Determining your policy pay-out
The type of pay-out and the amount you receive on your policy depends on the type of life insurance plan you purchase. We direct all our efforts towards keeping our promise to you, and make sure your policy settlement is quick and efficient.
Type of policy pay-outs
With ICICI Prudential Life, you have an option to choose from various types of policies such as Term plans, Unit Linked Insurance plans or Traditional Savings/Money Back plans. Based on the type of your policy, there are three types of pay-outs you can receive:
Maturity Benefit: If you choose a Unit Linked or savings oriented plan, you receive a lump sum amount known as the maturity benefit at the end of your policy term.
Pay-out during policy term: In some Traditional Savings and Unit Linked Insurance plans, you can receive money at regular intervals.
The pay-out amount receivable gets directly credited to your registered bank account (except for Non-Resident (External)/Non-Resident (Ordinary) accounts). In the case of a Non-Resident (External)/Non-Resident (Ordinary) account, the company will issue a cheque and deliver it to your registered address. The payment will be made only in Indian Rupees.
You can enjoy tax-free pay-outs as per the prevailing tax laws. For complete details, please refer to the Tax Benefits section.
Documents required while registering your bank account details:
To ensure that you receive your pay-outs as soon as they are released, you need to register your bank account details by providing the following documents:
- A cancelled cheque of the Indian account
- Electronic pay-out mandate form Download now
- A signed copy of your identity proof such as PAN card, Aadhar card, driving license or passport.
For receiving pay-outs in NRE account
To receive your pay-out in your Non-Resident External (NRE) account, you need to provide us with the ‘Source of Premium Proof’* to firstname.lastname@example.org or submit it at any of our ICICI Prudential Life insurance branches.
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We will issue a pay-out cheque along letter starting the source of the funds, which can be deposited in your NRE account.
*’Source of Premium Proof’ is the bank statement, which mentions the premium payment details paid through the NRE account.