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How to Surrender an ICICI Life Insurance Policy?
Surrendering means ending your policy early in exchange for a cash payout called the surrender value, instead of waiting for it to mature. Most ICICI policies become eligible for surrender only after 3 years of premium payments, and the amount you get back typically starts around 30% of premiums paid, increasing the longer you've held the policy.
Below, you'll find the required documents, the step-by-step surrender process, and answers to common questions, including whether you can cancel within 15 days.
Understanding ICICI Life Insurance Surrender Value
Surrendering a policy means the cancellation or termination of a life insurance policy before completing its full tenure or maturity period. If a policyholder decides to cancel their ICICI Life insurance policy, they will not be able to avail of any maturity benefits or policy coverage.
Most insurance companies require a policy to complete three years before it can be surrendered. After this period, the policyholder is typically entitled to receive 30% of all premiums paid to date. This surrender value generally increases with each passing year.
How to Surrender Your ICICI Life Insurance Policy
While it is important to pay your policy premiums on time, we understand that situations may arise that prevent you from continuing your policy. In such a scenario, the following steps will guide you through the process of surrendering your ICICI Life Insurance policy:
Documents Required to Surrender an ICICI Life Insurance Policy
For Policy Surrender:
- Original copy of the policy documents
- A cancelled cheque with the policyholder's name on it
- If the policyholder does not have a pre-printed name or account number on the cheque, or if a new account is mentioned, a copy of their bank passbook or bank statements with their name and account number on it may be required.
- Identity proofs, including Aadhaar card, PAN card, Voter's ID, Driver's License, Passport, etc.
- Latest contact details of the policyholder
- Policy surrender/cancellation form
- NRE bank statement reflecting a premium paid from that NRE account
For Partial Withdrawal:
- Original copy of the policy documents
- Cancelled cheque with the policyholder's name on it
- If the cancelled cheque reflects a different account number or does not have the insured's pre-printed name on it, a bank statement or bank passbook is required.
- Copy of CI/YPD to be submitted for the withdrawal request (only original documents shall be carried).
- Identity Proof like Aadhaar card, PAN card, Passport, Driver's License, and Voter's ID card.
- Latest contact details of the policyholder
- Payout form
- NRE bank statement that reflects a premium paid from the same NRE account.
It will take a couple of days to process the payout of your policy surrender.
Can I Cancel My ICICI Life Insurance Policy within 15 Days?
Yes, you can cancel an ICICI Life Policy during the free-look period. Recently, the IRDAI has issued guidelines stating that policyholders can review their life or health policies within 30 days (previously 15 days; this 30-day period still applies for electronic/distance sales). Review your policy document carefully to determine the exact window that applies to your plan. After cancelling the policy within the free-look period, you will receive a refund. Still, there can be some deductions like medical examination costs, stamp duty, and proportionate risk premium for the time the cover was in force.
How to Contact ICICI Life Insurance?
If the policyholder wishes to discontinue and surrender their policy, they need to reach out to the customer care executives of ICICI Life Insurance. Below are the contact details you can use to initiate the surrender of your policy:
| Contact Mode | Contact Details |
|---|---|
| Customer Care Number | 1800 333 0333 |
| Check policy surrender value | 1860 266 7766 |
| SMS | "EREG" to 56767 |
| [email protected]@iciciprulife.com | |
| Mailing Address | ICICI Lifelife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025 |
Conclusion
Surrendering your ICICI Life Insurance policy means giving up future coverage in exchange for only a portion of the premiums you've paid, so it's best treated as a last resort rather than a first option. Before you proceed, consider alternatives like a policy loan or a premium payment holiday, especially if the issue is temporary.
