FAQs: Group Insurance
Group Insurance FAQs
- Master policy holder: A master policy holder can be a company, institution, bank, Non-Banking Financial Company (NBFC) or any other entity/organisation who purchases a group insurance policy for the members of the group
- Member: A member is any individual insured by the group insurance policy (master group policy) taken by a master policy holder. For example, employees of an organisation, loan borrowers of a bank and more
There are mainly two types of groups that can avail group insurance policy through ICICI Prudential Life:
- Employer-employee (formal group): These groups are mainly companies or organisations wherein the employer purchases the insurance plan to insure its employees
- Non-employees (informal group): These groups include members or customers of financial institutions, banks, NBFC, employee welfare associations and more
| Type of group insurance | First point of contact | Second point of contact |
|---|---|---|
| Employer-employee (Formal) | Master policy holder, i.e., Employer | grouplife@iciciprulife.com |
| Non-employee (Informal) | Master policy holder, e.g., financial institute, bank, etc. | lifeline@iciciprulife.com or call 1800 266 1999 |
Where can I access my Certificate of Insurance (Policy Document)?
Certificate of Insurance (Policy Document) is sent to members within 15 days of policy issuance. It is emailed to the registered email ID or sent as an SMS link to the registered mobile number of the member insured by the master group policy. In case contact details are not updated, a physical copy of the Certificate of Insurance (Policy Document) is sent to the registered address.
You can access your Certificate of Insurance (Policy Document) through any of the options below:
| Website | Visit www.iciciprulife.com > Go to the ‘Customer Services’ tab > Click on ‘Insurance Certificate’ > Enter your policy details and download the Certificate of Insurance Click here to download now |
| Mobile App | Download the ICICI Prudential Life Mobile app > Go to ‘Services’ on home page > Click on ‘Certificate of Insurance’ > Enter details and download the ‘Certificate of Insurance’ |
| Write to us at lifeline@iciciprulife.com with your policy number to receive a copy of the Certificate of Insurance |
*Applicable only for non-employees (informal group) policy members
What is a freelook (policy review) period?
The freelook feature of life insurance policies is a provision made in the interest of protection of policyholder rights. During this period, you can review the policy benefits, terms and conditions of your policy and decide whether to continue, modify any details or cancel the policy. Hence, the freelook (policy review) period is like a trial period for you to review your policy terms and conditions and your policy details post purchase. During this period, you have the option to modify your details, product features or cancel the policy if you are not satisfied with terms and conditions mentioned in the policy document.
When can I apply for a policy cancellation within the freelook (policy review) period?
As per IRDAI guidelines, if you are not satisfied with the terms and conditions of the policy, you have the option to raise a request for cancellation of the policy within 15 days from the date of receipt of the policy document in physical mode and within 30 days for policies obtained through digital mode.
How to raise a request for policy cancellation during freelook (policy review) period?
To raise a request for policy cancellation during freelook (policy review) period, you can connect with your master policy holder. Alternatively, you can write to us at lifeline@iciciprulife.com along with the documents mentioned below:
- Signed copy of the Photo Identity Proof of the member insured by the master group policy (Any one: Aadhaar Card / PAN Card / Passport / Driving License)
- Copy of Cancelled Cheque / Bank Statement / Bank Account Passbook of the member insured by the master group policy where payment needs to be transferred
Please mention the policy number and the loan account number (if applicable) while writing to us.
It may take up to 15 days to process your policy cancellation request after all required documents are received.
*Applicable only for non-employees (informal group) policy members
What is the process to update contact details in a group policy?
You can connect with the master policy holder for raising a request to update contact details in your group policy. Alternatively, you can write to us at lifeline@iciciprulife.com along with details/documents mentioned below for raising a request to update contact details in your group policy:
- Policy Number as mentioned in Certificate of Insurance (Policy Document) and Loan Account Number (If applicable)
- Signed copy of Photo Identity Proof of the member insured by the master group policy (Any one: Aadhaar Card / PAN Card / Passport / Driving License)
It may take up to 10 days to process your request after all required documents are received.
