ICICI Prudential Life Insurance

A claim is 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 form^^ is termed as, 'misstatement'.

(For example, when an applicant suffering from kidney failure 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.)

We examine and settle claims on the basis of all records related to the claim. Once you report a claim, we request you to submit the required documents. The sooner the documents are submitted, the faster your claim will be processed.

The claim benefit can be received by:

• The nominee or the guardian (in case of minor nominee), if you are the Life Assured
• The proposer, in case you are not the Life Assured
• Assignee, in case the policy is assigned
• Life Assured, in case of living benefit claims such as, claims under disability, critical illness and major surgery rider.

In such circumstances, we would require the proof of title/succession certificate issued by a competent court. The claim would then be paid to the person specified in the said proof. Such a condition is called 'Open Title' situation.

If we have accepted the claim but are waiting for the issued certificate of proof, we hold the money till the proof is submitted and pay interest as directed by the Insurance Regulatory and Development Authority of India.

Following KYC documents are required:

• PAN/Form 60 (mandatory)
• One recent photograph
• List of Officially Valid Documents:
  • Passport
  • Driving License
  • Voter's Identity Card issued by Election Commission of India
  • Job Card issued by NREGA duly signed by an officer of the State Government
  • Letter issued by the National Population Register containing details of name, address or any other document as notified by the Central Government in consultation with the Regulator
  • Proof of possession of Aadhaar (to be taken in masked/redacted form/black out version to be taken from clients).

Our process of medical examination is very simple. Immediately after the making payment, basis your pin code you will be eligible either for home visit or for centre visit.

• Home visit: If you have selected this option, you can choose the date and time of examination as per your convenience.
• Medical centre visit: If home visit option is not available for your location or in case of tests which require medical centre visit like X ray, TMT (Treadmill test) etc. You can choose the date, time & centre of examination as per your convenience.

Cost of medical exam would be borne by the company.12 hours fasting is required for blood samples.

The minimum entry age to purchase term insurance is 18 years, while the maximum entry age while purchasing can be up to 65 years. Term Insurance Plans provide longer protection for you and your family. One can choose a life cover up to the age of 85 years under Regular Pay and 99 years under Whole Life.

Your family will receive the claim amount in the event of both natural and accidental death. Life insurance is designed to provide your family with a certain amount of money, irrespective of the reason of death. However, there are some exclusions like suicide in 1-year, non-disclosure of rightful facts that can lead to a decline of your claim amount. To know more about such exclusions, please refer to the terms & conditions section in the policy document.

Policy Issuance usually takes 7 days post medical test and successful submission of all documents. In case of non-policy issuance due to in eligibility, following offer would be made to you:

• Revised premium
• Count Offer: Revised life cover
• Postpone: Eligible to buy policy after 6 months
• Decline: Policy cannot be given

In case your policy request is declined, payment will be reversed to you in 7 working days.

It is usually suggested that a life insurance cover should be at least 10 times of your annual income and 15 to 20 times is an even better option. If you have loans such as home loans, car loans, etc. then you should factor that in too.

For instance, if your annual income is ₹ 10 Lakhs, it is ideal to buy term life insurance cover of at least ₹1.0 crore, if you do not have other liabilities. In case you have a home loan of ₹50 lakhs, include this amount in your life cover. It is best to use the term calculator provided by insurance companies before deciding on your life cover.

Online transactions are completely secure and are done directly on the insurance company’s or it’s official distributors’s website. Today almost all financial transactions including banking, stocks, etc have moved completely online and lacs of people are making online payments every day. You can evaluate ICICI Prudential’s plans oneindiainsurance .

Yes, smokers are eligible for term insurance subject to prescribed medical tests. Get Insurers typically charge a higher premium for term insurance for smokers. Most life insurance companies charge a higher premium amount for smokers. It is essential that you do not hide your smoking habit from your insurer. If you are found to be lying about it:

• Your insurance cover will be null and void, and insurance claims will not be honoured.
• You may be charged with fraud.

To get a duplicate physical copy of your policy document, you need to visit any ICICI Prudential Life Insurance branch with the following documents:

• Notarised copy of an indemnity bond printed on stamp paper of ₹500/
• Cheque/ demand draft of ₹500/- (towards reprint charges) in favour of ICICI Prudential Life Insurance Company Ltd

Once we receive your request, the duplicate copy will be couriered to you within 10 working days.

