How to Surrender ICICI Prudential Life Insurance Policy?

Are you thinking of surrendering your ICICI Prudential Life Insurance policy? Well, it is not appreciated to surrender a life insurance policy but if the circumstances do not allow you to continue the policy anymore. Then you should definitely read all the terms and conditions of surrendering a policy, as it has its own sets of limitations including tax deduction, financial protection, etc.

In this article, we’ll read about how you can surrender your life insurance policy, and what is the value of surrendering the policy.

How Do I Surrender My ICICI Prudential Life Insurance Policy Online?

When it comes to paying your policy premiums on time, you should not fail to pay it. However, there might be instances that don’t allow you to continue your policy which is quite understandable. In this scenario, the following steps to surrender your ICICI Prudential Life Insurance policy will help you:-

Step 1 First you need to reach out to the customer care executives of ICICI PruLife insurance company and provide all the necessary details related to your policy.

Step 2 The agents will guide the insured to fill out the cancellation form in written format either via mail or a physical letter.

Step 3 Follow the instructions effectively fill out the surrender form carefully and upload the asked documents. A list of all the required documents is given below:-

Documents Required to Surrender an ICICI Prudential Life Insurance

Surrender Policy:-

• Original copy of the policy documents
• A cancelled cheque with the name of the policyholder on it
• Or, if the policyholder does not have a pre-printed name, or account number on the cheque or has a new account mentioned on it. Then he/she may require a copy of his bank passbook or the bank’s statements with his/her name, and account number on it
• Identity proofs including Aadhar card, PAN card, Voters 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

Partial Withdrawal:-

• Original copy of the policy documents
• Canceled cheque with the policyholder’s name on it
• If the canceled cheque reflects some other account number or does not have a pre-printed name of the insured on it, then a bank statement or a bank passbook is required
• Copy of CI/YPD to be submitted for the withdrawal request (only original documents shall be carried with)
• 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.

Step 4 It will take them a couple of days to process the payout of your policy surrender.

Can I Cancel My ICICI Prudential Life Insurance Policy within 15 Days?

 Yes, you can cancel an ICICI Prudential 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 get the 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 Prudential Life Insurance?

If the policyholder wants to discontinue and surrender their policy, they need to reach out to the customer care executives of ICICI PruLife Insurance. Below are the contact details where you can take charge of surrendering your policy:-