Question 1

Can the nominee be changed after I have purchased the policy?

Accepted Answer

Yes, you can change the nominee at any time during the policy term by informing the company. You can also add multiple nominees. In case you want to change the nominee prior to the issuance of your policy you can write us at buyonline@iciciprulife.com or get in touch with your Relationship Manager on 1800 210 0045. In case you change your mind about your nominee post the issuance of your policy, you can write to us here https://www.iciciprulife.com/services/write-to-us-csr.html or on our Email ID lifeline@iciciprulife.com. If you want to speak to someone you can call on our service hotline toll free number 18002660.

Question 2

What is 3 Lakh claim intimation payout⁵ benefit?

Accepted Answer

In case of death of Life Assured, Instant relief in form of Rs. 3,00,000 to be paid. This benefit is for Sum Assured greater than or equal to 1 Crore & will be offered within one working day from the claim registration date as gesture to provide interim support.

Question 3

What is a term plan?

Accepted Answer

Term Insurance plan is a simple and pure risk cover form of life insurance. It provides financial protection to your family against a fixed premium paid for a specified term. You can get a large amount of term insurance cover (sum assured) at affordable premiums. The nominee receives the term insurance amount in case of death of the policyholder

Question 4

Who should buy a term plan?

Accepted Answer

Parents
If you have children or dependent adult family members and are responsible for paying for their needs and upkeep then you must buy a term plan.
Young individuals
The premium for term insurance increases with age. So, it makes smart sense for young professionals without financial liabilities to buy term plan early & this way they get lower premium rates, and the rates will not increase over time.
Newly married couples
A term plan can help you create a financial safety net for your growing family so that their dreams are never compromised, even when you are not around.
Home loan repayment
In case of an unfortunate incident, the responsibility of paying the outstanding loans should not fall on your loved ones. In case of your unfortunate demise, the death benefit payout from the term plan can be used by your family to repay your loans.

Question 5

How much term insurance cover do I need?

Accepted Answer

While it’s recommended that the life cover be 10 to 15 times your annual income, you also need to take into account your current expenses and the impact that inflation would have on your future expenses. If you are the sole breadwinner, you have dependent family members whom you need to always protect financially. Also, if you take a home loan or an education loan for your child, you need to ensure that, in case something happens to you, your family should not be burdened by loan EMIs. All these factors should be considered when choosing the ideal life cover¹ amount. New age term insurance plans also give one the flexibility to decide how they want their loved ones to receive the life cover¹ payout as a lumpsum, in the form of a monthly income or a combination of both.

Question 6

Is it safe to buy a term plan online?

Accepted Answer

Yes, you can purchase a term plan online with verified payment methods like UPI, debit or credit card, or net banking. As long as you select a reputable insurance company, you have nothing to worry about. In case of any issues, you can also reach out to the customer service team.

Question 7

How is a term insurance plan different from other life insurance plans?

Accepted Answer

While traditional life insurance plans have both a protection and an investment component, term insurance plans are pure protection plans that don't give any payout on surviving the policy term. However, as compared to traditional life insurance plans, term plans have the advantage of providing large sum assured coverage at much more affordable rates.

Question 8

Why should I buy a term plan?

Accepted Answer

In today's uncertain times, it is important to ensure your dependents are financially protected even if you are not around. Buying a term plan is a simple and cost-effective way to do this. With term insurance, you can get a large amount of life cover at a relatively low premium rate. You can get a ₹1 crore term insurance cover starting at just <₹440^2a> per month, which is less than half the cost you would typically pay for an outing with your family. The benefit amount will be paid to the nominee in case of death of the policyholder during the term of the policy.

Question 9

Do I need to buy term insurance even if I'm covered under my company's group policy?

Accepted Answer

Many companies today provide insurance cover for their employees. However, it is advisable to get an individual policy for yourself for the following reasons:

Not enough cover -The cover provided by company's life insurance policy (generally ₹10-15 lakh) may not always be sufficient to sustain your family in case something happens to you.
Will lose coverage if you change your job -This coverage is dependent on your job. If you leave the job, the insurance cover ends then and there, till you join a new job. The period between the end of the old job and the start of the new one would be without cover.
Standard policy for all employees, not customized to your needs-The life insurance policies provided by your employer are standardized policies which are not customized according to your specific needs and don't generally contain any provisions for critical illness, terminal illness and disabilities.
Hence, even if you are covered under your company's group policy, you may still buy a separate term plan with a life cover that is at least 10-15 times your annual income to make sure your family is able to sustain their current standard of living and is adequately provided for in your absence.

