FAQs - Policy Closure

Life Claims

Click here for more details on claim application process.

Maturity Claims

If your policy offers a maturity benefit, the maturity amount will be paid to you provided all due premiums are paid. This amount will be directly credited to your registered bank account within 7 days of your policy maturity date.

IRDA has now made it compulsory for all policy holders to register their bank account details to receive all policy payouts directly into their bank account.

Documents to register your bank account details:
I. Duly filled Electronic Payout Mandate. Click here to download the same.
II. A Cancelled Cheque of the Bank Account in which you want to receive your maturity amount.
III. Signed copy of your Identity proof such as PAN Card, Driving License or Passport

You may submit these documents at the nearest ICICI Prudential Life Insurance branch office or courier it to our registered communication address.

Kindly note, TDS would be applicable as per prevailing finance norms.
We will send you an annuity quotation along with a list of documents (if any) and details on the process to apply for a pension payout, before your policy matures. In case you do not receive this communication one month prior to your policy maturity date you may contact us at any of our touch points.

Surrender of Policy

Surrender is mid-term termination of your life insurance policy which you have purchased to secure your family’s future. With Surrender of 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.

However, if you still wish to surrender your policy, you need to submit the following documents at the nearest ICICI Pru Life branch
1. Original Policy certificate
2. Copy of any one valid photo id signed by the policy holder (Passport, PAN Card, Voter's Identity Card, Driving license, Ration card with photo)
3. Copy of signed cancelled cheque
4. Surrender form.

Please note: IRDA has now made it compulsory for all policy holders to register their bank account details to receive all policy payouts directly into their bank account. Hence do not forget to fill bank details in “Payment” section on the surrender form.

Note: For more details on Surrender, kindly refer to your policy document

TDS would be applicable as per prevailing finance norms.

Disclaimer: The FAQs are prepared for general information purposes only. You should not act on this information without first seeking independent legal and other professional advice. The information shared does not constitute legal advice or opinions of any kind, or any advertising or solicitation. Your use of any of this information is at your own risk. ICICI Prudential Life insurance Co. Ltd. and its affiliates (and any of their respective directors, officers, agents, contractors, suppliers and employees) shall not be liable for any damages, losses or causes of action of any nature arising from use of any information shared.

 

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