Policy Settlement Guidelines
for NRIs
Determining your policy payout
The type of payout 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 making sure your policy settlement is quick and efficient.
Type of policy payouts
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 payouts 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.
Payout during the policy term: In some Traditional Savings and Unit Linked Insurance Plans, you can receive money at regular intervals.
The payout 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 payouts 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 payouts 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 payout mandate form Download now
- A Signed copy of your identity proof such as Aadhar card, driving license or passport.
For receiving payouts in the NRE account
To receive your payout in your Non-Resident External (NRE) account, you need to provide us with the ‘Source of Premium Proof’* to eliteservice@iciciprulife.com or submit it at any of our ICICI Prudential Life insurance branches.
Click here to locate the nearest branch.
We will issue a payout cheque along with a letter stating the source of the funds, which can be deposited in your NRE account.
Tax will be deducted from the payouts you receive as per prevailing tax laws. For complete details, refer to the tax section.
*’Source of Premium Proof’ is the bank statement, which mentions the premium payment details paid through the NRE account.
Comp/doc/Jan/2018/0758.
