crore term life insurance policy in April 2020 and paid the required premiums. However, when Sreyas died from acute-on-chronic liver failure in 2023, the insurance company rejected the claim, citing “non-disclosure” of medical history.

The insurer claimed that Sreyas had not disclosed a 2019 lab report, which they believed indicated a pre-existing medical condition. However, Swedha argued that the lab report was from a routine medical test required for her husband’s job-related international travel and not indicative of any prior illness or treatment. She stated that her husband had truthfully answered “no” to questions about significant tests, treatments, or hospitalizations during the online application process.

The Chennai North District Consumer Disputes Redressal Commission ruled in Swedha’s favor, directing the insurers to pay the sum assured of Rs 98.28 lakh, after deducting the refunded premium of Rs 1.71 lakh. The commission also awarded Rs 25,000 as compensation for deficiency in service, mental agony, pain, and suffering, and Rs 5,000 towards litigation costs. The commission’s decision was based on the fact that Sreyas had not withheld any information about his medical history, and the insurance company’s rejection of the claim constituted a deficiency in service.

The case highlights the importance of transparency and disclosure in insurance applications. The commission’s ruling emphasizes that insurance companies must have a valid reason for rejecting claims, and that policyholders must be protected from unfair rejection of claims. In this case, the commission found that the insurance company had failed to provide sufficient evidence to support their claim of non-disclosure, and therefore, the claim rejection was unjustified.

ICICI Prudential Life Insurance has announced an impressive claims settlement ratio of 99.60% for the June quarter, with the company settling death claims worth ₹407 crore. This industry-leading ratio demonstrates the company’s commitment to efficiently processing claims and providing timely support to policyholders’ families. The ‘Claim for Sure’ service initiative, which promises to settle eligible claims within one day of receiving all necessary documents, has been particularly successful, with claims worth ₹75 crore settled under this initiative in the first quarter of FY26.

The company’s digital tools have played a significant role in streamlining the claim submission and tracking process. Claimants can now submit and track claims digitally, using the company’s online platform, which includes options for Digital Claim Submission and Real-time claim tracking. This has not only eased the process for claimants but also enabled the company to process claims more efficiently.

According to Amish Banker, Chief Operations Officer at ICICI Prudential Life Insurance, the company’s use of artificial intelligence (AI), machine learning (ML), and data analytics has driven efficiency in claim settlement. These technologies have enabled the company to quickly and accurately process claims, resulting in an average turnaround time of just 1.1 days for non-investigated death claims. The company’s leverage of digital public infrastructure for claim processing and decision-making has also contributed to its impressive claims settlement ratio.

The company’s commitment to handling claims with sensitivity and processing them quickly is reflected in its industry-leading claims settlement ratio. With its digital enablers, AI, ML, and data analytics, ICICI Prudential Life Insurance is setting a new standard for claims settlement in the life insurance industry. As of September 11, 2025, the company’s performance in the June quarter is a testament to its dedication to providing exceptional service to its policyholders and their families.

ICICI Prudential Life Insurance has announced a claim settlement ratio of 99.60% for the first quarter of the financial year 2026-27. According to Amish Banker, Chief Operations Officer, the company handles claims with utmost sensitivity and processes them quickly. In the first quarter, the company settled death claims totaling ₹406.89 crore. The use of data analytics, AI, and ML-based technologies has enabled the company to efficiently process claims.

The company’s ‘Claim for Sure’ service initiative promises to settle all eligible claims within one day of receiving all necessary documents. In the first quarter, ₹74.72 crore worth of claims were settled under this initiative. ICICI Prudential Life Insurance has also leveraged digital public infrastructure for claim processing and decision-making, resulting in an average turnaround time of 1.1 days for non-investigated death claims from the time the last document was received.

The company’s high claim settlement ratio and quick processing times demonstrate its commitment to fulfilling its promises to customers. The use of technology and digital infrastructure has played a key role in enabling the company to achieve these results. By settling claims quickly and efficiently, ICICI Prudential Life Insurance aims to provide a positive experience for its customers during a difficult time.

