Quick Overview

Term insurance is a simple way to protect your family financially, and a ₹1 crore cover usually fits the needs of most households. The article explains how ICICI Prudential Life Insurance stands out as a dependable choice, backed by solid performance numbers.

Specifically, it highlights a 3-year average Claim Settlement Ratio of 98.03% (FY2022–25), an Amount Settlement Ratio of 95.94%, and 11 complaints per 10,000 claims - better than the industry median on complaints. It also notes a solvency ratio of 2.05x, showing strong financial stability.

In simple terms, while premiums may be slightly higher, you’re paying for consistent claim performance, decent service quality, and long-term reliability.

Term insurance is a key part of financial security - it helps your family stay financially stable if you’re not around. A ₹1 crore cover is often a practical choice for most families, providing a strong safety net that matches common financial goals.

Established in 2001, it is a well-known and reliable insurer offering a wide range of plans, including term insurance, ULIPs, retirement, and savings options. It stands out for its strong claim settlement record, low complaint levels, and solid financial health. In this article, we will understand plans from ICICI Prudential that offer a 1 Crore cover, and see whether they are a good fit for you.

Confused about which plan would suit your needs? Book a free call or chat over WhatsApp with a Ditto advisor

ICICI Pru iProtect Smart: Top ICICI Prudential Plan With 1 Crore Cover

The iProtect Smart policy is one of the most popular term insurance plans available, offering a range of payout options, various riders, and unlimited sum assured. It also comes with unique benefits for women and multiple payment options to suit different needs. This comprehensive yet affordable policy is available in four variants: Life, Life Plus, Life and Health, and All In One. Plus, it provides coverage for 34 critical illnesses, making it a versatile choice for many.

The ICICI Pru iProtect Smart policy offers four benefit variants to suit different needs:

    • Life: This basic option provides two main benefits:
      • Death Benefit: If the policyholder passes away, the nominee receives the death benefit. Plus, if the policyholder is diagnosed with a terminal illness, ICICI Prudential disburses the sum assured, which the policyholder or their family can use.
      • Waiver of Premium: If the policyholder suffers from Permanent Disability (PD) due to an accident, future premiums are waived.
    • Life Plus: This variant includes everything in the Life option, with the addition of:
      • Accidental Death (AD) Benefit: If the policyholder dies in an accident during the benefit period, the insurer pays a lump sum (up to ₹2 crore) to the nominee. However, this benefit is only available for a fixed term; no payout is made if the accidental death occurs after the term ends.
    • Life and Health: This option includes all the benefits of the Life variant, plus:
      • Accelerated Critical Illness Benefit: Covers 34 critical illnesses. If the policyholder is diagnosed with one, the insurer pays a lump sum (up to ₹1 crore), which is deducted from the total Death Benefit. The death benefit is reduced once this payout is made, and the policyholder pays lower premiums for the reduced coverage.
    • All In One: This variant combines the benefits of the Life option with Accidental Death Benefits and Accelerated Critical Illness Benefits, offering comprehensive coverage.

Each variant provides a tailored set of perks, so you can choose the one that best suits your needs.

For anyone considering a term insurance cover of 1 crore, ICICI Prudential offers robust options that cater to diverse needs and ensure peace of mind. 

ICICI Prudential Term Insurance For 1 Crore

ICICI Prudential Life Insurance: Performance Metrics

MetricsICICI PrudentialIndustry Average
CSR (%) (FY2022–25)98.03%98.66% (Mean)
ASR (%) (FY2022–25)95.94%94.83% (Mean)
Avg Complaints received per 10,000 claims (FY2022-25)11.0017.67 (Median)
Annual Business / Gross Written Premium (₹ Crores)19,774₹3,411.73 (Median) 
Solvency Ratio (FY 2022-25)2.05x2.04x (Median)

Key Terms

TermDefinition
Claim Settlement Ratio% of claims settled by an insurer out of total claims received in a year
Amount Settlement Ratio% of total claim amount paid out vs. total claim amount filed
Annual Gross Written PremiumTotal premium income collected by an insurer before deducting reinsurance costs
Complaints (per 10,000 claims)Number of policyholder complaints received for every 10,000 claims processed

Insight: 

    • ICICI Prudential’s CSR is only slightly better than the pre-set benchmark of 97, and the numbers have only gotten better over the years. This is a promising start. However, please remember that while CSR is a crucial metric in determining the credibility of the insurer, it isn’t the only factor to be considered when you choose a term insurer. 
    • ICICI Prudential’s Amount Settlement Ratio is well above the 90% benchmark, which is a great sign for its existing policyholder as it indicates that the insurer’s claim settlement potential is exceptional. This also signifies that the insurer has promising sustainability for the foreseeable future, which is extremely important in the case of long-term financial commitments like term insurance plans. 
    • Considering that the industry-best complaint volume from 2020 - 2023 is 2, you would expect a number that is much closer to this. While ICICI Pru’s complaint volume numbers have decreased significantly, we are still concerned about the high numbers that they have reflected over 2021 - 2022. 
    • Considering how ICICI Pru is one of the older life insurance providers in the industry, such high business volume is not exactly surprising, but it is surely reassuring.

Note: Curious about how much coverage you really need? Try our free term cover calculator for a personalised assessment and expert advice on securing your financial future with confidence.

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At Ditto, we’ve assisted over 8,00,000 customers with choosing the right insurance policy. Why customers like Pallavi below love us:

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