Project Report on ICICI Life Insurance: BBA Project for Final Year 2026

This Project Report on ICICI Life Insurance gives an insight into ICICI Prudential Life Insurance Company Limited, one of India’s leading life insurance companies. The report is a BBA final year project for 2026. The report gives an insight into the company’s past, its operational processes, the products offered, finances, a SWOT analysis for the company, and the company’s marketing mix. The aim is to gain a thorough understanding of the company’s market standing and operational processes.

Introduction to ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company Limited began operations in 2001. The company is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. The company has been at the forefront of life insurance in India since its inception and has been leading private life insurers in the country in terms of retail weighted received premium. The company had as of December 31, 2025, a considerable 3,307.29 billion rupees (3.31 lakh crores) in Assets under Management (AUM) [1]. The company’s outstanding position in the market and operational efficiency is reflected in its finances. The company’s philosophy is centered around the customer and is aimed at providing savings and protection products with a focus on varying life stages that are diversified. The company is also a market innovator and in 2017 [1] became the first Indian insurance company to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Historical Milestones and Growth Trajectory

ICICI Prudential Life Insurance has achieved significant milestones during its extensive operational history. These milestones reinforce its position as a leader in the life insurance industry. These milestones also showcase the company’s commitment, strategic planning, and implementation, while highlighting the emerging challenges associated with the insurance industry. The history of the company is intertwined with almost constant innovations and expansions.

Year	Milestone
FY2001	Company commenced operations
FY2002	Crossed 100,000 policies
FY2005	Crossed 1 million policies and 5 million policies
FY2008	Crossed ₹100 billion in total premium and ₹250 billion in AUM
FY2010	Achieved profitability with a registered profit of ₹2.58 billion; AUM reached ₹500 billion
FY2012	Started paying dividends
FY2015	Became the first private life insurer to cross ₹1 trillion in AUM
FY2017	Listed on NSE and BSE
FY2021	Crossed ₹2 trillion in AUM

These milestones reflect the company’s sustained growth and its ability to adapt to market demands, reinforcing its position as a leader in the life insurance sector. This historical perspective is crucial for any Project Report on ICICI Life Insurance.

Financial Performance Analysis (FY2025 Highlights)

ICICI Prudential Life Insurance has had another fiscal year with a solid example of financial performance with all the key metrics of the business showing positive growth for the year 2025. Value of New Business (VNB) grew to ₹2,370 crore from ₹2,227 crore from FY2024, showing growth from both new policies issued AND from profitability [2]. Additionally, the company continues to deliver a strong solvency ratio of 214.8% as of December 31, 2025, which is well above the regulatory requirement of 150% [2]. Having a strong ratio speaks to the ability of the company to solidly meet their obligations in the future. Revenue estimates for 2025 remain approximately at $8.5 billion, with net income growth anticipated 39.4% over 2024 [3]. Data from ICICI Prudential Life Insurance is informative and analytically reliable to warrant a Project Report on ICICI Life Insurance.

Product Portfolio and Offerings

ICICI Prudential Life Insurance has a varied portfolio that caters to different customer needs and life stages. They offer a selection of products, including term insurance, ULIPs, retirement plans, savings plans, and health insurance. Among these, term insurance options include ICICI Pru iProtect Smart Plus and ICICI Pru Protect N Gain, which offer professional financial protection. For retirement planning, ICICI Pru Signature Pension and ICICI Pru Guaranteed Pension Plan Flexi provide products that offer future financial security. The ULIP plans provide insurance and investment options, with popular plans including ICICI Pru Signature, ICICI Pru LifeTime Classic, and ICICI Pru1 Wealth. Wealth and financial planning are the main objectives of the savings plans ICICI Pru GIFT Pro, ICICI Pru Savings Suraksha, and ICICI Pru Gold. The company also addresses vital health protection concerns with ICICI Pru iProtect Smart – Life & Health which is also part of health insurance solutions [1]. ICICI Prudential Life Insurance has a broad and diverse product portfolio which is a major asset for the company

Marketing Mix (4Ps) of ICICI Prudential Life Insurance

ICICI Prudential Life Insurance is successful because of their solid marketing mixture, termed as the 4P’s; Product, Price, Promotion, and Place. This helps the company reach the ideal and keep the competition thriving.

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Product

When it comes to the products offered by ICICI Prudential Life Insurance, the company offers copious amounts of term insurance, ULIPs, retirement plans, savings plans, health plans, and the like. The company believes its most important to customize insurance policies by adding various riders and options to pay your premiums, allowing their clientele the ability to keep their insurance in their control. This dedication to their clientele continues to keep life insurance relevant and keeps their clientele life insurance policy options a vast array.

Price

In keeping the pricing of ICICI Prudential Life Insurance’s policies as affordable as possible, making sure to keep the premiums charged on the most popular term plans, like the iProtect Smart, ICICI Prudential Life Insurance will try to keep the premiums as low as possible. Additionally, to keep the pricing as affordable and competitive to the pricing offered by other companies in the insurance industry, ICICI Prudential Life Insurance will provide pricing on the ULIPs and other life policies.

Place

ICICI Prudential Life Insurance is able to achieve a high level of customer accessibility through numerous omni-channel distribution networks, including more than 1,000 branches, access to a huge number of ICICI Bank branches, and a fully operational and functional website. The organization has also developed a significant digital presence with its mobile app (ICICI Pru Life) and web aggregators, such as PolicyBazar, which allows it to reach a high number of digital consumers [4].