Question 10

How do I get a term plan online?

Accepted Answer

You can get a term plan online by visiting the ICICI Prudential Life website and clicking on Term Insurance. You can download the brochure to go through the details of the policy or fill your basic details like age, gender, tobacco usage, income etc. in our term insurance premium calculator and generate a customised quote. You can then make the payment, submit the documents, and complete the medical check-up. Your policy will be issued once all these formalities have been completed.

Question 11

Are there any age limits for buying this term plan?

Accepted Answer

Yes, the minimum and maximum age for buying this term plan are 18 and 65 years respectively. For NRIs and housewives, the minimum and maximum age for buying this term plan is 21 and 60 years respectively.

Question 12

What are the benefits of buying a term insurance policy online?

Accepted Answer

There are various benefits of buying a term plan online:

Ease and convenience - You can complete your purchase in just a few minutes anytime anywhere. You can explore our plans on your mobile too.
Better control - Buying a term plan online lets you customize it according to your exact needs instead of relying on someone else to do so.
Complete transparency - As there are no intermediaries involved and you buy directly from the insurance company, the entire process is transparent and you are not set up for any unpleasant surprises later on.
Full security - Your personal and health information is private and secure.
Online discount - ICICI Prudential provides up to 5% discount` when you purchase our term plan online (If you are an ICICI group employee, you get up to 5% discount on 1^st year premium, even if you leave the organization after purchase of the policy).
Dedicated Relationship Manager - From the moment you purchase a policy till the time you receive the policy kit, a dedicated Relationship Manager will be assigned to you who will assist you at every step, right from uploading of documents to fixing up your medical appointments to any other doubts/issues your might have about our process.

Question 13

What kind of deaths are covered in this term insurance plan?

Accepted Answer

All kinds of deaths are covered under the plan including natural, accidental, murder, illnesses and natural calamities. You are covered under this plan as soon as your policy is issued and there is no waiting period. Coverage of death due to suicide is not available only in the first year of policy. Also, once you buy the policy, you stay covered whether you are in India or abroad.

Question 14

How much term insurance cover do I need?

Accepted Answer

The term insurance cover you need depends on your current annual income. We recommend that a term insurance cover equivalent to 10-15 times your annual income is sufficient to provide for a safe future for your family. If budget is a problem, you can go for a monthly premium payment option over a yearly commitment. However, it is important to have a sufficient term insurance cover so that your family's financial security is not compromised. A term insurance premium calculator will help you in choosing the term insurance cover well suited to your budget

Question 15

Why should I buy the term insurance plan from ICICI Prudential Life Insurance?

Accepted Answer

ICICI Prudential Life was founded in the year 2001. With a legacy of 24 years, ICICI Prudential Life has earned itself the trust of its customers by being one of the top private insurers in the country today. Not only that, with time we have adapted ourselves with the changing consumer needs with customer centricity being one of our cornerstones.

There for you
Taking the customer first approach, we have made the online insurance buying process very easy and seamless. Be it offering 5% discount` on premiums throughout the policy term or providing assistance at the time of purchase or assigning a dedicated Relationship Manager to assist you every step of the way, you can be assured that ICICI Prudential Life will be there for you.
There for your family
At ICICI Prudential Life, we put our customers first and have been striving to improve our claims experience over time. Your family has the option to report claim either online, at our branches, central office, via SMS, e-mail or through our call centre as per their convenience. We also provide an option of door step claim document pick-up (within India). To avail this service, the beneficiary needs to submit a request at claim.support@iciciprulife.com or at our call-centre. Our special ClaimCare team will assess your claim, and inform you in case any further documents need to be submitted. Post receiving all the necessary documents, we will process your claim request. When it comes to settling claims you can trust ICICI Prudential Life's track record of high claim settlement ratios. You have made the right choice by choosing us as your Life Insurance partner.

Question 16

What are the various benefits of using a term insurance calculator?

Accepted Answer

A term insurance calculator can help you save time and effort. It is a free online tool that gives an accurate result of the premium which you have to pay for the life cover of your choice.Online term insurance calculators also make it easier to create a budget and accommodate your insurance needs within it.

