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 ICICI Prudential Life Insurance Plan combines the regular benefits of a term insurance plan with extensive coverage for critical illnesses. Some key features include a wide range of products, a higher claim settlement ratio, tax benefits, optional rider options, longer coverage until 99 years of age, and extensive coverage for 34 critical illnesses.

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.

As per FY 2024, the CSR of ICICI Prudential Life Insurance is 99.17%. This number shows how many claims the company settled out of all the claims it got in a year. It shows how committed they are to processing claims quickly and correctly.

Yes, ICICI Prudential offers a free look period. During this time, you can review policy documents; if unsatisfied, you can cancel the policy and receive a refund of the premiums paid. The free look-up period is typically 15 days from the date the policy documents are received and 30 days if the policy is sourced from distance marketing.

Your insurance premium can be influenced by factors such as Age, Gender, Health status, Occupation, Policy term, Medical history, etc. These are some common factors you should consider when determining the premium price. Always discuss with your insurance provider how they affect your policy premium.

Premiums can be paid online using credit, debit cards, or cash/cheque. Timely premium payments are essential for maintaining an active policy and continuing to receive the benefits of your life insurance. You usually have a 30-day grace period to make a premium payment without additional fees if you miss the due date.

In most cases, you do not need to resubmit the documents if you already have an ICICI Prudential Life Insurance policy. Once your policy is issued, the necessary information is kept on record. However, for any updates or changes in the policy, such as adding rider options, increasing coverage, or modifying nominees, you may need to provide additional information.

Yes, you can cancel within the free look-up period. You can log in to their website or follow the cancellation process to cancel the policy. You can also get help from their customer service at 1860 266 7766 (within India) or +91 22 6193 0777 (outside India).

To check the status of your ICICI prudential policy online, you can visit the official website at www.iciciprulife.com. First, log in to your account using credentials and then enter the required details, such as your policy number, registered mobile number, and date of birth. Access your policy details and view the current status of your insurance plan.

The toll-free customer care number for ICICI Prudential Life Insurance is 1800 266 7766. You can call this number for any assistance related to your policy, whether you are a new or existing customer.

ICICI Prudential Life Insurance is a highly respected company that offers a range of insurance products to meet the different needs of customers. Their customer service is helpful and efficient, and they have a wide range of products, including term plans, ULIPs, savings plans, etc., to enhance policyholder's comfort. ICICI Prudential has a strong reputation, a track record, and a high claim settlement ratio.

Missing a premium can lead to a lapse of your life insurance policy. It has a grace period of 30 days, during which you can still make the payment and prevent it from lapsing. However, if you fail, your policy will become inactive, and you will not receive any benefits. It is important to make timely payments to maintain your coverage.

You can make a surrender request to get out of your insurance policy before it expires. The charges for surrendering your policy vary with the products. The amount of money you will get back when you surrender is equal to the value of your fund on the date you surrender. However, no payment will be made before the lock-in period of 5 years.

The free-look period is usually the cancellation period for ICICI Prudential Life Insurance. This period allows policyholders to cancel their policy if they do not like the terms and conditions. This period usually lasts between 15 and 30 days from the date the policy document was received. Within this time, you can change your mind and get your premiums back.

The lock-in period for ICICI Prudential Life Insurance ULIPs is 5 years, as mandated by the Insurance Regulatory and Development Authority of India (IRDAI). There is a time limit on when you can withdraw your money. You will not be able to take money out of your insurance plan until the lock-in period is over.

To get your money back from your ICICI Prudential Life Insurance policy, you can surrender it before it matures and get a payout based on the terms and conditions of the policy. You can also choose an annuity plan that will fully refund all of your premiums, or you can cancel during the "cooling-off" period and get your money back in full.

Yes, you can withdraw a portion of your earnings after five years. However, you can only withdraw up to 20% of your fund value annually. For instance, if your fund value is 1,00,000/-, you can withdraw a maximum of 20,000/- in the year.

ICICI Prudential Life Insurance Company Limited started operating in 2001. It is a partnership between ICICI Bank Limited and Prudential Corporation Holdings Limited. As of December 31, 2023, their Assets Under Management (AUM) amount to ₹2,866.76 billion. They have maintained a strong position in the Indian life insurance industry.

ICICI Prudential Life Insurance Company Limited was formed in 2001 as a collaboration between ICICI Bank Limited and Prudential Corporation Holding Limited. Over the years, the company's assets under management (AUM) have grown consistently. In 2016, ICICI Prudential Life became the first Indian insurance company to be listed on domestic stock exchanges.

There are different payment options for ICICI Prudential Life premiums. You can pay them once a year, half-yearly, quarterly, or every month, depending on your plan and budget.

Medical tests are crucial for ICICI Prudential Life Insurance as they determine premium costs for your plan. Most of the time, healthy people get lower premiums. If you do not tell your insurance company about existing illnesses or conditions that did not show up on tests, your future claims could be denied. They also change the amount of coverage you can get based on your health needs.