Promotion

ICICI Prudential Life Insurance has developed promotional activities, which allows it to develop integrated marketing campaigns on varied forms of media, including TV and social media, as well as digital advertising. The company often employs the services of brand ambassadors and communicates protective and trusting messages. Through direct and marketing initiatives, ICICI Prudential Life Insurance is able to develop tele marketing, SMS marketing and email marketing approaches in order to engage with its clients and develop potential customers [4]. It is imperative to develop the marketing mix in order to achieve success for any BBA Project Report on ICICI Life Insurance.

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SWOT Analysis: A Strategic Overview

In this Strategic Analysis, I have conducted a SWOT analysis, identifying the internal strengths and weaknesses, and external opportunities and threats facing ICICI Prudential Life Insurance. This analysis is critical to determining the strategic position and possible future direction of the company, thus making it a significant point of this Project Report on ICICI Life Insurance.

Strengths

Brand association with ICICI Bank, one of the largest private sector banks in India, provides ICICI Prudential Life Insurance with a considerable competitive advantage with respect to brand equity. In particular, the Company has a strong distribution network in the rural and urban, Banc assurance, Agency and Digital, and Banking and Insurance channels. As of December 2025, the company has a healthy solvency ratio of 214.8%, which is above the required regulatory minimum of 150% [2]. The Company has demonstrated considerable financial strength with the launching of innovative products, including the ICICI Pru GIFT Pro and the ICICI Pru Signature, which have assisted with the Company in achieving market leadership in the Indian private life insurance sector [1].

Weaknesses

Regarding its weaknesses, ICICI Prudential Life Insurance has some issues to resolve. First, while ICICI Prudential has minimized its risks in some ways through its learning, it has also maximized its risks through its reliance on bancassurance. This means that a large proportion of its business relies on one of its associated banks, that is, ICICI Bank. Furthermore, some of ICICI Prudential’s high operating costs could also be attributed to its competitors within the market.

Beyond that, the sophisticated nature of some products, especially certain Unit Linked Insurance Plans (ULIPs) and some plans for savings, are problematic on multiple levels. From a customer-centric approach, it is likely that the rural clientele will find such products increasingly difficult to understand [4].

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Opportunities

Many facets of the Indian insurance market are still in their youth and can be considered as a field of prospects for ICICI Prudential Life Insurance. There is currently a developing wave of opportunities for the Indian market advancement. Rapid changes to the digital market have resulted in a lengthy list of opportunities in this area, all of which are focused on the advancement of digital customer service and the online sales of customer service products.

With the improvement of the digital marketplace, the market in India has great opportunities in the area of digital insurance. India has great opportunities for the advancement of digital insurance in India as it has a large digital marketplace and a high digital insurance market. Increased insurance awareness, especially after COVID-19, has led to increased demand for health and term insurance.

Rapidly increasing aged population has increased the demand for annuity and pension products, as well as retirement planning. There are also increased demands for these products as the aged population increases [4].

Threats

ICICI Prudential Life Insurance is subject to numerous threats that pour in from all across where competition is extremely intense with major players like LIC, HDFC Life, and SBI Life consistently putting pressure on both market share and profitability. There is a threat from IRDAI’s regulatory changes on commissions and tax benefits as this has the potential to re-engineer entire business models. Economic uncertainty and market cycles negatively impact ULIPs. Customer confidence and returns are also negatively impacted as well [3]. 

Corporate Social Responsibility (CSR) Initiatives (FY2025-26)

Aligning business goals with the well-being of the society, ICICI Prudential Life Insurance has committed to corporate social responsibility for the next fiscal years of 2025-26 which primarily includes activities in the domains of education, healthcare, skill development, and financial inclusion. Such activities are expected to create a positive impact on the GDP of the country and the society as well as the environment. Furthermore, in several programs for rural development and vocational training, the company’s engagement has been a support of the sustainable livelihood of the communities.

Also, ICICI Prudential Life Insurance has been implementing activities that help in increasing the environmental well-being, including the promotion of paperless office, which is expected to support a sustainable environment [1]. Such activities are an indication that the company is involved in activities other than profit making. This is an evidence of the company’s social responsibility which is a mandatory formality for all Project Reports on ICICI Life Insurance.

Conclusion

ICICI Prudential Life Insurance is one of the prominent companies providing Life Insurance services in India. Its financial performance, range of insurance products and market positioning are commendable. Its journey since its inception in 2001 has been worthwhile with success. There are a few challenges in the business environment such as competition and market regulations. However, due to its strong market presence in brand, distribution, and innovative products and the growing market, the company is bound to do well. In addition, the company has been active in doing its Corporate Social Responsibility. The project on ICICI Life Insurance is useful to BBA students and stakeholders who want to understand the Indian Insurance market. 

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References

[1] ICICI Prudential Life Insurance. (n.d.). Company Overview. Retrieved February 28, 2026, from https://www.iciciprulife.com/about-us/company-overview.html

[2] ICRA. (2025, October 9). ICICI Prudential Life Insurance Company Limited: Rating Report. Retrieved February 28, 2026, from https://www.icra.in/Rating/GetRationalReportFilePdf?id=138255

[3] GlobalData. (n.d.). ICICI Prudential Life Insurance Co Ltd Company Profile. Retrieved February 28, 2026, from https://www.globaldata.com/company-profile/icici-prudential-life-insurance-co-ltd/

[4] Canvas Business Model. (n.d.). Marketing Mix Analysis of ICICI Prudential Life Insurance. Retrieved February 28, 2026, from https://canvasbusinessmodel.com/products/icici-prudential-life-insurance-marketing-mix