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.
The cancellation or termination of a life insurance policy without completing the policy tenure or maturity period is what we call surrendering a policy. If a policyholder decides to cancel his/her ICICI PruLife insurance policy, he will not be able to avail of any maturity benefits or policy coverage.
Most insurance companies have a three-year completion period to surrender a policy, from where the policyholder is entitled to avail of 30% amount of all the premiums he has paid to date. And this surrender value keeps increasing with the passing years.
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:-
Surrender Policy:-
Partial Withdrawal:-
Step 4 It will take them a couple of days to process the payout of your policy surrender.
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:-
Contact Mode | Contact Details |
---|---|
Customer Care Number | 1800 333 0333 |
Check policy surrender value | 1860 266 7766 |
SMS | "EREG" to 56767 |
customer.service@prudential.com.sg | |
lifeline@iciciprulife.com | |
Mailing Address | ICICI Prulife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025 |
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Lives In: Delhi, NCR Expertise: Health & Term Insurance Simran has an experience of 4 years in content writing. She transitioned from hospitality and digital marketing to the insurance industry after her emerging interest in how vast insurance is. With her ability to write complex insurance concepts in a simple, relatable manner, she keeps her audience hooked and solves their doubts smoothly.