How to Surrender an ICICI Prudential Life Insurance Policy Online?

What Does Policy Surrender Mean?

Policy surrender refers to closing your life insurance policy before its maturity date in exchange for its cash value. The amount you receive upon surrender is the surrender value, which is calculated based on the premiums paid, the policy term, and the insurer's surrender charges.

Process to Surrender an ICICI Prudential Life Insurance Policy

To know how to close ICICI Prudential Insurance policy, follow these simple steps:

• Contact ICICI Bank customer service or use the ICICI Bank Customer Portal. 

  You can contact ICICI Prudential Life Insurance Customer Care service by phone, through their website, or through their customer portal. 

• Request Information and Download Application Forms 

  Download the surrender form from their official website or request a copy to be shared with you. 

• Collect Required Documents

  • Photo Identity Proof (Aadhaar, Voter ID, Passport, Driving License, etc.)

  • Cancelled Cheque (with your name pre-printed) or a recent bank statement/passbook showing your account details.

  • Original Policy Documents.

  • Duly filled Surrender Form.

• Submit the Surrender Request 

  Take the completed form and all the documents to your nearest ICICI Prudential Life Insurance branch.If you can't visit in person, send a third party with a signed authorization letter, KYC documents, and the surrender form.

• Surrender Value Calculation
  ICICI Prudential Life Insurance will calculate the surrender value based on the premiums and policy terms. The surrender value is the amount the policyholder will receive upon surrendering the policy, after accounting for any applicable charges.

• Payout Processing
  Once the verification is complete, the surrender value will be transferred to your bank account within 2-3 working days.

Note: If you're an NRI, you need to provide proof of premium payment from your NRE bank account (like an NRE bank statement).

What are the Alternate Options Before Surrendering?

If you face financial difficulties, surrendering your policy should be your last option. Here are some alternate options that allow you to retain your life cover and savings while meeting emergency financial needs:

• Loan Against Policy: If you hold a Savings or Endowment Policy, you can take a loan against your policy's surrender value.

• Partial Withdrawal: For ULIP policies, partial withdrawals are permitted after the 5-year lock-in period, providing liquidity without ending your life cover.

• Cover Continuation Option: Some ULIP policies offer a Cover Continuation Option, allowing you to keep the policy active without paying premiums for a specific period.

• 2-Year Extension: Many plans provide a 2-year extension feature, allowing you to keep the policy active and renew it within two years from your last premium due date.

These features help you sustain the policy until maturity, providing liquidity to meet emergency requirements without losing life cover.

Why Surrendering Should be the Last Option

Surrendering your policy should be considered only if there are no other financial solutions available. Here's why:

• Loss of Life Cover: Once the policy is surrendered, your life cover stops immediately, leaving your family unprotected. This is particularly crucial if your policy is a term insurance plan, as these policies are purely protection-based with no savings component.

• Loss of Long-Term Wealth Creation: Life insurance benefits from long-term compounding. Surrendering early halts this growth.

• Loss of Tax Benefits: Premiums paiow do I Check the Surrender Value of my ICICI Prudential Life Insurance Policy?

• You can contact us on 1800 2660 or directly visit the branch to check your policy surrender value.

• You are eligible for tax deductions under Section 80C. Surrendering the policy ends this benefit.

• Lower Payout: The surrender value is usually less than the total premiums paid due to applicable charges and lost returns.

• Higher Cost for Future Coverage: If you buy a new policy later, you may face higher premiums due to increased age or health changes.

How to Contact ICICI Prudential Life Insurance Company?

If the policyholder does not want to continue and surrender their plan, they must contact ICICI Life Insurance's customer care. Below are the contact details to get information about surrendering your policy. 

Toll-free customer care number - 1800 333 0333 

Check surrender value of policy - 1860 266 7766 

ICICI Prudential SMS - “EREG” to 56767 

Email at customer.service@prudential.com.sg

lifeline@iciciprulife.com 

Address: ICICI Prulife Towers, 1089 Appasaheb

Marathe Marg, Prabhadevi, Mumbai 400025

Wrapping It Up!

Surrendering your ICICI Prudential Life Insurance policy online involves some initial steps that can be done digitally, but final processing needs a branch visit. Make sure you evaluate all alternatives before finalizing your decision.

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