You can disclose additional information about yourself, after issuance of your policy, by sending us a letter. This information can be related to medical conditions, an occupational change which may have an impact on your health, insurance cover with other companies, changes in habits, change of residential status to NRI, etc. You can submit this letter through any of these options:

• Our Branches: You can submit the letter at any of our branches
• Courier: Courier or post the letter to: ICICI Prudential Life Insurance Co. Ltd., Unit No. 1A & 2A, Raheja Tipco Plaza, Rani Sati Marg, Malad (East), Mumbai- 400 097

Once we receive your details, we will get back to you in 6 working days, to let you know the impact on your policy (if any). We may seek additional clarifications or requirements (if any).

An assignment is a method of transferring all rights and benefits under a life insurance policy to an individual or institution. You can assign your policy to take a loan against it, as a security or to gift it to someone. The person who transfers his right is called the "Assignor" (i.e. the policyholder) and the person to whom the right is transferred is called the "Assignee". You can assign your policy to an individual or a financial institution provided there is an insurable interest between you and such an individual/ financial institution. There are two types of assignment:

• Absolute Assignment: In an Absolute Assignment you transfer all interests, benefits, liabilities, obligations and rights under your policy to the assignee, without any condition
• Conditional Assignment: This is an assignment of your policy which is dependent on a condition. Right of ownership, responsibility to pay future premiums and right of servicing is as per the terms of the assignment

If the due premiums are not paid while the policy is still within the lock-in period, then the policy would lapse and all benefits of the policy would cease. The policy holder has a grace period for premium payment, which is 15 days from the due date for monthly premium payment frequency and 30 days from the due date for half-yearly and yearly premium payment frequency.

If the due premiums are not paid even after completion of 45 days of the grace period then the policy acquires a "discontinued" status, the policy benefits cease. And the amount accumulated in the policy would move to the discontinued fund. This amount would be locked in till completion of the lock-in period (five years from the date of policy issuance). Please note, policy discontinued is applicable for policies issued after Sep 1, 2010.

The policy holder loses out on all the benefits of the plan. After discontinuance of the policy it cannot be withdrawn. The policy holder would receive the invested amount only on completion of the lock-in period (five years from the date of policy issuance).

You have a period of 15 days to review your original policy document from the date of receipt. If you are not satisfied with the terms and conditions of your policy, you can return it to us for cancellation and you will be eligible for a refund. If your policy is sourced through distance marketing, you have a period of 30 days. This will be mentioned in your policy certificate. To cancel your policy within the free look (review period), fill up the form and visit any of our branches with your Policy document. Once received, we will process your request and refund the premium amount after applicable deductions (if any) within 15 days.

Surrender is a mid-term termination of your life insurance policy. If you surrender your policy your life insurance cover will end and all your policy benefits will stop. Hence we recommend you to re-think your decision of surrendering the financial security of your loved ones. You can surrender your policy, only after completion of the lock-in period. For details of the lock-in period in your policy, please refer your policy document. On surrender of your policy your policy value will be paid to you as per the policy terms. To surrender your policy, you can visit any of our branches with the following documents:

• Surrender Form
• Policy Document.
• Signed Copy of Photo Identity Proof of the policy holder, i.e. PAN Card, Aadhaar Card etc. Please carry an original copy of the Identity proof.
• Cancelled Cheque of the Bank account in which you wish to receive the surrender amount. Please ensure that your name is printed on the cheque.

Once we receive your request, we will process your payout within 15 working days and send you a confirmation.

An insurer would be willing to provide you with a life cover based on your health condition, even if you suffer from heart related or diabetic related ailments. Remember that an insurer decides on the premium to be charged based on your health condition, age at the time of entry, tenure of the coverage requested and your medical history. In case you are a heart/diabetic patient, you would be considered at a high risk and therefore attract a high premium. Some of the factors that an insurer would consider are your age, family history related to heart ailments, obesity, use of tobacco, diabetes, blood pressure, nutrition being taken and exercising habits.

The underwriters would consider your health condition, and the risk associated with heart/diabetes disease when deciding upon the cover to be provided. Typically, the premium would be higher side for a patient with the disease than for someone without a the same- all things being equal. Though, remember that both the severity of your condition and steps you have taken to manage your health will be the deciding factor.

• 95.72% : Claims settlement ratio for FY2018-19
• Benefits paid up to March 31, 2019 : ₹1.29 Lakh Cr`
• 30 Day Return Policy : If not satisfied, one can return (free look) the policy and get your money back
• Service Assurance : Your Life insurance policy will be issued in 72 hours on receipt of all documents and medical reports
• Under “ClaimForSure” benefit, Death claims settlement in 1 day and interest for delay beyond 1 day
• Hassle-free claim settlement process : While settling the claim, only three steps are followed viz. initiate the claim, submit all the necessary documents, and at last, the company settles the claim amount.
• Widespread Network of Branches : They have 506 (March 2019) branches across the country, and growing rapidly depending on business needs