*Applicable only for non-employees (informal group) policy members
Who can be a nominee in your insurance policy? How can I add or update a nominee for a group policy?
A nominee is a person who receives the life insurance claim payout of your life insurance policy in case of your unfortunate demise. When you appoint a person as your nominee, the nomination enables your nominee to receive the policy proceeds in the event of your untimely death without the necessity of producing any legal evidence of title to your estate. You may nominate any person as your nominee.
As per section 39 of the Insurance Act 1938, any person can be selected as a nominee, however only legal heirs of the Life Assured (if made nominee) shall be beneficially entitled to the proceed under the policy.
Let’s say, the person insured has appointed person A as the nominee in the policy. However, their will mentions person B as eligible to receive a specified part of the policy amount. This will supersede the nominee mentioned in the policy and the payout will be made to person B.
A minor can be considered as a nominee but only if an adult (age above 18) is mentioned as the appointee along with the minor.
You can contact the master policy holder for raising a request for updating the nominee details of your policy. Alternatively, you can write to us at lifeline@iciciprulife.com along with documents mentioned below:
- Duly Filled Nomination Form with details of the nominee Click here to download
- Loan Application Number (If applicable)
- Signed copy of a Photo Identity Proof of the nominee (Any one: Aadhaar Card / PAN Card / Passport / Driving License)
- Current Address Proof of the nominee (Anyone: Aadhar Card / Passport / Driving License / Voter ID)
- Copy of Date of Birth Proof of the nominee (Anyone: Birth Certificate / School Leaving Certificate / Voter ID / Ration Card / Aadhaar Card / PAN Card / Passport / Driving License)
Note:
- If the nominee is a minor, then details of the appointee must also be filled in on the Nomination Form
- Nominee change requires an email confirmation from the master policy holder
It may take up to 10 days to process your request after all required documents are received. An email confirmation will be sent to your registered email ID once the request is processed.
*Applicable only for non-employees (informal group) policy members
To know more about the nominee related details, click here
What is policy surrender?
Policy surrender is the termination or cancellation of a life insurance policy before the end of the policy term or the policy maturity date. On policy surrender, policy benefits such as the life insurance cover immediately stop. A surrender cash value (if applicable) is paid post deduction of charges and applicable taxes based on the number of premiums paid and the terms and conditions of the product.
How to surrender a group policy?
You can connect with the master policy holder for raising surrender request of policy. Alternatively, you can write to us at lifeline@iciciprulife.com along with documents mentioned below:
- Signed copy of the Photo Identity Proof of member insured by master policy (Any one: Aadhaar Card / PAN Card / Passport / Driving License)
- Copy of Cancelled Cheque / Bank Statement / Bank Account Passbook of the member insured by the master group policy
- No Objection Certificate (NOC) from master policy holder
Note:
No Objection Certificate (NOC) given by the master policy holder (MPH) to the member needs to be duly signed by authorised signatory with stamp. Stamp / signature may not be required if the letter states that it is a computer generated/digitally signed and is printed on the company letterhead.
*Applicable only for non-employee (informal group) policy members
It may take up to 15 days to process your policy surrender request after all required documents are received.
What are the types of claims in a group life insurance policy?
A life insurance claim is a formal request made by the beneficiaries of the policy to the insurance provider. It provides the money or benefits promised in the policy in case of the unfortunate demise of the person insured.
There are mainly 2 types of group life insurance claims:
- Life insurance (death) claim: If the person insured by the policy (Life Assured) passes away during the term of the policy, the person mentioned as the nominee in the policy will need to file a life insurance claim to receive the sum assured/death benefit
- Rider claim: These are additional benefits, added to the original life insurance policy on payment of extra premium. There are different types of riders attached to a life insurance plan:
- Accidental death rider: This is paid along with the life insurance benefit in case the Life Assured passes away due to an accident
- Critical illness rider/Permanent disability rider: With these riders, the Policyholder can file a claim if they are diagnosed with any of the conditions listed in the policy document
- Terminal Illness: If this option is chosen by the member, the benefit is payable on diagnosis of a Terminal Illness of the member with any of the conditions listed as Terminal Illness in the policy document, while the member’s cover is in-force. Terminal Illness benefit is equal to death benefit
To know more about the policy benefits, please refer to your policy document. To download policy document, click here
What is the process to file a death claim in a group life insurance policy?
