Depending on the type of policy, you may be eligible to receive a payout at the end of the policy term, or during the policy term as mid-term payout.

There are three kinds of payouts:

• Policy payouts: These amounts are paid directly to the policy holder by the insurer based on the type of policy and as per the policy terms & conditions.Type of payouts:
  1. Maturity payout: Lumpsum payout are paid at the end of the policy term.
  2. Mid-term policy payouts/ income: Income/ survival benefits paid during the policy term.
  3. Annuity(pension) payout: Fixed amounts paid as per the payout option chosen by the annuitant.
• Policy Foreclosure (termination) payout: This is paid when a policy gets foreclosed (terminated) due to non-payment of premium.
• Claim-based payouts (Life/Health insurance claims): This is paid to the nominee or the policy holder when a formal request is raised by the nominee or the policy holder with the insurer for insurance claim promised in the policy in case of an unforeseen event or on diagnosis of any disease.

For more details regarding the payouts applicable for your policy, please refer to your policy document.

As per Insurance Regulatory and Development Authority of India (IRDAI)

• It is mandatory for all policyholders to keep their bank account details updated so that policy payouts can be electronically transferred on the payout date
• To get your policy payouts in your preferred bank account, we recommend you to keep your bank account details always updated

You can update your bank account details through any of these options:

^*Note: Please ensure the name of the policy holder and the complete bank account number is printed on the copy of the cheque being submitted.

Important points to note for policy payouts:

• Ensure you keep your bank account details updated with us at least 5 days prior to your payout date, to receive the payout amount in your preferred bank account on time
• PAN/Form 60 is mandatory for all payouts, if not already updated in our records. Additional TDS deductions as per the existing Tax laws may apply if PAN details are not updated
• If KYC details are not updated, Passport Size Photo and Address Identity Proof are required to be submitted (Aadhaar with the 8 digits masked, Valid Driving License, Valid Passport, Voter ID Card, Job Card issued by NREGA). Passport Size Photo is not required if you are visiting a branch to update KYC
• Keep MICR code, IFSC code of the bank details handy when updating the details on website or app. Your bank account details will get validated with ₹1 credit. In case the bank details are not getting validated on website, you may be required to upload a cancelled cheque of the bank account with name of account holder printed on it or statement of your bank account for the last 3 months with name of the account holder printed on it
• NRI customers who wish to receive the payout in an NRE account will have to share proofs of all premiums paid from the same NRE bank account in which they wish to receive the payment. You can submit the copy of the proof (NRE bank account statement from which previous premium payments were made) at an ICICI Prudential Life branch near you or email the documents to lifeline@iciciprulife.com from your registered email id
• In case the policy is assigned, NOC (No Objection Certificate) is required from the Bank/ Financial institution
• For policies owned by entities like Hindu Undivided Family (HUF) or trusts, bank details of trust will be required
• For policies registered under Married Women`s Protection Act (MWPA), the following documents are required of the Trustee:
  • Passport Size Photo
  • Address Identity Proof (Aadhaar with the 8 digits masked, Valid Driving License, Valid Passport, Voter ID Card, Job Card issued by NREGA)
  • Proof of bank account (cancelled cheque with name of the trustee printed on it or statement of bank account for the last 3 months with name of trustee printed on it)