How to Cancel ICICI Prudential Life Insurance Policy Online (2024)

FAQs

Can I cancel my ICICI Prudential Life Insurance policy? ›

Step 1 First you need to reach out to the customer care executives of ICICI PruLife insurance company and provide all the necessary details related to your policy. Step 2 The agents will guide the insured to fill out the cancellation form in written format either via mail or a physical letter.

How do I surrender a Prudential life insurance policy? To request a loan or withdrawal from your Prudential policy, or to perform a cash surrender of your policy, contact your Prudential professional, or call our Customer Service Center at 1-800-778-2255, Mon. -Fri., 8 a.m.-8 p.m. ET.

There are no specific policy guidelines which are laid by the LIC to surrender their policy. However, if one wishes to cancel their policy or ULIPs much before the maturity date, then they can easily do it via visiting the company's website or LIC's nearest office branch.

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.

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.

Our customer service officer in our Call Center or Branch will guide you on the process you need to follow to surrender your policy. Documents need to be submitted at any ICICI Prudential Life Insurance branch. Please note: In case you are unable to visit our branch, you can submit your request through a third party.

Surrender value is the amount of money that you will receive in case you surrender your policy. The surrender value of ICICI Prudential life insurance is calculated as a Single premium multiplied by 75% of the outstanding term to maturity/ total term.

You should reassess that risk regularly to see if it has changed every few years, especially if the premiums are high. You shouldn't hesitate to cancel a life insurance policy—or allow it to expire—if you've identified that you no longer need it.

How do I check the fund value of my policy on the ICICI Prudential Life Insurance App? After you log in, on the “My Dashboard” screen, you can check the “Services” section and then tap on “Fund Value”.

What is the free look period of ICICI Prudential Life Insurance? ›

Once the welcome kit is deposited in your eiA, you will receive an SMS and email from ICICI Prudential Life Insurance and also your eiA service provider (i.e., CAMS, NSDL, etc.) For all other policyholders who receive the kit physically, a freelook period of 30 days from the policy kit dispatch date is applicable.

For annuities and life insurance, the surrender fee often starts at 10% if you cash in your investment in year one. It goes down to 1% if you cash it in during year nine and no surrender fees in year 10 or longer.

You can cash out a life insurance policy. How much money you get for it will depend on the amount of cash value held in it. If you have, say $10,000 of accumulated cash value, you would be entitled to withdraw up to all of that amount (less any surrender fees). At that point, however, your policy would be terminated.

Most providers allow policyholders to cancel their policies at any time. However, some may impose a waiting period before the cancellation goes into effect. This period could be as long as 30 days or more and is intended to prevent insurance gaps for drivers and loss of premiums for insurance companies.