The claim settlement ratio of 99.60% is a significant achievement, indicating that the company has settled nearly all of the claims it received in the first quarter. This ratio is a key metric for life insurance companies, as it reflects their ability to fulfill their obligations to customers. ICICI Prudential Life Insurance’s high claim settlement ratio and emphasis on quick processing times are likely to enhance customer trust and confidence in the company.

Overall, ICICI Prudential Life Insurance’s announcement highlights its commitment to providing a high level of service to its customers. By leveraging technology and digital infrastructure, the company is able to efficiently process claims and provide a positive experience for its customers. The company’s high claim settlement ratio and quick processing times are likely to reinforce its position as a leading life insurance provider in the industry.

The Indian primary market is expected to witness a massive fundraising spree, with over $50 billion worth of Initial Public Offerings (IPOs) anticipated to hit the market over the next 12-18 months. This surge in IPOs is driven by both private equity exits and fresh fundraising by Indian corporates, which will test the market’s appetite and resilience. Gautam Sinha Roy, Chief of Equity and Fund Manager at ICICI Prudential Life Insurance, believes that investor selectivity and earnings delivery will be crucial as this flood of new paper hits the market.

The market has seen some volatility in the last year due to domestic slowdown and global uncertainties, but the medium-to-long term outlook remains positive due to stable macro conditions and economic recovery. The significant equity supply from promoters and private equity firms has kept the market in a tight band, and further upside is expected to be limited by increasing valuations.

IPOs have picked up recently, with over $20 billion raised so far in FY26, and a strong pipeline of companies seeking to raise over $50 billion through the coming year. Strong retail inflows are helping absorb this supply, leading to heightened activity in both the primary and secondary markets. The June quarter results have shown positive traction, with an over 10% year-over-year growth in aggregate earnings so far.

The current equity market rally is supported by strong domestic liquidity, with retail inflows at record highs, and earnings fundamentals. The government’s spending on infrastructure, social support, and tax incentives are supporting growth, and the RBI’s pro-growth stance is expected to drive credit-led growth later this year. The corporate bond market has seen strong growth, reaching record annual issuances of ₹9.5 trillion, driven by a 100-bps rate cut.

Pockets of opportunities are emerging in select sectors and themes, despite broader market concerns. Large financials offer good value with improving growth prospects, while discretionary remains a key overweight, with expectations of a consumption revival in H2-FY26. Healthcare is another area of opportunity, with strong growth visibility across hospitals and pharma companies. Within Industrials, specific plays like aviation and electronics manufacturing offer structural long-term growth.

In the small and midcap space, a selective, fundamentals-driven approach is essential, focusing on earnings visibility, cash flows, management quality, and avoiding overhyped IPOs that lack fundamental strength. The focus should be on companies with strong fundamentals, healthy balance sheets, and leadership in emerging and scalable spaces, available at fair valuations. Opportunities are currently found in select financiers, consumer durables, affordable housing financiers, mid-sized renewable power producers, healthcare, hospitality, mid-sized internet, and IT companies.

ICICI Prudential Life Insurance has introduced a new market-linked product, ICICI Pru Smart Insurance Plan Plus, designed to help customers build wealth over the long term. This product is affordable, with a monthly premium of just ₹1000, making it accessible to a large cross-section of young customers. The product combines a life cover component, which ensures that the customer’s family is financially secure, with a systematic investment plan to achieve long-term financial goals.

According to Amit Palta, Chief Product and Distribution Officer at ICICI Prudential Life Insurance, the product is specifically designed to encourage young people to start investing early and remain invested for the long term. India’s growth story is driven by its youth, who make up about 65% of the population, and ULIPs (Unit Linked Insurance Plans) like ICICI Pru Smart Insurance Plan Plus are effective wealth creation tools.

The product offers a range of features, including 25 funds and four portfolio strategies to choose from, allowing customers to fine-tune their asset allocation without incurring any costs or tax implications. Additionally, customers can opt for the Waiver of Premium add-on benefit, which ensures that their long-term savings goal remains on track even if the policyholder is unable to pay premiums.