In case the member insured by the master group policy (Life Assured) passes away, the nominee can register for a death claim by informing the master policy holder and provide the documents mentioned below.
Alternatively, the nominee may visit nearest ICICI Prudential Life Insurance branch with documents mentioned below to intimate a death claim.
Documents required for claim registration:
| For employer-employee (formal) group policy: | For non-employee (informal) group policy: |
|---|---|
Mandatory:
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Mandatory:
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Additional:
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Additional:
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Will the death claim be paid to the master policy holder/nominee?
In case of non-employee (informal) group polic y, the claim amount will be paid as per outstanding credit statement shared by the master policy holder. The claim amount equivalent to the outstanding loan amount will be credited to the master policy holder and the remaining claim amount, if any, will be paid to the nominee.
For an employer – employee (formal), group policy claim amount will be paid to the nominee.
Who would receive the claims payout if the nominee mentioned in the policy has passed away?
For non-employee (informal) group policy, if the nominee in the policy has passed away and no new nominee is assigned for the policy then the policy benefits will be paid to the legal heirs based on valid documentation. This will be considered under Open Title claim where a claim can be made by the legal heirs of the Life Assured or the deceased nominee.
Documents required for claim registration:
- Indemnity bond on a ₹ 600 Stamp paper
- Signed copy of a Photo Identity Proof of the claimant (Any one: Aadhaar Card / PAN Card / Passport / Driving License)
- Copy of Cancelled Cheque / Bank Statement / Bank Account Passbook of the claimant where payment needs to be transferred
- NOC from all legal heirs
For an employer – employee (formal) group policy, the claimant needs to contact the master policy holder.
How much time does it take for a claim to be decisioned?
| As per Insurance Regulation and Development Authority of India (IRDAI) | |
|---|---|
| Stages of claim | Turnaround time |
| Claim Requirements communicated to the claimant | Within 15 days of receipt of claim |
| Settlement or Rejection or repudiation of claims where field verification is not required | Within 30 days from the date of receipt of last necessary document |
| Settlement / Rejection / Repudiation of claims where field verification is required | Field verification to be completed not later than 90 days from the date of receipt of claim intimation and the claim shall be decided within 30 days thereafter |
How do I get details about the reason for my claim rejection?
At ICICI Prudential Life Insurance, we aim to settle every genuine claim. Every claim denied is examined thoroughly before it is decisioned. A detailed communication mentioning the reason for claim rejection is sent to claimant.
Who can I reach out to if I am not satisfied with the claim decision/claim amount?
If your claim was accepted and you are not satisfied with the claim amount processed or require clarification on the claim amount, you may write to claimsupport@iciciprulife.com
In case your claim was rejected and you wish to represent the claim (decision review), you may write to the Company’s Grievance Redressal Committee (GRC) on the below mentioned address:
Grievance Redressal Committee – ICICI Prudential Life Insurance Co. Ltd., Unit No. 1A & 2A, Raheja Tipco Plaza, Rani Sati Marg, Malad (East), Mumbai – 400097
What if my claim is not settled within the regulatory timeframe?
As per Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests) Regulations, 2017, if a claim is not decisioned within the defined regulatory timeframe, upon claim settlement, the Insurance Company is liable to pay penal interest on the claim amount from the time the last required document was received till the date on which the claim was processed. Penal interest will be 2% above the bank rate at the beginning of the financial year in which claim is being paid.
How can I check the status of a death claim lodged with ICICI Prudential Life?
On submission of a claim along with mandatory documents, a unique Claim ID is sent via email/SMS to the claimant.
To track the claim status: Visit www.iciciprulife.com > Claim section > Track claim and enter the unique Claim ID You may also contact any of our touchpoints mentioned below for assistance:
- Call us: Call our 24X7 claim helpline on
- Email: Write to claimsupport@iciciprulife.com
- Visit a branch: Speak to claim executive at the nearest branch
