- About Coverfox
ICICI Prudential Life Insurance Company Ltd began its operations in the year 2001. It is a joint venture between one of the largest private sector banks in India and Prudential Corporation Holdings Limited.
ICICI Prudential Life is one of the top players in the life insurance sector.
Company's product portfolio ranges from long term saving to financial protection products meeting different life stage requirements of its customers. The company aims to provide cost effective products, good supervision of assets and funds under its management and a hassle free claim settlement experience for its valued customers. It is also the first insurance company which has been listed on National Stock Exchange and Bombay Stock Exchange. The claim settlement ratio for the company in the FY 2017-18 is 97.88%. The company has maintained impressive claim settlement ratio in the last few years.
Mandatory documents for death claim:
Additional documents for non-accidental death:
Additional documents for accidental death:
Critical Illness Claim, ICICI Pru Heart / Cancer Protect Claim, Major Surgical Assistance Benefit Rider Claim, Accidental Death Benefit Rider or other Rider Claim
To report a claim you will need the following documents:
Fixed benefit hospitalisation claim for ICICI Pru Hospital Care or ICICI Pru Hospital Care II
You will receive a sum as Fixed Benefit for the number of days you were admitted in a hospital or type of surgery grade under the ICICI Pru Hospital Care and Hospital Care II policies. For reporting Fixed Benefit Hospitalisation claim, you will need the following documents:
Indemnity Hospitalisation Claim applicable for ICICI Pru MediAssure or ICICI Pru Health Saver:
For the expenses made for hospitalisation and other related medical costs, you will be compensated under the Indemnity Hospitalisation claim. For reporting this claim, you will need the following documents:
You can file a claim with ICICI Prudential Life Insurance online or offline, as per your convenience.
Step 1: Report the claim to the insurance company:
It is very important to report your claim as soon as possible. You can report your claims online, at the ICICI Prudential branches, central office, via SMS, e-mail or through their call centre. However, claims reported online, through SMS or e-mail will not be considered as intimation. You will need physical documents to formally register your claim and start the process.
Step 2: Claim Processing:
ICICI Prudential Life Insurance Claim Care team will assess your claim, and inform you in case any further documents are required to be submitted. Post receiving all the necessary documents, we will process your claim request.
Step 3: Claim Settlement:
Once the claim is reported and all relevant documents are submitted, the claim will be processed and settled by the company at the earliest.
Exclusions for Waiver of Premium on Permanent Disability are:
For Accidental Death Benefit the exclusions are:
Attempted suicide or self-inflicted injuries while sane or insane, or overuse of drugs or alcohol
Engaging in aerial flights like parachuting, skydiving, etc.
Breach of law committed by the insured with criminal intent
Death due to war, whether declared or not or civil commotion
Engaging in hazardous sports or pastimes like mountaineering, horse racing, jet skiing, martial arts, etc.
Source: ICICI Prudential’s official website
ICICI Prudential Life Insurance has got an impressive range of insurance products to offer to cater to the individual needs of different customers. The track record of the company with regards to service is one of the best in the industries. With a healthy claim settlement ratio and simple claim process, it is one of the best life insurers operating in the Indian life insurance market today.
New Customers: 1860 266 7766
Existing Customers: Can contact by submitting online form on website 1860 266 7766
NRI Customers: +91 22 6193 0777* - Open 24X7 (except national holidays) or 1860 266 7766
Group and Annuity Customers: 1860 266 7766
Email: firstname.lastname@example.org email@example.com
How do I cancel my ICICI Prudential life insurance policy?
You can cancel or surrender your ICICI Prudential life insurance policy by following these steps:
Submit the reason why you want to surrender your policy, along with the relevant Cancellation/Surrender Form at any ICICI Prudential Life Insurance branch of your preference, along with the below documents in their original form.
How can I check policy status of ICICI Life Insurance?
Can I surrender my ICICI Prudential policy online?
You cannot surrender your ICICI Prudential life insurance policy online. You have to visit any of their branches as the surrender procedure requires you to submit documents like Proof of Identity (PoI), cancelled cheque, etc. in its original form.
How can I claim ICICI Prudential policy?
Raise a claim: Ensure that you make a claim as soon as possible. You can register the claim at any ICICI Prudential branch, get in touch through their call centre, send a SMS or email them. However, claims raised online, through email or SMS are not considered as a claim intimation. You have to submit the required documents in their original form to register the claim officially.
Process the claim: The Claim Care Team at ICICI Prudential Life Insurance will evaluate your claim, and get in touch with you in case any other documents are required for further verification. After all the documents have been verified, your claim will be processed.
Claim settlement: Post processing of your claim, the payment will be settled.
What is the grace period for ICICI Prudential premium?
The grace period for premium payments for ICICI Prudential life insurance is 15 or 30 days, depending upon the policy and premium payment mode.
What is ICICI Prudential LifeTime Super pension plan?
ICICI Prudential LifeTime Super Pension policy is a Unit Linked (ULIP) retirement plan that encourages you to save in a disciplined way, so that you can financially secure your post retirement years. This enables you to build a robust corpus for a time when you are no longer gainfully employed, thereby making you eligible for a fixed income after you have retired. Prudential LifeTime Super Pension policy offers a fixed income after your retirement.
How to pay premium? What are the modes of payments available?
You can pay your policy premiums through any of the convenient options mentioned below:
How can I check policy status of ICICI life insurance?
You Can Check the ICICI Prudential Life Insurance policy status By Calling the customer care or writing an email to them. Dial “1800 266 7766” (toll-free) number and know details about your policy from the customer care executive. To retrieve information, you will have to provide your details and also your policy number.
Otherwise, you can check your ICICI Prudential Life Insurance policy status by sending an email to the address “firstname.lastname@example.org” wherein the insured has to mention his policy number and other details, as required.
What is the policy renewal process?
Policy holder can apply for revival of the policy within two years from the date of policy discontinuance by paying the due premium, reinstatement charges and submitting the Personal Health Declaration Form (if applicable). Revival of policy is subject to underwriting.
What is the company's process to settle claim?
To report your claim you can:
What is the policy cancellation process?
To surrender your policy, you need to visit the insurance company in person along with original policy bond, identity proof, address proof and cancelled cheque of the bank where you wish to receive your funds. Fill in the surrender form and submit it along with documents.
What are the insurance policies offered by ICICI Prudential Life Insurance?
The different insurance policies offered by ICICI Prudential Life Insurance are term insurance plans, traditional savings/money back plans, unit linked Insurance plans, health insurance plans, retirement plans, group plans and rural plans.
What are the documents required for filing a death claim with ICICI Prudential Life Insurance?
The mandatory documents required by ICICI Prudential Life Insurance for a death claim are:
How much time does ICICI Prudential Life Insurance take to settle a death claim?
For settlement, rejection or repudiation of claims, where investigation is not necessary, the insurer will pay out the benefits within 30 days from the date of receipt of the last necessary document.
How will the claim amount be paid out?
The insurance company will honour claim payments through cheque or ECS, depending on the individual's convenience.
What are the tax benefits that can be claimed on the life insurance policies of ICICI Prudential?
Policyholders can claim tax deduction under Section 80C of the Income Tax Act, 1961, for the premiums paid toward ICICI Prudential’s life insurance policies. The maximum deduction that can be claimed under this section is Rs. 1,50,000 during a financial year. Proceeds from life insurance policies are completely tax-free in the hands of the receiver under Section 10(10D) of the Income Tax Act.