Policy Payouts - Payouts Related FAQs | ICICI Prulife (2024)

You have a period of 15 days to review your original policy document from the date of receipt. If you are not satisfied with the terms and conditions of your policy, you can return it to us for cancellation, and you will be eligible for a refund. If your policy is sourced through distance marketing, you have a period of 30 days. This will be mentioned in your policy certificate.

To cancel your policy within the free look (review period), fill up this form and visit any of our branches with your policy document. To locate the nearest branch, click here.

Once received, we will process your request and refund the premium amount after applicable deductions (if any) within 10 days.

Yes, there are certain charges incurred due to policy cancellation under the freelook period. The charges would depend upon the type of the policy purchased as mentioned below:

1. For ULIP's: We will refund the premium paid to your account after adjusting for NAV fluctuations (if any), deduction of stamp duty and expenses borne by us for conducting medical tests, if any
2. For a Term/Endowment Policy: We will refund the premium paid to your account after deduction of proportionate risk premium, stamp duty and expenses borne by us for conducting medical tests, if any

Surrender is a mid-term termination of your life insurance policy. If you surrender your policy your life insurance cover will end and all your policy benefits will stop. Hence, we recommend you to re-think your decision of surrendering the financial security of your loved ones.

You can surrender your policy, only after completion of the lock-in period. For details of the lock-in period in your policy, please refer to your policy document. On surrender of your policy your policy value will be paid to you as per the policy terms.

To surrender your policy, you can visit any of our branches with the following documents:

1. Surrender form. Click here to generate the form, by entering your policy number and date of birth.
2. Policy document.
3. Signed copy of photo identity proof of the policy holder, i.e., Aadhaar Card etc. Please carry an original copy of the identity proof.
4. Cancelled cheque of the bank account in which you wish to receive the surrender amount. Please ensure that your name is printed on the cheque.

To locate the nearest branch, click here.

Once we receive your request, we will process your payout within 10 working days and send you confirmation.

If your policy offers a maturity benefit, then at the end of your policy term, a maturity benefit will be paid to you, provided all due premiums on the policy have been paid. Your maturity amount will be directly credited to your bank account number registered with us within 15 days of your policy maturity date.

For a smooth payout, we recommend you to update your bank account details. Insurance Regulatory and Development Authority (IRDAI) has also made it compulsory for all policy holders to register their bank account details.

Documents to register your bank account details:

1. A signed copy of the electronic payout form with your bank account details. Click here to download the form.
2. Cancelled cheque of the bank account in which you want to receive your policy payout. Please ensure your name is printed on the cheque.
3. A Signed copy of your identity proof such as driving license or passport.

You can submit these documents through any of these options:

• Our Branches: You can submit these documents at any of our branches. To locate the nearest branch, click here.
• Courier: Courier or post these documents to:

  ICICI Prudential Life Insurance Co. Ltd.,
  Unit No. 1A & 2A, Raheja Tipco Plaza, Rani Sati Marg,
  Malad (East), Mumbai- 400 097.

• Whatsapp: WhatsApp your bank account details:

  Take a photo of a cancelled cheque of your bank account and WhatsApp it to 9920667766 from your registered mobile number. Do mention your policy number in your message. If you wish to receive the payout in an NRE account, then please share proof of premium payment.

• Website: You can update your bank account details online in just a few steps:
  • 1. Login to your www.iciciprulife.com account with your registered email id/mobile number.
  • 2. Select 'Update Bank Details' option and upload the copy of a cancelled cheque and fill in the required bank details. The copy of the cancelled cheque should be signed by you.

Once we receive your request, we will process it in 10 working days and send you a confirmation.

If your policy offers a maturity benefit, then at the end of your policy term, a maturity benefit will be paid to you provided all due premiums on the policy have been paid. Your maturity amount will be directly credited to your bank account number registered with us within 7 days of your policy maturity date.

For a smooth payout, we recommend you to update your bank account details. IRDAI has also made it compulsory for all policy holders to register their bank account details.

Documents to register your bank account details:

1. A signed copy of the electronic payout form with your bank account details. Click here to download the form.
2. Cancelled cheque of the bank account in which you want to receive your policy payout. Please ensure your name is printed on the cheque.
3. A Signed copy of your identity proof such as driving license or passport.

You can submit these documents through any of these options:

• Our Branches: You can submit these documents at any of our branches. To locate the nearest branch, click here.
• Courier: Courier or post these documents to:

  ICICI Prudential Life Insurance Co. Ltd.,
  Unit No. 1A & 2A, Raheja Tipco Plaza, Rani Sati Marg,
  Malad (East), Mumbai- 400 097.

• Whatsapp: WhatsApp your bank account details:

  Take a photo of a cancelled cheque of your bank account and WhatsApp it to 9920667766 from your registered mobile number. Do mention your policy number in your message. If you wish to receive the payout in an NRE account, then please share proof of premium payment.

• Website: You can update your bank account details online in just a few steps:
  • 1. Login to your www.iciciprulife.com account with your registered email id/mobile number.
  • 2. Select 'Update Bank Details' option and upload the copy of a cancelled cheque and fill in the required bank details. The copy of the cancelled cheque should be signed by you.

Once we receive your request, we will process it in 10 working days and send you a confirmation.