A term insurance calculator also offers a lot of flexibility wherein you can add or remove benefits/riders based on your requirement, choose how you would want your nominee to receive the life cover amount in case of unfortunate death as well as choose to pay premiums in a frequency which you would be more comfortable with.

Question 17

What is a Term Insurance calculator?

Accepted Answer

A term insurance plan offers you a life cover in exchange for a premium. This premium is directly proportional to the life cover¹ and tenure of your plan. A high life cover¹ and long tenure may result in a high premium and interfere with your budget. On the other hand, a low life cover¹ and short tenure may get you a low premium but may not be adequate for your family's future requirements. Ascertaining the right premium, life cover¹, and tenure can be confusing. But a term plan calculator can help you. A term insurance calculator is an online tool that lets you calculate term insurance premium for your plan. You can use the term insurance calculator free of charge and understand the estimated premium amount of your desired plan. Using a term insurance calculator is simple and completely hassle-free. All you need to do is add a few details like your name, age, annual income, etc., and the calculator will calculate term insurance premium for you.

Question 18

How does a term insurance calculator work?

Accepted Answer

A term insurance calculator is a tool designed to help you determine the appropriate coverage amount and premium cost for a term life insurance policy. Here's how it typically works:

1. You provide basic personal information such as your age, gender and whether you are a Non-Resident Indian (NRI).

2. You are asked about certain lifestyle factors, such as tobacco consumption, to determine your overall health, including any pre-existing medical conditions.

3. The term insurance premium calculator requests details about your annual income.

4. The term life insurance calculator assesses your occupation and educational qualifications to gauge the level of risk associated with your profession.

5. Your location, including your pincode and city, can impact your premium. The term insurance plan calculator collects this information to generate an accurate quote for your plan.

6. Once you have provided all the necessary information, the calculator will provide you with a quote, showing you the estimated premium for the specified coverage.

Question 19

How is your term insurance premium calculated?

Accepted Answer

Various factors can determine your term plan premium, such as your age, gender, income, lifestyle habits, occupation, policy term, sum assured amount, additional riders, medical history, premium payment term, and the frequency of premium payment. Starting point to know your premium would be through a term insurance calculator

Question 20

What policy term should I select?

Accepted Answer

You should get a policy at least till your retirement age. Sometimes, financial liabilities can continue beyond retirement too, so we recommend a higher policy term than till age 60. Since India is a fast-paced developing country with average life expectancy of 68 years, we recommend covering that age and increasing your policy term. The best thing about this is that if your responsibilities are completely over early, you get an option to exit the plan and get 100% of paid premiums back°. ICICI Prudential Life term plan also gives you the option to get a whole life plan till the age of 99 years. It will be cheaper to buy a policy for a longer term now than to purchase another one later.

Question 21

­Do I need to visit ICICI Prudential Life Insurance Company's branch for anything or the entire process of buying a term insurance plan is online?

Accepted Answer

You don't have to visit any of our branches as the entire process is online. Yes, there maybe a situation where you may have to visit one of our health partners (diagnostic center) to undergo physical medicals. Also if our Health Partners are available in close proximity to your place of residence we will arrange for a home visit. The cost of the medical tests (For Non-NRI Customers) are completely borne by ICICI Prudential Life Insurance. For NRI Customers, please discuss with the relationship manager.

Question 22

What is Premium Break benefit?

Accepted Answer

You have an option to take 12 months premium break⁴ from paying the premiums when you face financial difficulties. All premiums for the said period will be deferred to next year but the life cover and rider(s) will continue as per the terms and conditions. This benefit option can be availed multiple times with at least 5 policy years between two Premium Break periods. The Premium Break⁴ will not be available during the last 3 policy years of the premium payment term. To know more the about the process, please refer the brochure.

Question 23

What are the conditions for availing Premium Break?

Accepted Answer

This benefit option is available subject to the following conditions:

The policy should have paid premiums for at least first five policy years from the date of commencement of risk and the policy is in force.
A written request is received from the policyholder at least 30 days (15 days in case of monthly mode policy) in advance each time the policyholder intends to opt for the above benefit. If a premium (including the rider(s) premium, applicable taxes, etc. If any) remains unpaid with no prior request, the policy (including for rider(s), if any), will lapse at the end of the grace period, as per the terms and conditions of the policy.
This benefit option can be availed multiple times during thje premium payment term. However, there should be a gap of at least 5 policy years between two Premium Break periods within the premium payment term. For example, if you opt for this benefit in the 6th policy year for the first time, the second Premium Break will be available to be exercised after 5 years, i.e. In the 12th policy year, provided the premium payment term extends beyond 12 years.
The Premium Break will not be available during the last 3 policy years of the premium payment term. The deferred amount is to be paid at the end of Premium Break period to ensure continuance of the risk cover under the policy.
The deferred amount can be paid anytime during the said Premium Break period, without necessarily waiting for the end of Premium Break period.
In case the above outstanding amounts are not paid within 30 days (15 days in case of monthly mode) of the commencement of the next policy year after expiry of the cover Premium Break period, the policy (including rider(s), if any) will lapse and the cover will cease.
The company will be entitled to recover such dues from any amounts or benefits payable under the policy or rider(s).
During the above cover continuance benefit period, the policyholder may surrender the policy anytime, however, the surrender value, if any, will be first adjusted towards the deferred amount.

Question 24

What all details of the nominee are required to purchase this plan online?

Accepted Answer

The details needed of the nominee are their full name, gender, date of birth and relationship with life assured. Your nominee can be your spouse, children, parents, siblings or their spouses, uncles, aunts, nieces, nephews, or even your grandparents or grandchildren.

Question 25

What all information should my nominee know?

Accepted Answer

Make sure you tell your nominee about their nomination in this plan and share all the details of the plan with them including the cover amount, policy term and payout method chosen by you. You should also tell them if you have opted for any riders. Your nominee should know where the policy kit is. They should understand the claims process properly and know what all documents are needed to make a claim.

Question 26

What will happen if my nominee passes away before me?

Accepted Answer

If your nominee passes away before you, you will have to appoint some other person as your nominee. If the nominee and policy holder pass away together, then the claim payout will be made to the next legal heir.

Question 27

Can I add more than one nominee? How can I allocate % share to each nominee?

Accepted Answer

Yes, you can add multiple nominees. There is no specific number. You can add as many nominees as you want to. You can do so at the time of purchase or post issuance of your policy, anytime during the policy term. The Insurance Act provides that where there are more nominees than one, the policy money will be payable to them jointly or survivor(s) of them. In case you want to add nominee/s prior to the issuance of your policy you can write us at buyonline@iciciprulife.com or get in touch with your Relationship Manager on 1800 210 0045. In case you change your mind about your nominee/s post the issuance of your policy: you can write to us here https://www.iciciprulife.com/services/write-to-us-csr.html or on our Email ID lifeline@iciciprulife.com. If you want to speak to someone you can call on our service hotline toll free number 18002660

Question 28

What is the application process to buy this plan?

Accepted Answer

The online application process to buy this plan is very simple and can be completed in a few minutes. You just need to keep your PAN card, an address proof (Aadhar card/Passport/Driving License/Voter's ID) and a recent photograph ready and can complete the process anytime anywhere. Once you are done customising your quote using the term insurance premium calculator, you can proceed to the application form. The application form consists of three sections.

Personal Information: Here, you need to enter your full name, marital status, highest education level, occupation, PAN number, and your communication address. In case you are salaried, you will be required to give details of the organization you work for & the name and type of organization. In addition to this, you will also be asked to enter details of your nominee & their full name, gender, date of birth and relationship with life assured. You will be required to declare any other life insurance policies you might have.
Health Details: Here, you need to enter your height, weight and details of pre-existing health conditions, if any. Fill in this page very carefully and to the best of your knowledge to prevent rejection of claim due to incorrect information later.
Documents Upload: You can choose to upload documents now for faster issuance or proceed to payment directly and upload the documents later. Documents needed are your photograph, PAN card, Address Proof (Aadhar card/Passport/Driving License/Voter's ID) and Income Proof (last 3 months' salary slips/ last 3 years' ITR/ last 6 months' bank statement/ Form 130). Accept the declaration that all the information submitted by you is correct and move to the payments page.

Once you fill the form, you can then choose a payment mode as per your convenience. The various payment methods available include credit card, debit card, net banking, UPI, Google Pay, Amazon Pay and other popular payment wallets.

In case you are required to undergo a medical examination based on the health details submitted by you, you will be asked to enter your pin code. Basis the pin code and type of tests required, you will be entitled to either a home visit medical test or one at a nearby medical center.

You can choose the date and time of examination as per your convenience. You can track the status of your application using our Application Tracker.

Question 29

Can I fill this application form on my mobile phone?

