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ICICI Prudential Life Insurance

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.

Interesting facts about ICICI Prudential Life Insurance Company Ltd

  • ICICI Prudential Life is the first private life insurance company to attain assets under management of 1 trillion
  • Assets Under Management (AUM) as on 31st March 2017 were Rs. 1,229.19 billion.
  • The company issued 1 lakh policies in the first year of operations.
  • The company has a healthy claim settlement ratio of above 90% in the last five years.

Features of ICICI Prudential Life Insurance Plans

  • Comprehensive life cover on the payment of affordable premium
  • Includes both Death Benefit and Maturity/Survival Benefit
  • Serves the dual purpose of life cover and investment, enabling you to plan multiple financial objectives well in advance
  • Tax benefits applicable on premium payment as per Section 80C and maturity benefits under Section 10(10D) of the Income Tax Act, 1961
  • Life insurance retirement plans help you to strategically plan your retirement fund.
  • Offers a free look Period of – (i) 15 days from the date of receiving the ICICI Prudential Life Insurance policy, if the policy has not been purchased through Distance Marketing, and (ii) 30 days from the date of receiving the policy, in case of electronic policy purchase or is purchased through Distance Marketing

Benefits of ICICI Prudential Life Insurance

  • The plans offer comprehensive life cover with low cost online term insurance plans.
  • Life insurance helps you to meet your dual needs of life cover & investment .
  • Life insurance also helps in getting tax benefits on premium payment .
  • Life insurance retirement plans help you strategically plan your retirement fund.

Life Insurance Plans Offered by ICICI Prudential Life Insurance

Documents Required For ICICI Prudential Life Insurance

Mandatory documents for death claim:

  • Claimant's statement / Claim intimation form
  • For Lender Borrower Group (only for Credit Life policies) - Claimant's statement / Claim intimation form
  • For Affinity / Employer-Employee Group - Claimant's statement / Claim intimation form
  • Copy of Death certificate issued by Local Municipal Authority
  • Copy of Claimant's Photo Identification Proof & Current Address Proof
  • Cancelled Cheque

Additional documents for non-accidental death:

  • Copy of Medical Legal Cause of Death Certificate
  • Copy of Medical Records (Admission Notes, Discharge/ Death Summary, Test Reports etc.)
  • Medical Attendant's/ Hospital Certificate to be filled by the treating doctor
  • Certificate from Employer (for salaried individuals)

Additional documents for accidental death:

  • Copy of FIR/Panchnama/Inquest Report and Post Mortem Report for accidental death & suicide cases
  • Copy of Driving License if Life Assured was driving the vehicle at the time of accident (Applicable if 'Accident and Disability Benefit Rider' is opted)

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:

  • Claimant's statement / Claim intimation form
  • Attending Doctor's Certificate
  • Copy of Medical Records (Admission Notes, Discharge Summary and Test Reports)
  • Original Policy Certificate
  • Cancelled Cheque

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:

  • Claimant's statement / Claim intimation form
  • Copy of Medical Records (Admission Notes, Discharge Summary and Test Reports)
  • Pre-authorization form (for cashless facility)
  • Attending Doctor's Certificate
  • Health check-up Form (for ICICI Pru Hospital Care II)
  • Cancelled Cheque

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:

  • Claimant's statement / Claim intimation form
  • Original Discharge Card
  • Original Investigation Reports
  • Health check-up Form (for ICICI Pru Health Saver)
  • Original Hospital/ Pharmacy Bills & Payment Receipts and Records
  • Pre-authorization form (for cashless facility)
  • Health Saving Benefit Form (for ICICI Pru Health Saver)
  • Cancelled Cheque

How to File a Claim with ICICI Prudential Life Insurance?

You can file a claim with ICICI Prudential Life Insurance online or offline, as per your convenience.

Online:

  • ICICI Prudential Life Insurance’s official website
  • Email them at lifeline@iciciprulife.com
  • Send your claim directly to ClaimCare office through email

Offline:

  • Visit any branch of your choice
  • Call on their 24X7 ClaimCare team at 1-860-266-7766
  • SMS ‘ICLAIMpolicy Number’ to 56767

Claim Settlement Process of ICICI Prudential Life Insurance

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.

Exclusion of ICICI Prudential Life Insurance Plan

Exclusions for Waiver of Premium on Permanent Disability are:

  • Permanent disability due to attempted suicide or self-inflicted injuries, overuse of alcohol or drugs, adventure sports like parachuting and skydiving, etc.
  • Permanent disability caused after 180 days of an accident that lead to injuries
  • CPD that occurs after the date of termination of the policy.

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 Review

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.

ICICI Prudential Life Insurance Company Contact Details

New Customers: 1860 266 7766

Email: buyonline@iciciprulife.com

Existing Customers: Can contact by submitting online form on website 1860 266 7766

Email: lifeline@iciciprulife.com

NRI Customers: +91 22 6193 0777* - Open 24X7 (except national holidays) or 1860 266 7766

Email: lifeline@iciciprulife.com

Group and Annuity Customers: 1860 266 7766

Email: grouplife@iciciprulife.com myannuity@iciciprulife.com

FAQs of ICICI Prudential Life Insurance

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.

  • Cancelled cheque under your name
  • In case the cancelled cheque does not have your name and account number printed on it or have the new account number printed on your cheque /bank statement statement/pass book
  • Proof of Identity (PoI) like Aadhaar Card, PAN Card, Voter ID, Driving License and Passport
  • Your contact information
  • NRE Bank Statement with details about premiums paid by you from the NRE Account

How can I check policy status of ICICI Life Insurance?

  • Register yourself on the official website of www.iciciprulife.com to check the policy status
  • A policy number can also be used to check your policy status

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:

  • Online: Click here to pay your premium through Net Banking, UPI, Debit Card, Credit Card & E-Wallets.
  • Cheque: You can drop your policy premium cheque at any ICICI Prudential branches and a few banks. Click here for the list of banks where cheque payments are accepted. Click here for the list of drop boxes.
  • Cash: You can pay policy premiums in cash up to Rs.49,999/- at any of our authorized collection centers. Click here for the list. You can automatically pay your future premiums with your credit/debit card using the auto pay facility.

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 “lifeline@iciciprulife.com” 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:

  • Visit the claims section of our website for online claim intimation
  • Call us at our 24 x 7 ClaimCare number - 1860 266 7766^
  • Visit your nearest ICICI Prudential Life Insurance branch
  • E-mail us at lifeline@iciciprulife.com
  • SMS 'ICLAIMPolicy No' to 56767 Your claim will be formally registered only after receiving a written claim intimation at our branch/Claims Cell. You should report a claim as soon as possible, to help the company process it faster. You can report the disability claim within 120 days from the date of disability. For critical illness or major surgery, you have to report the claim within 60 days from the date of diagnosis or surgery.

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.

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