ICICI Term Insurance Premium Payment
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  • Premium Payment Steps
  • Premium Receipt Download
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ICICI Term Insurance Premium Payment

ICICI Term Insurance Premium Payment is a hassle-free and secure process to ensure that your coverage stays intact and uninterrupted. ICICI Prudential Life Insurance realises the significance of prompt premium payments in order to keep your term insurance policy active. In this article we will talk about how to pay your ICICI Prudential term insurance premium payment, how to download the plan payment receipt and why it is important to pay the ICICI Prudential term plan payment on time.

Steps Involved In ICICI Term Insurance Premium Payment

ICICI Prudential term insurance payment can be done through 3 ways. Let's have a detailed look at each one of them below:

Online Process

With the help of its secure online platform, ICICI Term Insurance enables policyholders to easily pay their premiums. This easy-to-use digital process eliminates the need for cumbersome paper forms and provides a smooth experience. The following are the steps involved in ICICI term insurance payment online:

  • Visit ICICI Insurance Company's official website i.e. www.iciciprulife.com.
  • Navigate and click on the 'Pay Premium' option under Quick access in the main page. You will be redirected to a new page.
  • Enter your date of birth, policy number, registered mobile number or e-mail id and click on ‘Proceed’.
  • The website will retrieve the data linked to the policy and display the premium amount that is due on the screen. Use any of the available payment methods such as debit card, credit card, net banking, UPI and mobile wallet.
  • Download your receipt for premium payment and save it for future reference.

Offline Process

ICICI realises that certain policyholders favour offline modes of premium payment as well. ICICI Prudential Life Insurance offers a stress-free offline premium payment process to cater their needs.

To make premium payments, customers may visit a nearby ICICI branch or authorised payment centre in person. Policyholders have the option to send their premium dues through registered post or by providing a cheque/DD under our firm's name.

Other Term Insurance Premium Payment Companies

Auto Debit Option

Auto-debit mode can be selected to pay premiums for ICICI Term Insurance. Policyholders can ensure timely payments in a convenient and easy way through this. On the due date, with the auto debit facility, your premium amount is deducted from your designated bank account automatically. The auto-debit option for paying ICICI term insurance premium helps to simplify the process involved and helps policyholders avoid missing payment risks. It ensures that your premium payments are made timely. The requirement of manual intervention is eliminated and policy lapses are reduced.

How To Download ICICI Term Plan Premium Payment Receipt

  • Visit ICICI Insurance Company's official website i.e. www.iciciprulife.com.
  • Go to ‘Customer Services’ on the main page.
  • Select ‘Premium Paid Certificate’.
  • Enter the required details like policy number or phone number, and your date of birth.
  • Click on proceed to download your ICICI term plan payment receipt.

Why To Pay ICICI Term Plan Premium Payment On Time?

ICICI Term Plan premium payments should never be put off because they are important for a number of reasons. Following are the reasons why regular premium payments are essential:

  • As long as you continue to pay your premiums on time and without missing a payment, your ICICI term insurance policy will continue to be in effect and offer coverage. Your policy may expire if the premium is not paid by the due date or grace period.
  • You can save money by paying your ICICI term plan premium on time and avoiding additional fees or penalties. With most insurance companies, payment of premiums after the due dates have passed is still possible because they typically grant a grace period. You might have to incur late payment fines or higher premium rates if you opt to reactivate the policy after the grace period has passed.
  • By paying your ICICI term plan premium on time, you can ensure flexibility and future financial planning. By keeping an active policy with policy improvements or top-up options, you can gain access to extra features like riders and enhanced sum assured. You can adapt your policy to your changing demands by doing so.

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Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.