Can I Surrender My ICICI Prudential Policy Online (2024)

FAQs

Can we close ICICI Prudential policy online? ›

ICICI Prudential has made it very easy to cancel life insurance policy online. You can do this by logging on to the website and then going to the 'Cancel Policy' section. Or you have to contact the ICICI Prudential life insurance company and convey your wish to cancel the policy.

The surrender value is the amount you get when you return the policy. The surrender value for ICICI Prudential Life Insurance is calculated by multiplying the single premium by 75% of the remaining/whole term.

Yes, you can surrender your ICICI Prudential policy online through send an email to customer.service@prudential.com.sg or calling customer care number 1800 333 0333 to request the surrender application form.

Can I close my account? If you are an active employee, you cannot close your Retirement account with us. To remove funds from your retirement account, you need to be eligible for a distribution. In general, you become eligible once you have left the employer sponsoring the plan.

Due to some financial issues at my personal end, I am compelled to surrender this policy because I will not be able to manage this policy and moreover, I will have handsome amount of money which I will be able to use for handling the economic situations I am facing at the present.

If you decide to surrender your life insurance policy, the life insurance company will pay you the cash value, also known as surrender value. You will suffer a loss if you surrender your policy before the maturity period.

A surrender charge is a fee levied on a life insurance policyholder upon cancellation of their life insurance policy. The fee is used to cover the costs of keeping the insurance policy on the insurance provider's books. A surrender charge is also known as a "surrender fee."

In most cases your premium payments will be forfeited, and you will not receive anything for your previous payments. The one exception to this is if you have whole life insurance and cancel it. You may have built up equity for all of the payments you have made so you may receive a lump sum payment from your insurer.

What is the refund of policy surrender? ›

In general, the surrender value is returned to the policyholder at 30% of the premium amount. The actual surrender value may vary according to the policy term and the number of premiums you have paid. When calculating surrender value for a policy, LIC will not include any bonuses, rider premiums, or tax benefits.

You can access your cash value in three ways: (1) borrowing against the policy (you'll have to repay with interest), (2) withdrawing some of your money, or (3) canceling the policy to receive the surrender value.

In case of any emergency or in times of need, ULIPs provide the option of partial withdrawals post the minimum lock-in period. You can make partial withdrawals, as long as the total amount you withdraw in a year does not exceed 20% of the value of your fund in a policy year.

Guaranteed Surrender Value = 30% X Total premiums paid. The first-year premiums and all the added premiums or premiums for accident benefit or the term rider are excluded from the same. The percentage to be paid may depend on the policy plan and the year in which an individual will surrender the policy.

Disadvantages of ICICI Prudential Life Insurance:

ICICI Prudential Life Insurance Policy will get lapsed for non-payment of premium within the grace period. ICICI Prudential Life Insurance plans offer no maturity or survival benefit payable under their Insurance policy.

If you decide to surrender your life insurance policy, the life insurance company will pay you the cash value, also known as surrender value. You will suffer a loss if you surrender your policy before the maturity period.

You will need to send a written request either offline or online with the details of your policy and the reason for the policy cancellation. After receiving the request for policy cancellation, the insurance company will try to give you a solution regarding the same.

In case of any emergency or in times of need, ULIPs provide the option of partial withdrawals post the minimum lock-in period. You can make partial withdrawals, as long as the total amount you withdraw in a year does not exceed 20% of the value of your fund in a policy year.

In case you have purchased an insurance policy and are not happy with the benefits, you can go ahead and cancel the policy. However, it is vital that you cancel the policy within the cooling period, as the entire premium that is paid may be refunded.