An individual is said to be Non-resident in India, if he does not satisfy any of the below conditions:

• He is in India in that year for a period of 182 days or more OR
• Within the four years preceding that year, been in India for a period of 365 days or more and for a period of 60 days or more in that year^#

^#Note: For more details on residential status, please refer to the provisions of The Income Tax Act, 1961 and FEMA, 1999

Life Insurance is important for NRIs as it ensures that their family’s financial goals and well-being are secured in case of an unfortunate event, even if they are not physically present in India.

Yes, NRIs can buy life insurance in India - whether it’s pure term insurance, guaranteed income plans, unit-linked insurance, or other types of insurance offered by Indian insurance companies. This is subject to their underwriting policies.

Eligibility criteria can vary from one insurer to the other. However, in general, NRIs must:

• Be an Indian citizen or a person of Indian origin
• Have a valid passport
• Be from a country approved by the insurer for the product opted
• Provide proof of residence in the residing country and other relevant documents

NRIs from standard and non-standard countries are allowed with a maximum sum assured limit, subject to underwriting guidelines.

Standard countries – In life insurance, this refers to countries that are considered to have a low mortality risk for insurance purposes. Classification of such countries may vary from one insurer to the other. This may also change over time due to shifting global conditions. These countries typically have:

• Low mortality rates
• Stable political and economic environments
• Good healthcare systems
• Low incidence of infectious diseases

Please note: All products and riders have a different list of standard countries. The standard/approved list of countries is dynamic in nature. Policies from any countries (including standard countries) may be postponed due to any ongoing epidemic, natural calamities, war-like situations, and so on.

Non-standard countries - In life insurance, this refers to countries that are considered to have a higher mortality risk profile compared to standard countries. These countries may have:

• Higher mortality rates
• Unstable political or economic environments
• Poor healthcare systems
• Higher incidence of infectious diseases
• Higher crime rates
• Natural disaster-prone areas
• War or war-like situation

Financial eligibility of an NRI is calculated based on income proofs, by using multiple factors for age slab and verified income.

NRI - An individual is said to be Non-Resident Indian, if he does not satisfy any of the below conditions:

• He is in India in that year for a period of 182 days or more OR
• Within the four years preceding that year, been in India for a period of 365 days or more and for a period of 60 days or more in that year^#

^#Note: For more details on residential status, please refer to the provisions of The Income Tax Act, 1961 and FEMA, 1999

OCI (Overseas Citizen of India) or PIO(Person of Indian Origin):

A foreign national, who was eligible to become a citizen of India on January 26, 1950 or was a citizen of India on or at any time after January 26, 1950 or belonged to a territory that became part of India after August 15, 1947 and his/her children and grandchildren, are eligible for registration as an Overseas Citizen of India (OCI). Minor children of such person are also eligible for OCI. However, if the applicant had ever been a citizen of Pakistan or Bangladesh or any such country notified, he/she will not be eligible for OCI.

Note: For a more elaborate definition, please refer to the provisions of the Citizenship Act of 1955.

Yes, there is a difference in documentation for NRIs, PIOs and OCIs. All categories require a Passport with entry - exit details and an NRI Questionnaire.

Proposals of PIO/OCI/Foreign Nationals are considered,

• If they have a permanent address in India
• If they have been filing ITRs in India in the last two years
• Additionally, PIO/OCI cards are required for customers belonging to these categories.

All permutations and combinations with regards to the proposer being an NRI and the Life Assured being a resident Indian and vice versa are allowed. However, the income document of the Life Assured and the proposer might be required depending upon their profession, the premiums paid and the insurance cover opted for.

One must get their medicals done preferably while they are in India.

Kindly get in touch with our channel partners or agents to know more about NRI guidelines.

Yes, customers can purchase a policy online.

No, we do not offer term plans to PIOs, OCIs or foreign nationals. However, we can provide savings plan to PIOs or OCIs subject to underwriting.

