Policy Related FAQs

You can change the premium payment frequency in your policy, if your policy is active and all the premiums on your policy have been paid.

To change the premium payment frequency of your policy you need to submit the following documents:

  1. 1. Request form. Please download this form and fill in your details in the Change in Premium Payment Frequency section of the form.
  2. 2. Electronic Transfer Form with your bank account details and a cancelled cheque of the bank account from which you wish to pay your policy premiums every month/ every six months.

*2 is applicable only if you changing your premium payment frequency from yearly to monthly or six monthly payment frequency.

You can submit the documents through any of these options:

  • Our Branches: 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.

Once we receive your request, we will process it in 4 working days and send you a confirmation.

You can increase or decrease the life insurance cover in your policy, if this feature is available in your policy. To check if this feature is available in your policy, refer your Policy Document.

To increase/ or decrease your life insurance cover, fill in your details in this form, under the Change in Sum assured section. A Personal health declaration form is also required for increase in sum assured.

You can submit the form(s) 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.

Once we receive your request, we will process it in 6 working days and send you a confirmation.

You can disclose additional information about yourself, after issuance of your policy, by sending us a letter. This information can be related to medical conditions, occupational change which may have an impact on your health, insurance cover with other companies, change in habits, change of residential status to NRI, etc.

You can submit this letter through any of these options:

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

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

Once we receive your details, we will get back to you in 6 working days, to let you know the impact on your policy (if any). We may seek additional clarifications or requirements (if any).

You can apply for a loan on your endowment policy after completion of the lock-in period. For details, please refer the loan section of your policy document.

To apply for a loan, you can visit any of our branches with the following documents:

  1. 1. Duly filled loan application form. Click here to download the form.
  2. 2. Policy Certificate.
  3. 3. Signed Copy of Photo Identity Proof of the policy holder, i.e. PAN Card, Aadhaar Card etc.
  4. 4. Cancelled Cheque of the Bank account in which you wish to receive the loan amount. If cheque is not available copy of bank passbook or bank statement can also be submitted.

To locate the nearest branch, click here.

Once we receive your request, we will process it within 8 working days and send you a confirmation.

Assignment is a method of transferring all rights and benefits under a life insurance policy to an individual or institution. You can assign your policy to take a loan against it, as a security or in order to gift it to someone. The person who transfers his right is called the "Assignor" (i.e. the Policyholder) and the person to whom the right is transferred is called the "Assignee".

You can assign your policy to an individual or a financial institution provided there is an insurable interest between you and such an individual/ financial institution.

There are two types of assignment:

  • Absolute Assignment: In an absolute assignment you transfer all interests, benefits, liabilities, obligations and rights under your policy to the assignee, without any condition.
  • Conditional Assignment: This is an assignment of your policy which is dependent on a condition. Right of ownership, responsibility to pay future premiums and right of servicing is as per the terms of assignment.

To assign your policy to a bank or a financial institution registered with SEBI/RBI/IRDAI, you need to visit the nearest ICICI Prudential Life Insurance branch with the following documents:

  1. 1. Assignment form with details of the financial institution to whom you wish to assign the policy.
  2. 2. Policy Document.

To locate the nearest branch, click here.

To assign your policy to an individual, you need to visit the nearest ICICI Prudential Life Insurance branch with the following documents:

  1. 1. Assignment form with details of the person who you wish to assign the policy. You also need to specify if the future premiums of the policy will be paid by you or the person who you will assigning the policy to(Assignee).
  2. 2. Policy Document.
  3. 3. Following documents are also required of the person who you will assigning the policy to (Assignee):
    1. a. Signed copy of Photo Identity Proof( i.e. Driving Licence, Aadhaar Card, Voter ID etc.).
    2. b. Signed copy of Address Proof(i.e. Passport, Aadhaar Card, Electricity bill etc.).
    3. c. Recent Passport size Photograph.
    4. d. Signed copy of PAN Card. If PAN Card not available then a signed copy of Form 60. Click here to download this format
    5. e. If the assignee is going to pay the future premiums of the policy, then Income Proof like IT returns will be required only,
      if (i) policy premium is equal to or more than Rs. 1 lacs and(ii) person whom the policy is assigned to is a NRI/PEP/ Trust, resident of FATF deficient country or has an occupation in mining, shipping or is a Agriculturist/Jeweller/Importer/Exporter or Scrap dealer.

To locate the nearest branch, click here.

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

Comp/doc/Nov/2017/0506

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