|Turn Around Time as mandated by Insurance Regulation and Development Authority of India (IRDAI)||Death Claims||Health Claims|
|Raising Claim Requirements||Within 15 days of receipt of claim.||Within 15 days of receipt of claim.|
|Settlement or Rejection or Repudiation of claims wherein Investigation is not required||Within 30 days from the date of receipt of last necessary document.||Within 30 days from the date of receipt of last necessary document.|
|Settlement or Rejection or Repudiation of claims wherein Investigation is required||Investigation should be completed not later than 90 days from the date of receipt of claim intimation and the claim shall be settled within 30 days thereafter.||Investigation should be completed not later than 30 days from the date of receipt of last necessary document and the claim shall be settled within 45 days from the date of receipt of last necessary document.|
We at ICICI Prudential Life Insurance are committed towards fulfilment of our promise to you and your family. Death claims arising due to corona virus COVID 19 will be covered and processed as per the terms and conditions of the policy. Hospitalization claims arising due to COVID 19 will also be covered by the Company products.
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:
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:
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.
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:
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 on eindiainsurance .
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:
To get a duplicate physical copy of your policy document, you need to visit any ICICI Prudential Life Insurance branch with the following documents:
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:
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:
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:
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.