The following documents must be submitted:

• NRI Questionnaire with Foreign Account Tax Compliance Act/Common Reporting Standard declaration.
• Recent Photograph
• PAN or Form 60, as applicable
• Copy of valid Passport, Aadhaar and valid Driving License
• An Officially valid document (OVD)
• In case the OVD does not contain the address, the following additional documents are required to be submitted
  • For a Person of Indian Origin (PIO)/ Overseas Citizen of India (OCI) : OCI Card
  • For foreign nationals:-, any government issued document containing the address or a letter issued by the Foreign Embassy or Mission in India containing the name and address

In addition to the above-mentioned requirements, the following documents may be required to establish the residential status:

• Duly filled and signed NRI Questionnaire. To download the format, visit www.iciciprulife.com → Download Centre → Application forms
• Copy of passport with stamps for last date of entry and exit.
• Duly filled and signed Travel Questionnaire. To download format, visit www.iciciprulife.com → Download centre → Application forms
• Proof of your latest International residential address (Any 1):
• Signed Copy of Valid Passport
• Signed Copy of Valid Driving License
• Utility bills for the last 2 months (for example, electricity, telephone, postpaid mobile phone, water or piped gas bill)
• Bank account statement for the last 3 months reflecting current international residential address
• Leave & License agreements / Letter of allotment of accommodation
• Valid ID issued by the Government authority of the foreign jurisdiction
• Property tax receipts - not older than 1 year and mentioning name of the Life Assured

On issuance of your policy, a soft copy will be sent to your registered email ID and the policy would be credited to your Electronic Insurance account.

A PAN card is not mandatory if your income earned in India is up to ₹ 2.5 lakh. You can share Form 60 mentioning the same. In case your income earned in India is more than ₹ 2.5 lakh, a PAN card is mandatory.

Yes, an NRI can opt to buy a policy under MWPA.

If medicals are triggered for an NRI, medicals should be done from an empaneled hospital in India.

Yes, you can receive policy payouts in your NRE bank account, provided you pay your policy premiums through the same NRE bank account. In addition, you will need to submit the premium payment proof. The proof can be shared through one of the below options:

Email: Send documents to lifeline@iciciprulife.com

Online: Log in to your account on www.iciciprulife.com → Financial transactions → NRI Payment Proof Upload

The receipts for each premium payment can be uploaded to our website for repatriation.

If you set up auto-debit from your NRE bank account to pay your premiums, then you will not have to submit any payment proofs.

We maintain a line of communication through your registered email ID and/or the Indian address mentioned in your application form to keep you updated about your policy. Additionally, SMS alerts are sent at regular intervals on your registered Indian mobile number.

• Visit our website www.iciciprulife.com
• Mail us at : lifeline@iciciprulife.com
• WhatsApp us at +91 9920667766
• Call us on our International Customer Service Helpline: +91 8069385555 (Timings: 24X7 on all days except national holidays)
• Download our mobile app for hassle free policy servicing
• Use our chatbot, LIGO, to connect with our dedicated support team for personalised assistance
• Visit any ICICI Prudential Life branch in India

Fund switch is a feature of your unit-linked insurance policy through which you can transfer the funds currently linked to your policy to another fund of your choice.

After a certain number of switches, you may be charged as per your policy terms and conditions. Please refer to your policy document for details.

You can switch funds in your policy through any of these options:

Mobile App: Register on our Mobile App and follow these steps:

• All services > Fund Transaction > Fund Switch
• Select policy > Go to the option ‘I want to initiate a fund switch’
• Select ‘From Fund’ and ‘To Fund’ > Add the % allocation
• Review the details entered by you
• Click on the disclaimer and submit button

Website: Login to your online account and follow these steps:

• Transactions > Switch(Transfer of Funds) > Select your policy number
• Under the 'Switch Funds' tab, select your policy number
• Choose the target fund in which you wish to transfer your existing fund
• Select ‘From Fund’ and ‘To Fund’
• Add the percentage of the funds that you want to switch
• Review the details entered by you
• Click on “edit” to modify or “submit”

Our Branches: Fill in this form and submit it at any of our branches. To locate the nearest branch, click here

Please note :
If you submit your fund switch request on a working day (the day when markets are open) before 3 p.m., it will be processed as per the Net Asset Value (NAV) declared on that same day. If it is submitted after 3 p.m. or on a day when markets are closed, it will be processed on the next working day.

You can redirect funds using a feature in your unit-linked insurance policy called Premium Redirection. With this feature, you can choose to invest your future premiums in a different fund. The premiums which have been invested earlier remain in the same funds.

