Surrender ICICI Pru Life Insurance Policy Online
One could occasionally discover that an ICICI Pru life insurance policy they purchased in the past is not really needed for a variety of reasons. There may no longer be a need for the policy, the premium may be too costly, the policy may be underperforming, and so on.
Moreover, when other, more lucrative investment possibilities arise, such policies could end up becoming a burden. In such a case, it may be preferable to cancel or surrender the policy before it matures as opposed to keeping it.
Continue reading to know more about how to surrender your ICICI Pru Life Insurance policy!
What Is Meant By Surrendering A Life Insurance Policy?
A midterm termination of a life insurance policy is known as ‘surrendering a policy’. Although the results of surrendering a policy vary depending on the type, in general, the policyholder is consenting to take the cash surrender value that the insurance company has assigned to his policy in exchange for foregoing the death benefit.
The insurance provider will stop offering coverage and issue the policyholder a cheque for the cash surrender value of the policy. The balance in the policy’s cash value account, minus any surrender charges, is the cash surrender value.
Surrender Procedure Of ICICI Pru Life Insurance Policy
For surrendering any ICICI Pru life insurance policy, one can follow the below-mentioned steps:
- Go to the official website of the company.
- Now click on the “Contact Us” option at the top of the home page, and then press the “Our Network” link.
- The page will display all the branch offices near the user’s location.
- Select any one suitable company’s branch office and visit it accordingly.
- Now the policyholder needs to go to the counter and ask the customer care representative to help him/her out with the surrender of his/her ICICI Pru Life Insurance policy.
- After asking for a few details, the representative will guide the policyholder throughout the surrendering process and will ask him/her to submit the following documents:
- Surrender form. (This can be downloaded from the official website by entering the policy number and date of birth or can be filled in at the branch office.)
- Policy document.
- Self-attested copy of photo identity proof of the policyholder, for example, Aadhaar card, PAN card, etc.
- Original copy of identity proof.
- Canceled cheque of the bank account in which the policyholder wishes to receive his surrender amount.
- Once the policyholder has submitted all the above documents, it will take around 7-10 working days for the company to typically process it.
Other Options To Connect With ICICI Pru Life Insurance For Surrendering Policies
In case the policyholder faces any issues in surrendering his life insurance policy, he/she can contact the customer care team of the company through the following means:
- Contact Number: 1860 266 7766, Timings – 10:00 A.M. To 7:00 P.M., Monday To Saturday (Except National Holidays)
- Email Address: firstname.lastname@example.org
- Registered Office: ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Telephone Number: 40391600.
Factors Required For Calculating Surrender Value Of ICICI Pru Life Insurance Policies
When calculating its surrender value for life insurance policies, the company takes into account the following factors:
- GSV Factor: GSV Factor is a proportion that is based on the policy year at the time of surrender, the entrance age, and the length of the premium payment period.
- Cash Value Factors: Cash Value Factors are used to transform benefit amounts payable at a future date into a cash equivalent payable at the moment of surrender, such as the date of maturity or death.
- Surrender Timing Factors: Based on the number of completed months at the time of surrender, surrender timing factors are applied to properly reflect the value of the policy within a policy year.
Important Points To Note While Surrendering Your ICICI Pru Life Insurance Policy
In case the policyholder wishes to surrender his ICICI Pru life insurance policy, he/she needs to keep in mind the following points:
- When a policy is surrendered, the policyholder loses all the benefits of the scheme; therefore, it is vital to assess all the benefits and drawbacks of surrendering the policy.
- Once an application for surrender is completed, it will normally be handled within 7–10 working days by the company.
- Only policies that have accrued a surrender value in accordance with terms and conditions are eligible for surrender. To process the surrender, the form must be turned in at the local branch.
- Only once the lock-in time has passed may the policyholder surrender his policy. Thus, it is vital to consult the policy paperwork for more information about the lock-in period of the particular insurance.