The product is available for purchase through a complete digital journey, catering to the preferences of the target segment. Mr. Palta emphasized that the launch of ICICI Pru Smart Insurance Plan Plus reinforces the company’s focus on developing products that meet the evolving needs of customers. The product empowers individuals to plan for their future with flexibility, clarity, and peace of mind.

Overall, ICICI Pru Smart Insurance Plan Plus is a cost-effective and tax-efficient product that allows young customers to start investing early and achieve their long-term financial goals. With its flexible features and digital purchase journey, it is an attractive option for those looking to build wealth and secure their financial futures.

ICICI Prudential Life Insurance has reported a significant increase in agent productivity thanks to its “Advisor Stack” platform, known as IPRU Edge. The platform has led to a 37% increase in productivity among agents in the first half of the fiscal year 2025. According to Srinivas Balasubramanian, Chief of Product and Marketing, IPRU Edge provides agents with powerful tools and features that enable them to focus on revenue-generating tasks rather than administrative activities.

The results have been impressive, with agents using IPRU Edge showing a 49% year-on-year growth in contribution to the retail weighted received premium in H1-FY2025. Additionally, the persistency ratios of agents using IPRU Edge have been higher than the overall agency channel, with 13th and 25th month persistency ratios of 91.7% and 89.6%, respectively. This compares to 90.0% and 86.7% for the overall agency channel.

IPRU Edge is an integrated platform that empowers ICICI Prudential Life Insurance’s network of over 200,000 agents to manage their business, operations, and customer service. The platform serves as an “office on-the-go,” enabling agents to focus on new customer acquisitions rather than administrative tasks. As many as 61% of the company’s top-tier advisors are now active users of the platform, which provides them with access to new business leads, social media tools, and best-in-class customer service capabilities.

The platform also enables agents to view their business and earnings, making it an attractive proposition for advisors. The support provided by IPRU Edge has positioned ICICI Prudential Life Insurance as a preferred partner for advisors, and the company is likely to continue to see benefits from the platform in terms of increased productivity and growth. Overall, IPRU Edge has been a game-changer for ICICI Prudential Life Insurance, and the company is optimistic about its continued impact on agent productivity and business growth.

ICICI Prudential Life Insurance has reported a significant increase in loan disbursals against traditional policies, with over ₹900 crore disbursed to 42,700 customers in the fiscal year 2024-25. This represents a 60% year-on-year increase, indicating a growing adoption of the loan against policy feature among customers. The loan feature allows policyholders to access up to 80% of the policy’s surrender value, providing liquidity to meet unexpected financial obligations without interrupting their long-term savings plans.

According to Amish Banker, Chief Operations Officer at ICICI Prudential Life Insurance, the loan feature is a valuable option for customers who need short-term financial assistance. The company has seen a significant shift towards digital channels, with over 52% of customers availing the loan facility through the website and mobile app. This suggests that customers are increasingly comfortable using digital platforms to manage their policies and access loan facilities.

ICICI Prudential Life Insurance is a leading life insurance company in India, promoted by ICICI Bank and Prudential Corporation Holdings. As of March 31, 2025, the company had an assets under management (AUM) of ₹3.09 lakh crore and a total in-force sum assured of ₹39.43 lakh crore, covering over 9 crore lives. The company’s loan against policy feature is designed to provide customers with a flexible and convenient way to access funds when needed, while also ensuring that their long-term savings plans remain uninterrupted.

The significant increase in loan disbursals against traditional policies reflects the growing demand for such products and the company’s efforts to provide customer-centric solutions. With its strong digital presence and wide range of products, ICICI Prudential Life Insurance is well-positioned to meet the evolving needs of its customers and maintain its position as a leading player in the Indian life insurance market.

ICICI Prudential Life Insurance has reported a significant increase in loans disbursed against traditional insurance policies, with over ₹900 crore in loans given out during FY2025. This facility allows customers to borrow up to 80% of their policy’s surrender value, providing them with urgent funds without disrupting their life cover or long-term savings. The company has seen a 60% year-on-year increase in loan disbursals, indicating growing customer awareness and utilization of this feature.

Notably, over 98% of these loans were disbursed within 24 hours through a fully digital and paperless process. More than half of the customers (52%) used digital platforms, such as the company’s website and mobile app, to access this service. This streamlined process highlights the insurer’s efforts to provide convenient and efficient services to its customers.