You can redirect the future premiums of your policy, through any of these options:

Mobile App: Register on our Mobile App and follow these steps

• All services > Fund Transaction > Premium redirection
• Select policy > Go to option ‘I want to redirect premium’
• Select ‘From Fund’ and ‘To Fund’ > Add % allocation.
• Review the details entered by you
• Click on disclaimer and submit button

Website: Login to your online account and follow these steps:

• Transactions > Premium Redirection > Select your policy number
• Select the fund in which you want to redirect your future premiums
• Add the percentage allocation
• Review the details entered by you
• Click on the submit button

Our Branches: Fill in your details in the Premium Redirection section of this form and submit it at any of our branches. To locate the nearest branch, click here

You can also "click here" to write to us.

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

You can update or modify the mobile number/email ID in your policy through any of these options:

• Call us on our dedicated NRI Helpline number: +91 8069385555 and we will trigger a link to update your contact details. Timings: Available 24X7 (except on national holidays)
• Our Branches: Fill in your details in the ‘Contact nos.’ section of this form and submit it by visiting any of our branches. To locate the nearest branch, click here.
• You can "click here" to write to us.
• You can send us an email at lifeline@iciciprulife.com through your registered email ID

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

You can update your PAN number through any of these options

• Mobile app or Website : Login to your online account and follow these steps:
1. My Profile > Edit 'PAN Number' field > Enter your pan number
2. Update and save your PAN number
• Call us on our dedicated NRI Helpline Number: +91 8069385555 and we will assist you with the process to update your PAN details in your policy online. Timings: Available 24X7 (except on national holidays)
• Our Branches: Fill in your details in the Request for Updating PAN section on page 2 of this form and submit it with a signed copy of your PAN Card by visiting any of our branches. To locate the nearest branch, click here
• You can "click here" to write to us
• Courier: Fill in your details in the Request for Updating PAN section on page 2 of this form and send it along with a signed copy of your PAN Card to:

ICICI Prudential Life Insurance Company, Unit No 901A, 901B, 1001A & 1002B, Prism Tower, Mindspace, Link Road, Goregaon (West), Mumbai – 400104

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

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

The request to shift from a higher to lower frequency (i.e., from annual or half-yearly payments to monthly payments) can only be submitted on your policy anniversary.

The request can be submitted to shift from a lower to a higher frequency (i.e., monthly or half-yearly mode to an annual mode) any time within the anniversary year.

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

• Please download this request form and fill in your details in the 'Change in Premium Payment Frequency' section of the form and mail a copy of it to our official email ID: lifeline@iciciprulife.com
• Fill your bank account details in Electronic Transfer Form and share a cancelled cheque of the bank account from which you wish to pay your policy premiums every month/ every six months
• Electronic Transfer is applicable only if you are changing your premium payment frequency from yearly to monthly or to half-yearly payment frequency
• Mobile App: Register on our Mobile App and follow these steps:
  1. All services → Policy Renewal → Frequency Change
  2. Select policy → select revised frequency
  3. Submit Request
• Website: Login to your online account and follow these steps:
  1. My policy(ies) → Finacial Transaction Frequency Change
  2. Select a policy → Select proposed frequency
  3. Submit Request

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 Company, Unit No 901A, 901B, 1001A & 1002B, Prism Tower, Mindspace, Link Road, Goregaon (West), Mumbai – 400104

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

You may write a letter stating that you desire to change a nominee and provide details of the nominee. Submit the letter at our branch office or mail a copy of it to our official email ID: lifeline@icciprulife.com

You may also submit the request through our website or mobile app. Login to your online account and follow these steps:

Mobile App

• All services> Change/Update nominee details> Select policy
• Update nominee details > Enter requested details
• Click on Submit > Enter the confirmation code received on your registered email ID > Submit

Website:

• My policy(ies) > Action on policy > Profile Update > Update Nominee details
• Update nominee details > Enter requested details
• Click on Submit > Enter the confirmation code received on your registered email ID > Submit

You may visit our website and submit the Health Declaration Form by clicking on this link. You can also mail a copy of the form to our official email ID lifeline@iciciprulife.com

Mobile App – Login to your online account and follow these steps

• All services → Policy Renewal → Health Declaration
• Select policy → Fill up the form → Submit

Website – Login to your online account and follow these steps

• My policy(ies) → Action on policy → Financial Transaction
• Select policy → Fill up the form → Submit

No, you may request for change in ownership by sending an email to our official email ID lifeline@iciciprulife.com via your registered email ID.