Accepted Answer

Yes you can. Our application form is mobile friendly and can be filled anytime anywhere in just a few minutes!

Question 30

What documents are required for buying a policy online?

Accepted Answer

You are required to upload a clear copy of the following KYC documents in jpeg or pdf form:

One recent photograph
PAN card (mandatory)
Income proof (last 3 months' salary slip/ last 3 years' ITR/ Form-130/ last 6 months' bank statement)
Official ID proof (passport/driving license/voter's ID/Aadhar card)

Question 31

What all income can I club in the income field in the application form?

Accepted Answer

If you are salaried then please share your annual salary as income. If you are self-employed then please share the average annual income of last 3 years as per the filed ITR.

Question 32

Which address has to be mentioned in the application form?

Accepted Answer

In case your communication address is different from your permanent address, there are separate fields to mention both of them. Make sure you are available at your communication address as this is where your policy documents will be sent after issuance.

Question 33

How can I check the status of my application?

Accepted Answer

You can check the status of your application by going to the Application Tracker.

Question 34

How can I cancel my application?

Accepted Answer

You can cancel the policy application by submitting a request at our call center number 1860 267 9997

Question 35

What is the Married Women's Property (MWP) Act^!c and who is it useful for?

Accepted Answer

The Married Women's Property (MWP) Act^!c is useful for self-employed people. As a business-owner, you deal with various vendors, lenders and creditors on an everyday basis. In your absence, your term insurance proceeds may be taken by people who you owe money, or even your relatives. Availing a term insurance plan under the Married Women's Property Act 1874 (MWP Act) helps in protecting your family's financial interests in your absence. Once a policy is availed under the MWP Act, it may not be attached by courts for repayment of your debts. Only your wife and children will be entitled to the Sum Assured in the event of your demise. ^c is useful for self-employed people. As a business-owner, you deal with vendors various

Question 36

Does ICICI Pru iProtect Smart provide the option to buy the plan under Married Women's Property (MWP) Act?

Accepted Answer

Yes, if you are a resident of India and a married man, you can buy ICICI Pru iProtect Smart Plus under MWP act and your wife and children can be beneficiaries under this act. You can also purchase the policy if you are a widower or a divorcee in such a scenario, you may name your children as beneficiaries.

Question 37

Who all can be added as a beneficiaries under the MWP Act?

Accepted Answer

You can nominate your wife and/or children as beneficiaries under MWP act.

Question 38

Can I purchase term insurance if I'm a smoker?

Accepted Answer

Yes, you can purchase term insurance if you are a smoker.

Question 39

I smoke occasionally, do I need to declare myself as a smoker?

Accepted Answer

If you have consumed tobacco in any form in the last 36 months, you need to declare yourself as a smoker.

Question 40

I earlier used to smoke cigarettes but now I have quit smoking. Do I need to declare myself as a smoker?

Accepted Answer

If you have consumed tobacco in any form in the last 36 months, you need to declare yourself as a smoker.

Question 41

What will happen if I start consuming alcohol or tobacco after policy issuance?

Accepted Answer

Your policy will not be affected if you start consuming alcohol or tobacco after policy issuance.

Question 42

Is there any difference between premium rates of smoker and non-smoker buyers?

Accepted Answer

Yes, as a smoker you present a greater risk of death than a non-smoker. Hence, premium rates for smokers are higher than that of non-smokers..

Question 43

Does the premium calculation have any impact on smokers?

Accepted Answer

Yes, the premium is generally higher for those who smoke. This is particularly so because smokers are at a higher risk of suffering from an illness. As a result, insurance companies charge a higher premium to cover the associated risk.

Question 44

What is the process of policy issuance?

Accepted Answer

Once your application is filled, premium is paid, all KYC documents are submitted and medical check is done , the policy will be issued (based on underwriting decision). You can use the application tracker on our website to check the status of your policy.

Question 45

What is the process of medical check-up?

Accepted Answer

You will be informed if you need to get a medical check-up done based on the health details submitted by you. You can fix an appointment for the check-up on our website. The cost of the medical tests is borne by the company for Non-NRI customers. Home/Office visit: If you have selected this option, you can choose the date and time of examination as per your convenience at your home or office. The tests are completed in about 15-20 minutes. These tests comprise of:

Blood Test
Electrocardiogram (ECG)
Any additional tests in case required by our team of expert underwriters

Medical center visit: You can choose the date, time & center of examination as per your convenience. These tests are completed within an hour and comprise of:

Blood Test
Electrocardiogram (ECG)
Tread mill test
Chest X-ray
Sonography
Any additional tests in case required by our team of expert underwriters

Question 46

How will I receive my policy documents?

