When it comes to catering to your family’s needs in case of your absence, life insurance is essential. In the unfortunate event that the policyholder passes away during the insurance term, the life insurer is obligated to pay a predetermined sum of money to the policyholder’s survivors by the terms and conditions agreed upon by the policyholder and the insurer. With growing market demand, ICICI Prudential Life Insurance and Max Life Insurance have gained significant reputation, making life insurance affordable and convenient.
No matter if it is Max Life or ICICI Prudential, having life insurance offers the greatest level of peace of mind. This is because if someone were to pass away, their family and loved ones would have a financial safety net. Selecting the best life insurance option is crucial because both have advantages of their own.
Without further ado, let’s dig down deep into both and understand what suits you the best.
What is ICICI Prudential Life Insurance?
After starting operations in 2001, ICICI Prudential is now one of India’s most powerful insurance companies. Prudential Corporation Holdings Limited and ICICI Bank Limited jointly promote ICICI Prudential Life Insurance. The life insurance by ICICI Prudential allows customers to buy life insurance products at low premiums. Not only is the ICICI Prudential life insurance affordable, but it also covers the insured for higher coverage and a quick claim settlement process.
Key Features and Benefits of ICICI Prudential Life Insurance
Here are the features and benefits of considering Life Insurance by ICICI Prudential.
Financial Protection:
In the event of your untimely passing, ICICI Prudential Life Insurance offers your loved ones financial security. Also, it aids in securing the lives of every employee.
High Claim Settlement Ratio:
According to the IRDAI Report, ICICI Prudential Life Insurance has an impressive Claim Settlement Ratio of 97.82% for the fiscal year 2021–2022. The CSR values represent the ratio of claims settled to claims filed during the relevant financial year.
Budget-friendly Premiums:
ICICI Prudential life insurance comes at the lowest premium costs. You can choose or customise your choice that best suits your needs from their list of options.
Online Customer Services:
ICICI Prudential Life Insurance has a dedicated Login Portal that gives customers the ability to manage and keep track of their insurance updates. By using the portal, you can access your insurance account and make online premium payments, update your personal information, view a history of your claim submissions, and more.
Award-Winning Services:
Numerous awards that ICICI Prudential Life Insurance has received over the years are evidence of the insurer’s commitment to its clients. For instance, the business won the FICCI’s “Claims and Customer Service Excellence Award” in the category of life insurance, the Customer Fest Leadership Awards 2020’s “Best Alternative or Digital Payments Programme of the Year” award, and the Indian Insurance Summit and Awards 2020’s “Customer Service Company of the Year” award.
Tax Savings:
The Income Tax Act’s Section 80C allows for a tax deduction on the premiums paid. Accordingly, your annual premium payment of up to 1.5 lakh will be subtracted from your gross income, reducing your tax liability. The Income Tax Act’s Section 10(10D) governs this tax benefit.
Understanding Max Life Insurance
With the aid of a need-based sales process, Max Life has been operating for 20 years. Along with having a quality distribution system and multi-channel distribution partners, Max Life Insurance assist in meeting the financial needs of a large customer base. Customers can expect a prompt and hassle-free resolution of their claims thanks to an impressive claim settlement ratio of 99.34% (FY 2021–22). If you want to provide for your family in case of your absence, Max Life Insurance provides numerous benefits and a greater sum assured, ensuring your loved ones can easily sustain for their lifetime.
Key Features and Benefits of ICICI Prudential Life Insurance
Here are the features and benefits of considering Life Insurance by ICICI Prudential.
Financial Protection:
In the event of your untimely passing, ICICI Prudential Life Insurance offers your loved ones financial security. Also, it aids in securing the lives of every employee.
High Claim Settlement Ratio:
According to the IRDAI Report, ICICI Prudential Life Insurance has an impressive Claim Settlement Ratio of 97.82% for the fiscal year 2021–2022. The CSR values represent the ratio of claims settled to claims filed during the relevant financial year.
Budget-friendly Premiums:
ICICI Prudential life insurance comes at the lowest premium costs. You can choose or customise your choice that best suits your needs from their list of options.
Online Customer Services:
ICICI Prudential Life Insurance has a dedicated Login Portal that gives customers the ability to manage and keep track of their insurance updates. By using the portal, you can access your insurance account and make online premium payments, update your personal information, view a history of your claim submissions, and more.