Tax guidelines for TDS (Tax Deducted at Source) differ for NRIs and Resident Indians, potentially affecting the deductions (if applicable) on any payouts for your policy. To ensure you receive the correct policy payout, it is recommended to keep your residential status updated.

You can change your residential status in your policy by submitting a few documents confirming the change. The list of documents required and the process to share them are mentioned below.

Documents required for change in residential status:

Customer can pay through online using Credit Card, Debit Card, Net banking, Wallets, and UPI on IPRU website, Mobile app, WhatsApp and alternate touchpoints e.g. Payment apps, banks website.

SWIFT Transfer from Foreign Bank Account-

If you wish to pay the premium using your foreign bank account, you can do so by instructing your banker to transfer money electronically through SWIFT.

Ultimate beneficiary: ICICI Prudential Life Insurance Co. Ltd.

ICICI Prudential Life Account No: 000405003775

IFSC: ICIC0000004

Purpose: Payment of premium towards insurance Policy/Application No. xxxxxxxx

Swift codes:

— For inward remittance in INR: ICICINBBNRI

— For inward remittance in foreign currency: ICICINBBCTS

Check the list of countries and currencies for which the SWIFT code facility is available.

You can pay in Indian Rupee equivalent foreign currency from your foreign bank account: By instructing your Banker to remit money electronically via SWIFT into our bank account.

The SWIFT codes are available for the following 13 currencies:

US Dollar – USD

Euro – EUR

Great Britain Pound – GBP

Singapore Dollar – SGD

Japanese Yen – JPY

Australian Dollar – AUD

New Zealand Dollar – NZD

South Africa, Rand – ZAR

Swiss Franc – CHF

Saudi Riyals – SAR

Arab Emirates Dirhams – AED

Sweden, Kronor – SEK

Canadian Dollar – CUD

Customer can also pay on physical touchpoints like IPRU branch, Bank branches of ICICI Bank, SBI, AXIS, IndusInd bank branches, CSC and Bharat Billpay enabled retailers.

List of all payment options is available at www.iciciprulife.com/paymentoptions

A life insurance policy typically lapses due to non-payment of premiums within the grace period specified in the policy terms. Currently the grace period as per the premium payment frequency is as follows.

^* The above is subject to change as per applicable guidelines

Most life insurance plans have a grace period of 30 days or 15 days whichever is applicable as per the payment frequency opted; that starts after you miss your premium payment date. Premium will be applied to the policy if the payment is done within the grace period and no personal health declaration or medical applicable.

If your premium is not paid by the premium due date, you are allowed a grace period for making the payments. You get a grace period of 30 days for half-yearly and yearly payments, and 15 days for monthly payments. Policy will be reinstated as per the underwriting guidelines if outstanding premium is paid after the grace period basis. This may require personal health declaration or medicals depending upon the underwriting guidelines.

You can pay premium from your account held in foreign bank via SWITFT transfer in ICICI Prudential’s account. Additionally, you can opt for auto-debit facility on your NRE account held with a bank operating in India.

You can pay premium from your account held in foreign bank via SWITFT transfer in foreign currency which will get converted into INR. Kindly note that the conversion rate will be applicable as per the prevailing rates and to be borne by the policyholder.

Opting for auto payment means you do not have to keep track of your payment due date. It ensures you pay your premium on time everytime and enjoy uninterrupted policy benefits. This is a convenient and hassle-free option which is free of cost.

To register for Autopay, click here.

Login to account, select policy/policies, choose preferred mode of payment and click pay to set auto debit.

Yes, it is important to save all the premium payment proofs paid through NRE/ NRO account i.e., bank statement of all transactions showing the premium payment done through the NRE account. This will be required to receive your payouts in NRE account.

^**Premium payment proof not required if customer wish to get the policy payout in NRO account.

An insurance claim is a formal request to your insurance provider for reimbursement against losses covered under your insurance policy.

Insurance is a financial agreement between you and your insurer. You have to pay a fixed premium. And in exchange, the insurance provider offers financial cover for losses based on the policy terms.

When the event covered under your policy occurs, a claim must be filed. The purpose is to notify the insurer that the event for which you have opted for an insurance has occurred and the insurer should pay the claim amount.