Accepted Answer

After issuance, you will receive the policy documents on your registered email ID and mobile number. The physical copy of policy certificate will be also sent to your communication address.

Question 47

Am I allowed to change the Life cover once I have bought the policy?

Accepted Answer

Yes. ICICI Prudential Life term plan comes with Life StageL benefit wherein you have the option to increase your cover at key milestones like after marriage (50% increase), first and second childbirth (25% increase in each case) & Disbursement of Home Loan (100% Increase) without any medicals (based on underwriting decision). Additional premium will be calculated based on the increased life cover and remaining policy term as per your age at the time of each such increase.

Question 48

Am I allowed to change the policy term once I have bought the policy?

Accepted Answer

No, the policy term cannot be changed once the policy is issued.

Question 49

What happens to the policy if the premium is not paid before the due date?

Accepted Answer

A grace period for payment of premium of 15 days applies for monthly premium payment mode and 30 days for other modes of premium payment. If the premium is not paid within the grace period, the policy shall lapse and cover will cease.

Question 50

Can I return the policy if I am not satisfied with it?

Accepted Answer

ICICI Prudential Life online term plan comes with a 30 day free look up period. If you are not satisfied with your policy, you can return it back to us within 30 days of purchase and get your money back.

Question 51

What will happen to my policy if I become NRI after purchasing this policy?

Accepted Answer

Once you buy the policy, you stay covered whether you are in India or abroad.

Question 52

Will I get any Bond Paper/ Policy Document and how will I receive it?

Accepted Answer

Yes. You will receive the digital welcome kit which we term as "e-Welcome kit"/ soft copy of policy document within 4-5 days of issuance and hard copy will be delivered at your place of residence within 7 days. The welcome kit includes your Policy Certificate, First Premium Receipt, Key Feature Document and Terms & Conditions of the policy. A digital policy kit is as good as physical policy kit & considered as valid document for placing any service related requests from your end. To view the E-Welcome kit/Policy document, you should have Adobe Reader version 6.0 or above (or a similar viewer) installed on your personal computer or mobile device. The password for the E-Welcome Kit/Policy document is a combination of the first four letters of your name and your date of birth in DDMM format.

Question 53

Why is it important to share correct personal information while checking term life insurance quotes?

Accepted Answer

Entering correct personal information like your gender, date of birth and your tobacco consumption habits, etc. will help in calculating the right premium for you and also recommend you an adequate sum assured or life cover¹ amount based on your income range.

Question 54

How much tax can I save with a term plan?

Accepted Answer

You can save tax^* up to ₹54,600yearly with a term plan. Premium paid eligible for tax^* benefits under section 123 (read with Schedule XV, Sr. No. 1, 2 & 4 ) and 126 of the Income Tax Act, 2025. Claim payouts are tax^**-free under section 11 (read with Schedule II, Sr. No. 2) of the Income Tax Act, 2025.

Question 55

How will I get instant tax certificate?

Accepted Answer

You can download the tax certificate/premium paid certificate from the website or mobile app as soon as you make the payment.

Question 56

Will COVID-19 claims⁹ be covered under this policy?

Accepted Answer

Yes, all death claims arising due to corona virus COVID 19 will be covered and processed as per the terms and conditions of the policy.

Question 57

What is Claim Settlement Ratio and why is it important?

Accepted Answer

The Claim Settlement Ratio tells you how many claims for life insurance have been paid out as a proportion of the total number of claims made. The higher the ratio is, the better. A higher ratio means there is a greater chance of your claim being settled. ICICI Prudential Life has a high claim settlement ratio of 99.3^ij in FY25. Along with having a high claims ratio, ICICI Prudential Life has also paid ₹46,182 Crore^Ω in claims in FY24, a high number in the industry.

Question 58

What is the claims process?

Accepted Answer

We have a 3-step claims process:

Step 1: Claim Reporting

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

However, your claim will only be considered for registration upon submission of duly filled claim intimation form along with other requisite documents. Physical documents will be required to be sent to the nearest branch to start the process.