The loan against policy feature is offered at a competitive interest rate, with no impact on the customer’s credit score. This allows policyholders to meet short-term financial needs without compromising their long-term financial goals. According to Amish Banker, Chief Operations Officer at ICICI Prudential Life Insurance, “Life insurance is a long-term product, and remaining committed for the tenure of the policy is key to achieving financial goals.” The company encourages customers to use this loan facility to address liquidity challenges, ensuring they can maintain their policy benefits and stay on track with their financial objectives.

With over 42,700 customers availing of this facility, ICICI Prudential Life Insurance has demonstrated its commitment to providing customer-centric solutions. The insurer’s digital channels have played a significant role in facilitating these loan disbursals, enabling customers to access funds quickly and easily. As the demand for such facilities continues to grow, ICICI Prudential Life Insurance is well-positioned to support its customers’ evolving financial needs.

The life insurance industry in India has witnessed significant progress in 2025, with several brands improving their customer experience, according to the Hansa Research’s Life Insurance CuES 2025 study. ICICI Prudential Life Insurance has emerged as a frontrunner, followed closely by Axis Max Life Insurance. The study, which tracks the experience, perceptions, attitudes, and behavior of consumers in India, has captured feedback from over 3,600 customers across 13 life insurance brands.

The industry has seen a notable leap in customer experience, particularly in communication, customer support, and the initial purchase and onboarding journey. Customers are associating life insurance brands more positively, especially in aspects like trust and transparency, innovation, and being customer-oriented. The industry’s Net Promoter Score (NPS) has increased from 54% to 58%, with ICICI Prudential Life Insurance and Axis Max Life Insurance achieving impressive NPS scores of 65% and 64%, respectively.

The study highlights five key trends that will shape the industry in the future. These include the economic influence on financial investment decisions, the evolution of life insurance needs, millennial expectations, what women want, and digital services. Consumers are increasingly influenced by economic factors when making financial investments, but concerns about lack of information and transparency persist. Insurers need to align their products to meet the evolving needs of customers, especially with the impending demographic shift towards maturity in India.

The study also highlights the importance of simplifying product complexity and delivering seamless, personalized experiences. Brands must focus on addressing financial literacy, behavioral biases, and aligning products with customer needs and profiles. The millennial customer is emerging as the most “at risk” in terms of brand stickiness, prioritizing experiences over brand reputation and seeking affordability, easy access, and seamless digital solutions.

Women are driving growth in the industry, highlighting the need for tailored products that emphasize affordability, seamless onboarding, and effective communication. Digital services continue to spread adoption among customers, but its role as a differentiating factor between brands is reducing as it becomes a standard expectation.

Overall, the study suggests that the life insurance industry in India is improving in terms of customer experience, but there is still room for growth and innovation. Brands must prioritize customer satisfaction and loyalty, delivering exceptional brand and customer experiences to thrive in the future. By understanding the evolving needs and expectations of customers, insurers can create tailored products and services that meet their needs, ultimately driving business growth and success.

ICICI Prudential Life Insurance has launched a new long-term savings product called ‘ICICI Pru GIFT Select’, which offers guaranteed income along with a lump sum maturity benefit. This product is designed to provide financial stability in the face of market volatility. Customers can choose when their guaranteed income starts, its duration, and the final maturity amount, as well as opt for life cover for added financial security.

One of the key features of this plan is the increasing income option, which grows at a compound rate of 5% annually, helping to manage the impact of inflation over time. The product is designed to help customers preserve their wealth and manage their cash flow efficiently, with flexible payout structures that cater to different financial goals, such as retirement planning, education, or regular income needs.

ICICI Prudential has noted that the demand for guaranteed return products has risen in recent times, as investors prioritize predictable returns in uncertain economic conditions. The company’s claim settlement ratio stood at 99.3% in the first nine months of FY2025, with an average settlement time of just 1.2 days for non-investigated claims. With ICICI Pru GIFT Select, customers can enjoy a combination of guaranteed returns and life insurance, providing peace of mind and financial security.