Mandatory documents required for making a claim:

• Duly filled and signed Claimant Statement Form
• Copy of Death Certificate of the Life Assured, issued by government authority
• Claimant address proof^* ( Any one of the following: Aadhaar Card, Valid Passport or Driver's License, Voters ID are considered as proofs)
• Claimant photo identity proof
• Recent photograph of the claimant
• Pan card / Form 60 of the claimant
• Duly filled and signed Payout mandate form with bank account details of the claimant
• Copy of cancelled cheque / bank statement / bank passbook with printed account number and name of the claimant^**

^**As per the regulatory requirement, all payouts under an insurance policy are required to be processed electronically in the bank account of the policyholder / nominee / assignee as applicable.

Depending on the cause of death, below mentioned Mandatory documents will be required for the purpose of claim assessment and decisioning. The claim intimation will be considered once all mandatory documents stated below / claimant statement forms are received.

Scenarios (In case nominee is different/minor)

• In case the Nominee under the policy is minor, Guardian/ Appointee may fill the Form and Guardianship Certificate to be submitted along with valid age proof of Claimant in addition to the documents mentioned on claim form
• If Life Assured holds more than one policy
  1. Claimant is under all policies is same ; one Claim Form is sufficient for claim registration. All the policy numbers should be mentioned in the same claim form.
  2. Claimant is different under multiple policies, then separate Claim Forms along with KYC and other mandatory documents as mentioned on claim form, will be required from each claimant.
• If multiple nominees are nominated under a single policy and multiple Claimants register a claim under the same policy, each Claimant shall be required to submit a separate claim form along with KYC and other mandatory documents as mentioned on claim form.

Important points to be followed for faster processing of claim:

• Claimant name to be as per the proof submitted
• Contact number of the claimant is mandatory to ensure periodic update on claim status. Email address if available, will help us sent claim related communication.
• Share clear copies of the supporting documents
• Provide all documents as mentioned in the claim form (Mandatory documents) at the time of claim submission Bank details of claimant is important to process claim amount electronically.

Claim can be reported through any of our below mentioned touchpoints:

• Branch: Submit the documents at the nearest ICICI Prudential Life Insurance branch. To locate the nearest branch, visit www.iciciprulife.com/branchlocator
• Online: Upload the documents online in claims section of the website www.iciciprulife.com > claims > file a claim
• Courier: Courier the documents to Claim Care, ICICI Prudential Life Insurance Company Limited, 2nd Floor, Apeejay Express, Beside Saraswat Bhawan, Sector 17, Vashi, Navi Mumbai- 400703, India

Doorstep Document pick-up service- To schedule a pick-up simply call 18002660

At ICICI Pru Life, the Average Turn Around time for Claim Decisioning for a claim where field verification was not required was 1.2^* days in FY2024

^*From last document received date.

^*Turnaround time for claim processing and settlement will start only after receipt of all mandatory documents.

Death claim is admissible irrespective of the country in which death has happened. Settlement of a claim is based on assessment.

Claim proceeds are paid via electronic transfer to claimant’s bank account

Insurance proceeds can be repatriated in NRE account in the proportion of the premiums being paid from NRE source.

To receive payment in an NRE account, proof of premiums paid from an NRE account (bank statement of policy holder) will have to be submitted by the nominee. In case the same is not available, then insurance proceeds can be credited in an NRO or any other Indian savings bank account.

On submission of a claim along with mandatory documents, a unique Claim ID is sent on 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
• Get a callback : SMS 'ICLAIMPolicy No' to 56767 and we will call you back in 48 hours

Submission of death claim can be done online on our website www.iciciprulife.com > claims > file a claim. Upon filling up the digital claim form, upload supporting documents to process the claim further.

• Insurance proceeds can be repatriated in NRE account in the proportion of the premiums being paid from NRE source.
• To receive payment in an NRE account, proof of premiums paid from an NRE account (bank statement of policy holder) will have to be submitted by the nominee. In case the same is not available, then insurance proceeds can be credited in an NRO or any other Indian savings bank account.