The documents needed are:

Duly filled and signed Claimant Statement Form
Recent photograph of the claimant
Death Certificate issued by local government authority of the person insured in the policy (Life Assured)
Signed copy of photo identity proof of the claimant
Current Address proof of the claimant (Any one of the following: Aadhar Card, Valid Passport or Driver's License, Voters ID are considered as proofs)
Signed copy of PAN card / Form 97 of the claimant
Copy of cancelled cheque / bank statement / passbook of the bank account of the claimant where payment needs to be transferred

The company may call for additional documents if needed, depending on the type of death, for faster processing of your claim. Kindly click here to know more: https://www.iciciprulife.com/insurance-claim/documents-required-for-death-claim.html

Step 2: Claim Processing

Our dedicated ClaimCare team will assess your claim and inform you in case any more documents need to be submitted.

Step 3: Claim Settlement

Once your claim is intimated and we receive all the relevant documents, we will settle your claim. For more detailed information on Claims, visit https://www.iciciprulife.com/insurance-claim.html .

Question 59

How long does it take for claims to be settled?

Accepted Answer

We understand that claim settlement is one of the most important factors for you to make the right decision to secure you and your family, and that is exactly why we have made the process quicker and simpler wherein we are settling claims in 1 day^>.

Question 60

Can a claim be rejected?

Accepted Answer

It is possible for a claim to be rejected if 'non-disclosure' or 'misstatement' of facts is discovered during an investigation. When a fact that affects the policy issuance decision is not disclosed in the proposal, it is termed as 'non-disclosure'. Similarly, withholding information or providing incorrect information while answering questions in the proposal (application) form is termed as, 'misstatement'.

For example, when an applicant is suffering from kidney related ailment and does not inform the insurer about the same in the proposal form, it is termed as non-disclosure. Similarly, when an applicant overstates his or her income, then it is called a misstatement

Question 61

Will the claim be settled if I die within one year of policy purchase?

Accepted Answer

Only claims resulting from suicide are not payable within the first year of policy. All other claims are payable provided there is no non-disclosure or misstatement of facts.

Question 62

Will this policy honour my claim if I die outside country?

Accepted Answer

Yes, the policy covers deaths all over the world.

Question 63

Will the claim be settled if I die due to drink and drive?

Accepted Answer

The claim is payable in case of drink and drive for base Life Cover amount not for Accidental Death Benefit Rider amount basis the documents submitted at the time of claim as per policy’s terms and conditions.

Question 64

How and when is the ₹3 lakh paid⁵ out on claim intimation?

Accepted Answer

Once a valid claim is intimated under an eligible ICICI Pru iProtect Smart Plus policy upon receipt of intimation of death claim (along with the required supporting documents), ₹3 lakh is disbursed immediately^!c to the nominee. This quick payout helps manage urgent financial needs. The benefit applies only if the sum assured is equal to or above ₹1 crore and the claim is made after 3 years from the Date of Commencement of Risk or Revival of the Policy and provided the Policy is in force. The ₹3 lakh amount is adjusted against the final claim settlement after verification.

Term Insurance Calculator

ICICI Pru iProtect Smart Plus

Smart Protection for your Next 10 years

99.3%^!j

100%

₹3 Lakh

Benefits that secure your family’s future

Term Plan Calculator

Benefits that secure your family’s future

How the plan works?

Why choose ICICI Prudential Life?

Steps to buy term insurance online

Nominee care & claim assistance

Transparent and Supportive

Nominee Care

Transparent and Supportive

Nominee Care

Fast and Efficient

24/7 Support Team

Streamlined process

1 Day Claim Settled^<

For Simple & Easy Claims Process

For Simple & Easy Claims Process

Step 1 - Claim Reporting

Step 2 - Claim Processing

Step 3 - Claim Settlement

Term Insurance Calculator

ICICI Pru iProtect Smart Plus

Smart Protection for your Next 10 years

99.3%!j

100%

₹3 Lakh

Benefits that secure your family’s future

Term Plan Calculator

Benefits that secure your family’s future

How the plan works?

Why choose ICICI Prudential Life?

Steps to buy term insurance online

Nominee care & claim assistance

Transparent and Supportive

Nominee Care

Transparent and Supportive

Nominee Care

Fast and Efficient

24/7 Support Team

Streamlined process

1 Day Claim Settled<

For Simple & Easy Claims Process

For Simple & Easy Claims Process

Step 1 - Claim Reporting

Step 2 - Claim Processing

Step 3 - Claim Settlement

99.3%^!j

1 Day Claim Settled^<