Award-Winning Services:
Numerous awards that ICICI Prudential Life Insurance has received over the years are evidence of the insurer’s commitment to its clients. For instance, the business won the FICCI’s “Claims and Customer Service Excellence Award” in the category of life insurance, the Customer Fest Leadership Awards 2020’s “Best Alternative or Digital Payments Programme of the Year” award, and the Indian Insurance Summit and Awards 2020’s “Customer Service Company of the Year” award.
Tax Savings:
The Income Tax Act’s Section 80C allows for a tax deduction on the premiums paid. Accordingly, your annual premium payment of up to 1.5 lakh will be subtracted from your gross income, reducing your tax liability. The Income Tax Act’s Section 10(10D) governs this tax benefit.
Comparison Between ICICI Prudential Life Insurance and Max Life Insurance
Still confused about what to choose? Don’t worry! Here is the complete difference between Max Life Insurance and ICICI Prudential Life Insurance.
| Parameters | Max Life Insurance | ICICI Prudential Life Insurance |
| Claim Settlement Ratio (As per the IRDAI Report) | 99.34% (2021-22) | 97.82% (2021-22) |
| Solvency Ratio (As per the IRDAI Report) | 2.01% (2022) | 2.04% (2022) |
| No. of Plans | 22 | 27 |
| Premium Underwritten (As per the IRDAI Report) | 22,414.17 (2021-22) | 37,457.99 (2021-22) |
| Equity Share Capital | 1,918.81 (As on March 31, 22) | 1,435.97 (As on March 31, 21) |
| Branch Offices | 269 | 471 Branches |
| Asset Under Management | Rs. 70,359.85 Cr. (2022). | Rs. 72,461.46 Cr. (2022) |
| Mobile App | Max Life Insurance | ICICI Prudential Life |
| Awards & Recognition | Most Trusted BFSI Brand 2023 By Marksmen Daily Celent Global Model Insurer Award Recognised by the Economic Times Sustainable Organization 2023 Awarded Excellence in Driving Distribution Through Digital at the FICCI Insurance Industry Awards 2022 Recognized at e4m pride of India Brands- North Conference & Awards 2023 Awarded Silver for Super Customer Week at the E4M Indian Marketing Awards 2023 Awarded Legal Department of the Year at Biz Asia Legal Award 2022 Finance Transformation Award at the 10th Finance Transformation India Summit & Awards 2022 Special Mention for Internal Communications at Velocity Awards | Award for ‘Best Sustainability Report’ from CMO ASIA Award for ‘Organisational excellence and contribution to the insurance sector by ASSOCHAM for the Business Intelligence Team of the Company Award for ‘Excellence in Driving Distribution in Digital’ by FICCI Ranked 11th and the only one among banks and insurance companies in the ’30 Top Corporate Communication Teams’ for 2023 by Reputation Today – India’s leading PR and Corporate Communication magazine Award for ‘Best Use of Mobile to Enhance Customer Experience at the 16th edition of The Customer FEST Awards 2023 Award for ‘Best Data Enablement Campaign in a Loyalty Programme’ at the 16th edition of The Customer FEST Awards 2023 Award for ‘Best Data/Analytics Team of the Year at the 16th edition of The Customer FEST Awards 2023 Award for ‘Excellence in Financial Reporting for the year 2021-2022 for the Company’s Annual Report and Financial Statement for FY2022 by ICAI Award for ‘Best Use of Data & Insights in a Transformation Project’ at the 16th edition of The Customer FEST Awards 2023 Award for ‘Corporate Governance at the Dun & Bradstreet ESG Awards 2023 |
| Exclusive Online Discount | 5% | NA |
Which One to Pick: ICICI Prudential Life Insurance or Max Life Insurance?
Max Life Insurance and ICICI Prudential Life Insurance are good options to secure your family’s future in case of your absence. Before choosing between them, compare all the features and advantages of Max Life Insurance and ICICI Prudential Life Insurance. If you are looking for life insurance with a higher claim settlement ratio, then look no further than Max Life Insurance. On the other hand, if you are looking for more branches and better customer support, then considering ICICI Prudential Life Insurance will be an ideal choice.
