ICICI Prudential Life Insurance FAQs

ICICI Prudential offers 3 modes of premium payment. These are:

1. Online: Online options include net banking, UPI, Credit Card, Debit Card, and e-wallets.

2. Cheque: You can pay the premium for a life insurance policy via cheque at any ICICI Prudential branch or some listed banks.

3. Cash: The next option is to pay policy premiums in cash.

Claim Settlement Ratio (CSR) of ICICI Prudential Life Insurance is 97.84% FY 2019-20.

The toll-free number of ICICI Prudential Life Insurance is 1860-266 -7766. You can talk to the customer care executives between 10:00 am to 7:00 pm, Monday to Saturday (except national holidays).

The claim benefit can be received by:

• The nominee you appoint while you purchase the insurance policy or the guardian in case of a minor nominee.
• The proposer is also known as the policyholder.
• An assignee is a person in whose favour the policy has been assigned in case the policy is assigned.

In case of a disability claim, you can report the claim within 120 days from the date of the disability. In case of critical illness or major surgery, the claim is to be reported within 60 days from the date of diagnosis or surgery.

In the absence of a nominee, your family members will have to produce proof establishing their right to claim the policy benefit.

A claim will be declined if it does not abide by the following:

• Declaration and authorisation which were provided at the time of policy agreement and inception, as specified in the form of application
• Terms and Conditions mentioned in the policy document.

Under the life insurance category, ICICI Prudential offers Term Insurance Plans, Health Insurance plans, Unit Linked Insurance Plans, Traditional Savings/Money Plans, Retirement Plans, Group Plans, Rural Plans.

Factors that affect the premium calculation of ICICI Life insurance plans include the policyholder’s age, sum assured, gender, lifestyle, job, medical history, type of policy and tenure of the policy among other factors.

In case of non-payment of premium by the due date, ICICI Prudential Life Insurance offers a grace period of 15 days for monthly payments and of 30 days for half-yearly and yearly payments.

ICICI Prudential Life Insurance offers the 4 flexible payout options to its life insurance customers namely Lump-sum, Income, Increasing income and Lump-sum plus income.

Death caused because of any health problems is covered by the life insurance policies including term life insurance policy. It also stands true for the death happening because of the Coronavirus disease. If a person who has purchased ICICI Pru iProtect smart policy passes away due to COVID-19, his/her nominee will be paid the sum assured.

The age limit is subject to the type of plan chosen by the policyholder. For instance, to buy ICICI Pru iProtect Smart, the minimum age is 18 years and the maximum age is 65 years.

Factors that affect the premium calculation for life insurance plans are age, gender, medical history, geographic location, BMI index and lifestyle of a person who is purchasing the insurance plan.

You can calculate the life insurance cover that you require by considering several factors such as human life value, liabilities, total income, your financial goals, the number of dependent members in the family, and current monthly expenses.

The tenure of life insurance plans depends on the requirements of the policyholder. Generally, they are 5 years, 10 years, 15 years, 20 years, 30 years, etc. in multiples of 5 years.

It is recommended to purchase life insurance cover of 10-15 times your annual income.