Partial withdrawal should be used only in situations where you need funds urgently or for important planned goals—not for routine expenses. Financial experts generally advise against making frequent ULIP withdrawals, as this can negatively impact long-term wealth creation.

Things to keep in mind before opting for Partial Withdrawal:

• Lock-in period: Withdrawals are allowed only after the 5-year lock-in period
• Impact on life cover: In many ULIPs, your insurance cover may reduce by the amount withdrawn. Refer your Policy document for details
• Taxation: Partial withdrawals are tax-free, subject to conditions prescribed under Section 10(10D) of the Income Tax Act, 1961
• Long-term growth: Frequent withdrawals reduce the benefit of compounding and can lower long-term wealth creation
• Age of Life Assured: Partial withdrawals are allowed only if the person insured by the policy (Life assured) is a major (above 18 years of age)

You can make unlimited partial withdrawals from your policy—there is no restriction on the frequency of withdrawals depending on the following conditions

• The total withdrawal amount in any policy year cannot exceed 20% of your fund value
• Withdrawals are allowed only after completing 5 policy years, provided all premiums due for those years have been paid in full
• Withdrawals are free of charge

Depending on the terms of your ULIP policy, your life insurance cover/death benefit may reduce after a withdrawal. Please refer to your policy document for exact details.

You can submit your request through:

1. Website/Mobile App

• Log in to the ICICI Prudential Life app or customer portal
• Go to "Services" → "Payouts" → "Partial Withdrawal"
• Select your policy and enter the amount you want to withdraw (refer to your policy document for the eligible amount)
• Enter your bank account and PAN details if not already updated

(No documents are required if your bank details are already updated and KYC is complete.)

2. Branch Visit

Visit the nearest ICICI Pru Life branch with the following documents:

• Duly filled and signed Partial Withdrawal Request Form (available online or at the branch)
• Photo identity proof (any 1): Aadhaar (first 8 digits masked), Passport, Driving License, Voter ID, or NREGA Job Card
• Bank account details for payout: Copy of cancelled cheque (with pre-printed name) OR last 3 months’ updated bank statement/passbook of the bank account in which you wish to receive the payout

Further, also please refer to the Policy T&C for details on partial withdrawal.

Important to note

• If you cannot visit a branch personally, a third party may submit the request with an authorization letter, their KYC documents, and the duly signed request form
• NRI customers requesting payment to an NRE bank account must provide proof of premium payment from the same NRE bank account (bank statement)
• Additional documents may be required for policies under MWPA, Keyman Insurance, or assigned policies. For details, please call our customer care on 1800 2660 or write to us

ICICI Prudential Life Insurance, processes partial withdrawal requests within 3 working days (72 hours) of receiving the request and required documents.

• The payout is credited directly to your registered bank account via NEFT/RTGS
• Delays may occur only in case of bank holidays or if additional documents/details are required
• In most cases, you can expect the payout within 3 working days

Partial withdrawals from ULIPs are usually tax-free, subject to the following:

• Annual premiums should be within the prescribed limits (10%/20% of Sum Assured) during the policy term
• For policies issued on or after February 1, 2021, if the aggregate premium (including top-ups and riders) payable across ULIPs exceeds ₹2.5 lakh per year per person, withdrawals will not be exempt under Section 10(10D)
• Tax laws may change over time. Please consult your tax advisor for guidance on your specific situation