ICICI Prudential Life Insurance Claim Process

ICICI Prudential Life Insurance Company Limited began its operations in the fiscal year 2001. It is a joint scheme between Prudential Corporation Holdings Limited and ICICI Bank Limited. The Assets Under Management (AUM) were Rs. 2,370.97 billion on 30th September 2021. With a Claim Settlement Ratio (CSR) of 97.90% in the Financial year 2020-21, it has consistently been amongst the top insurers in the insurance sector.

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ICICI Prudential claim process has a great claim payout and offers 1 day of death claim settlement benefit under the claim for sure option. Let’s discuss the ICICI Prudential Life Insurance Claim settlement process and the documents required to proceed further: 

What is an Insurance Claim? 

An insurance claim is a formal request to your insurer for providing reimbursement against losses covered under your policy. Insurance is a financial contract between you and your insurance company, where you are required to pay a fixed amount of premium. And in return for this, the insurer offers financial cover for losses, depending on the terms of the policy.

In case of an unfortunate event covered under your policy occurs, a claim must be filed. The objective is to inform the insurance company that the event for which you have bought the insurance has occurred and the company should pay the amount of the claim. 

ICICI Prudential Life Insurance Claim Process 

ICICI Prudential Life Insurance policy provides financial support and protection to individuals and their families in case of an unfortunate event like death or disability with the life assured. It is always suggested to purchase policies from insurers having a high claim settlement ratio and also that offers an easy claim documentation process. The CSR of ICICI Prudential Life is 97.90% for FY 2020-21 that clearly indicates the fast settlement of claims. 

Filing a ICICI Prudential Life Claim 

ICICI Prudential Claim settlement is one of the important services offered by the insurer to its customer. It offers a customer-centric process of claiming insurance payouts. The ICICI Prudential Life Insurance claim process mainly involves the following steps: 

  • Claim Intimation 

  • Claim Processing 

  • Claim Settlement 

ICICI prudential life insurance settle claims in 3 quick and simple steps. Let’s discuss each step in detail: 

  1. Step-1 Claim Intimation 

    The first step of claim intimation involves reporting your claims to your insurance company. The claimant should submit the written intimation notice immediately to enable the insurer to initiate the claim processing. The claim reporting step consists of basic details such as the insured’s name, death date, policy number, claimant’s name, and place of death. You can also report your claims online or at your nearest branch or via SMS as per your suitability. 

    • Submit claim online 

    • Call on 24X7 available claim care team 

    • Visit the nearest branch of ICICI Prudential Life Insurance 

    • Send claim directly to claim care team via mail. 

  2. Step-2: Claim Processing 

    The Claimcare staff of ICICI Prudential life insurance will examine your claim information and then will guide you at each step. 

    The claimant is required to submit requested documents to the insurer such as the statement of a claimant, original policy documents, FIR, death certificate, and post mortem report in case of accidental death, etc. For faster processing of a claim, it is important that the claimant must submit all the applicable documents as soon as possible. While assessing the claim, they can raise a requirement in case any document is pending. 

    In case you want to know the ICICI Prudential Life Insurance Claim status, you can easily reach out to their team by: 

    • Calling on helpline number 18602667766

    • Visiting priority desks at the nearest branch 

    • Tracking your claim 

  3. Step-3: Claim Settlement 

    After intimating about the claim and submitting all the requested documents, the claim care team will initiate the claim settlement process. In addition to this, electronic modes are used for transferring the claims to ensure your convenience.  

A Quick Look at the Importance of ICICI Prudential Claim Settlement Process 

ICICI Prudential has introduced Claim for Sure benefits for the first time to ensure a hassle-free and easy claim process. Claim for Sure offers the following benefits: 

  • 1-day settlement of death claim guaranteed

  • ‘Payment of Interest’ on amount of claim for every day of delay after 1 working day 

  • Hassle-free and fast claim service when your loved ones need it the most 

ICICI Prudential Claim Settlement Time 

ICICI Prudential Claim Settlement Time as directed by IRDAI

Death Claims

Requirements for raising a claim 

15 days of getting the claim receipt 

Claim Settlement or Claim rejection where investigation is not needed 

30 days from the date of getting the receipt of last relevant document 

Claim Settlement or claim rejection where investigation is needed 

Investigation must be completed within 90 days from the time/date of getting claim intimation receipt and the death claim shall be settled with a month i.e., 30 days afterward. 

Documents Required for ICICI Prudential Claim Process 

  • Statement form claimant 

  • Original policy document 

  • Death certificate copy issued by Local Municipal Authority 

  • Copy of photo ID of claimant and present address proof 

  • Cancelled cheque and bank passbook copy 

  • Copy of medico-legal cause –death certificate 

  • Previous and current medical records of the life assured 

  • Hospital certificate issued by doctor 

  • Employer certificate for salaried individuals 

In case of Accidental or suicidal death, some additional documents are required such as: 

  • Post-mortem report and viscera report 

  • Panchnama/FIR/inquest and final investigation report 

  • Driving License copy, if the life assured was driving a vehicle at the time of the accident. 

Things to Keep in Mind for Seamless ICICI Prudential life Insurance Claim Process 

  • Ensure that the personal details are up to date and correct. 

  • Inform the insurance company in case you take up some activities which can be a risk to you such as dangerous sports, smoking, etc. 

  • Keep all the important documents together, along with the certified copies of ID proofs of the life assured and beneficiary. For eg. PAN card, Aadhar card, etc. 

  • Explain all the details of the policy to your family members and the necessary steps required to make a claim in case of an unfortunate event. 

  • Ensure that all your premiums are paid on time for a seamless claim process

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