The following touchpoints are available for any assistance on the claim process:

• Call us on dedicated NRI helpline number - +91 8069385555 (Timings: Available 24X7 (except on national holidays)
• Call us on Claim Care cell on 1800 2660 (For calls within India. Timings: Available 24X7 except on national holidays)
• Email: Write to claimsupport@iciciprulife.com
• Visit a branch: Speak to claim executive at the nearest branch
• Get a callback: SMS 'ICLAIMPolicy No' to 56767 and we will call you back in 48 hours

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 Company’s Grievance Redressal Committee (GRC) on below mentioned address: Grievance Redressal Committee-ICICI Prudential Life Insurance Company, Unit No 901A, 901B, 1001A & 1002B, Prism Tower, Mindspace, Link Road, Goregaon (West), Mumbai – 400104

As per Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests) Regulations, 2024 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 2% above bank rate at the beginning of the financial year in which claim is being paid.

Yes, you will receive an intimation before maturity date on your registered email ID and mobile number.

Bank details required for maturity payout can be submitted at your nearest ICICI Prudential branch or email at lifeline@iciciprulife.com or via secured login section or can submit the documents on WhatsApp number +91 9920667766 via your registered mobile number.

To get maturity payout, you need to submit following documents:

• EPM mandate (Electronic Payout mandate form available on Website)
• Bank proof (NRE/NRO)
• NRE premium payment proof (Mandatory for payout in NRE bank Account)

• All premiums paid from the NRE account: If you have paid all premiums from the NRE account, you will receive a 100% payout in your NRE account on submission of all premium payment proofs
• Partial premiums paid from the NRE account:
  1. In case you have paid Split payment from NRE /NRO account. Premium proofs to be submitted for payout in NRE Bank account, proportionate value will be paid into NRO/Savings account.
  2. In case premium proofs are not available or paid through Saving/NRO account will be paid into NRO/Saving bank account.

Once the complete documents received, post document verification payout will be credited into your bank account same day on the date of maturity. For surrender payout post verification of all documents, payout will be credited in your bank account in 2 days.

Benefit payout (Survival benefit, Maturity, Foreclosure will not be paid to the NRI customer through cheque if NRO bank account details or NRE premium payment proof are not available.

Policy surrender is 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 stops, and a surrender cash value (if applicable) is paid post deduction of charges/applicable taxes based on number of premiums paid and the terms & condition of the product.

Life Insurance benefits

Life insurance policies other than a pure protection or term policies have a savings component and a life cover component. By paying regular premiums the policyholder can build a corpus to meet their long-term financial goals by taking advantage of the principle of compounding whilst having the security of protecting the family with a life cover. Thus, it is in the interest of the policy holder to continue paying the premiums till the end of the premium payment term to secure full protection and get the complete maturity benefits of the policy.

Surrender value can be paid only after lock-in period from policy start date as per the product T&C. Like ULIP policies have Lock-in period for 5 years and Non-ULIP there is a lock-in period of 3 years . Please refer to policy document to check lock-in period of your policy

Call us on dedicated NRI helpline number - +91 8069385555 (Timings: Available 24X7 (except on national holidays) or visit the nearest ICICI prudential branch.

Surrendering your life insurance policy and redeeming the policy value for meeting your financial needs is not advisable unless you have no other option. Apart from providing you with life cover` to protect your loved ones, life insurance policies also help you to meet your long-term financial goals such as your children’s education, purchase of any asset or accumulating your retirement savings by growing your money based on the power of compounding. Life insurance policy also providing solution for short term requirement like, partial withdrawal, loan against the policy in tradition/endowment product.

Here are 4 things that you should keep in mind before you decide to surrender your policy:

• Putting your loved ones at risk:
  By surrendering your policy, you are likely to put your loved ones at risk should something happen to you after the policy is cancelled. You must make sure you have adequate life cover` and savings before you surrender your policy as else your loved ones’ may then have to dip into existing savings to meet their financial needs, which could have been at least partially taken care of by the death benefit payable in a life insurance policy.
• Loss of opportunity for long-term wealth creation:
  Life insurance policies are designed to give you long-term benefits, based on the principle of power of compounding, thus when you surrender your policy, you not only lose the opportunity to grow your savings but also lose benefits like bonuses or wealth boosters<sup>*</sup>> (applicable for specific products) that get added to your policy as a reward for staying invested.
• Loss of value:
  When you surrender a policy prior to maturity you are likely to get a lower amount than the total premiums you would have paid. This is because all the benefits get added to your policy only when you stay invested till the end. Even according to the power of compounding principle, the last few years are most critical for growing your savings. When you surrender your policy, you lose the amount of money you could have made by saving regularly and staying invested. The policy surrender value may also be subject to tax deductions or charges, which means you may get a much lesser amount than what you would expect. You also end up giving up your annual tax exemption benefits for renewal premiums, under Section 80C or applicable laws issued from time to time.
• Risk of paying higher premiums or not being eligible for purchasing a new life insurance policy: A charge for providing life insurance cover (mortality charge) is deducted from your policy premium. This charge is linked to your age and health. As you grow older you end up paying higher mortality charges and a higher premium in case of any health conditions. This means you pay a lower insurance cover charge when you are younger and likely to be healthier. As your age increases you will need to pay higher mortality charges and higher premiums based on your health. Also, there is always the likelihood of not being eligible to buy a new life insurance policy due to chronic and acute health conditions or co-morbidities.
  However, we do understand that there are certain extraordinary situations where surrendering your life insurance policy may be the only option available to you. Before you decide to surrender your policy, it is recommended that you speak to our Life Insurance Expert. Our Life Insurance Expert will guide you on the policy benefits you stand to lose and the risks of surrendering your life insurance policy and advise you of alternate options which may help with your immediate financial requirements. This conversation will help you make an informed decision.
  Surrendering a life insurance policy is a very significant decision. We strongly recommend that you continue with your life insurance policy and avail your life cover<sup>`</sup> and policy benefits to meet your long-term financial goals.

To ensure continued protection and security of your loved ones we strongly recommend you stay invested in the policy till the end of the policy term. However, we do understand that you may have an emergency requirement and thus you may not have any other option but to surrender your policy.

Our customer service officer in our Call Centre or Branch will guide you on the process you need to follow to surrender your policy.

Documents required for policy surrender

• OVD - Photo Identity Proof (Any 1)
  1. Passport
  2. Aadhar with the 8 digits masked,
  3. Driving License
  4. Voter ID card
  5. Job card issued by NREGA)
  6. Letter issued by national population register containing details of name & address.
• Bank Proof-
  1. Copy of cancelled cheque (with your name & account number pre-printed) latest 3 months updated Bank Statement/Passbook of bank account in which you wish to receive your payout.
• PAN proof/ form 60
• NOC in case assigned policy
• MWPA case -Trustee Bank proof required
• For NRE account payout (Premium proof of NRE Bank account required). In case of unavailability of premium proofs, NRO bank proof required.

Note- In absence of PAN, TDS will be applicable as per the tax law

In case third party request- Below additional documents required

• Third party/ customer representative KYC.
• Original policy bond or self-attested e welcome kit
• Third party authorisation form available on website/ branch, applicable for surrender

Surrender request need to be submitted at below touch points

• ICICI Prudential Life Insurance branch click here
• Email at lifeline@iciciprulife.com
• Website Secured login section – www.iciciprulife.com > Customer Role > Enter login credentials or login via OTP> enter registered mobile number > Submit > Send OTP > enter OTP consent & submit

Please note:

• In case you are unable to visit ICICI Prudential Life Insurance branch, you can submit your request through a third party or blood relative (Spouse, Child Parents, Grandparents, Grand Child & Sales representative). It is mandatory to provide an authorisation letter authorising a third party to surrender on behalf of the proposer, your policy kit or self-attested e welcome kit and duly signed surrender form will also be required along with Third Party KYC/OVD, which establish the relationship with policy holder.
• NRI customers wanting payment in an NRE account will have to submit the Proof of premium payment made from the NRE bank account (bank statement/Bank Passbook of NRE bank account)
  Additional documents may be required for customers holding policies under MWPA, Keyman or policies that are assigned to someone. For details of the documents, Call us on dedicated NRI helpline number - +91 8069385555 (Timings: Available 24X7 (except on national holidays) or visit the nearest branch

NRI customer can take the policy benefit in either NRO or NRE account. If he wishes to take policy benefit in NRE account, then he needs to provide proof for premiums paid through NRE account. Policy benefit will be credited in NRE account to the extent of the NRE premium payment proof provided by customer.

Once we receive your request, we have a robust request verification process to ensure your financial interest is protected. This takes about 7 working days. This process has been put in place, to ensure that you make an informed decision and are completely aware of all the benefits you will be losing and alternate options that you have. We also check your documents and bank details if there is any kind of mismatch in the name, address proof and bank account details; we may contact you for additional documents. After we have verified the request, we process the payout into your bank account within 2 working days post validation of documents.