Yes. The ICICI Prudential specially designed Pru Precious Life Plan to provide life insurance to people with health problems like diabetes, high cholesterol, or high blood pressure or who have recently had significant surgeries like angioplasty or open-heart surgery. They also made ICICI Pru Diabetes Care Active, a long-term insurance plan just for people with type II diabetes or who are at risk of getting diabetes.

If you pay the premium in advance, you will get a confirmation of payment right away. After the due date, you will get a "Premium Receipt." This receipt tells you how much you paid for your policy's premium and can be used as proof of investment for tax benefits. Within 4 days of the due date, we will send you the premium receipt via email or courier.

If you stop paying the premium, your insurance policy will be cancelled because of missed payments. This means all the agreement's terms and conditions will not apply anymore until you make your policy active again. As long as your policy is still active, you can be sure that your family will get the financial protection it promises.

There are two ways to check on the status of your ICICI Prudential plan: online and offline. You can get your information by going to the ICICI website, entering your login information, and creating a profile. In offline mode, you can connect with customer service or mail at lifeline@iciciprulife.com or call 1860 266 7766 for any policy-related information.

The refund amount for your ICICI Prudential Life Insurance policy will depend on the type of policy you have and your specific situation. However, they offer a unique annuity plan that allows you to receive a 100% refund of your premium at any time after purchase. This option gives policyholders peace of mind and flexibility. Refunds for other policies will depend on various factors, such as the type of policy, premiums paid, and potential surrender value.

To withdraw your policy, contact ICICI Prudential customer service for guidance and the necessary forms. Fill in the details and submit them either at the nearest branch or online. The withdrawal amount will depend on policy duration, premium payments, and applicable charges.

An ICICI Prudential life insurance policy can be cancelled by the policyholder at any time after the policy start date. If cancelled within the free look period, no premium deduction is made by the insurance company. If cancelled after this period, the insurance company will charge a pro-rata premium from the customer.

Yes, you can surrender your ICICI Prudential policy after completing a 5-year lock-in period. There are no taxes on the money you get when you surrender your fund. The value of the fund will be the same as the amount you get. Keep in mind that surrendering your policy means losing the opportunity for long-term investment opportunities.

The maturity claim in ICICI Prudential Life Insurance refers to the amount paid to the policyholder when their policy reaches maturity. This claim includes the sum assured, which is the original coverage amount, as well as accrued Bonuses/Returns. These additional earnings are based on the policy's performance and the terminal bonus. The terminal bonus is an extra bonus that is paid out at maturity. The payout also includes any additional benefits, such as riders or add-ons included in the policy.

ICICI provides a range of plans created to meet customer needs, including iProtect Smart for affordable term insurance with customisable features, Signature Online for a ULIP plan with market-linked returns, and SmartKid with ICICI Pru Smart Life, a child plan that invests in the market and waives the premium. Protect N Gain is a term plan that provides full life cover and returns that are linked to the market.

Yes, ICICI Prudential Life Insurance plans provide tax benefits under Section 80C of the Income Tax Act, 1961. The policy premiums can be deducted up to ₹1.5 lakh per year, which lowers the amount of taxable income and saves money on taxes.

The sum assured is the amount of money that the policyholder chooses to be paid to their nominee if they die. This is the amount that the insurance company pays based on the amount that the policyholder chose when they bought the policy. It will only be given when you have paid all your premiums in full or demise.

To calculate the surrender value, take the amount you paid for the policy and multiply it by 75% of either the remaining time until the policy was supposed to end or the whole duration you initially agreed to keep the policy. This calculation gives you the money you will get back.

Yes, ICICI Prudential Life Insurance is a top insurance provider that offers policies with excellent terms and conditions. Although their premiums may be a bit higher compared to others, they are highly reliable and trustworthy when it comes to claim settlements.

No, it does not come under HDFC Bank. It is a joint venture between ICICI Bank and Prudential Corporation Holdings Limited.

Yes, the ICICI Prudential Term Life policy covers death due to suicide. Suppose the person covered by the ICICI Prudential Term Life policy commits suicide within a year of getting the policy. In that case, the nominee or beneficiary will get 80% of the money that was paid for the policy as long as the policy is still in effect.

To claim ICICI Prudential Life Insurance after the policyholder's death, you must provide their policy number and contact details. You should also submit the death certificate and any other relevant documents with your claim. The insurance company will pay out the claim value to the beneficiary or nominee as per the policy terms and conditions. Consult customer service for more information.

On average, ICICI Prudential Life Insurance takes 1.5 days to handle claims. Aside from that, 97% of claims are processed and settled within 30 days of being reported. In order to give our policyholders and their families peace of mind and support, they usually speed up the claim settlement process.

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.

ICICI Prudential Life Insurance provides a range of life insurance plans for various requirements. The main types include term insurance plans, ULIP plans, pension plans, child insurance plans, traditional savings and money plans, group insurance plans, and rural plans.

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.