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ICICI Prudential Life Insurance Claim Process

ICICI Prudential Life Insurance is a renowned insurance company in India that offers a comprehensive range of plans that cater to the different needs of people, including term, ULIP, endowment, retirement and child plans. With a Claim Settlement Ratio (CSR) of 95.3% in the financial year 2022-23, this insurer shows a good track record of quick claim settlement. Therefore, in this article, let’s understand the claim settlement process of ICICI Prudential Life Insurance.

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What is an Insurance Claim? 

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

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 claim amount.

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What are the Types of Benefits That Can Be Claimed in ICICI Prudential Life Insurance?

Here are the different types of benefits that can be claimed after you buy an ICICI Prudential life insurance policy:

  1. Death Benefit

    Death Benefit is the most common type of benefit in life insurance and provides financial protection to the loved ones of the policyholder after his/her unfortunate death. With the death benefit, the surviving family members or nominees can sustain their lifestyles after the policyholder’s death. The nominees have to claim the death benefits after the death inorder to receive the sum assured.

  2. Maturity Benefits

    Maturity benefit is received by the life assured if he/she outlives the term insurance or life insurance policy term. Moreover, if the life assured pays all the premiums regularly and survives the entire policy duration and completes it without any lapse, he/she is eligible for a maturity benefit.

  3. Rider Benefits

    If the life assured buys a life insurance policy and then, adds riders to it, such as the Accidental Death Benefit Rider, Waiver of Premium Rider or Critical Illness Rider, he/she can easily claim the rider benefits whenever the situation arises.

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What is 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 95.3% for FY 2022-23, which clearly indicates the fast settlement of claims. 

What are the Steps Involved in ICICI Prudential Insurance Claim Process?

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 

  • Document Submission

  • Claim Settlement

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

  1. Intimation of Claim

    After the policyholder unfortunately passes away, the nominee can intimate the ICICI Prudential Term Insurance or life insurance claim process by sending the Death Claim Form to the head office, bank branches, or nearest offices, either by Email or in person, along with attested proof of identification and the nominee's address proof. The Death Claim Form is available online on the company’s website and in branch offices for offline access.

  2. Document Submission

    The nominee/claimant must also submit necessary documents along with the form to confirm the information given to the insurance company about the policyholder's death. Below are the documents the nominee should provide to the insurance company within the given time frame:

    Death Types Documents Required
    Mandatory Documents 
    1. Original documents of the policy
    2. Death Claim Form
    3. Canceled Cheque with NEFT details
    4. Nominee/Claimant’s ID and Address Proof
    Additional Documents Required: 
    In case of Medical//Natural deaths
    1. Consulted Doctor’s Statement 
    2. Certificate of hospital treating the deceased policyholder
    3. Employer Certificate or Educational Institute Certificate of policyholder
    4. Additional treatment/hospital/ records
    In case of accidental/unnatural deaths
    1. Police Reports (Panchnama, FIR, Police Investigation Report, Charge sheet)
    2. Autopsy/Post Mortem report (PMR) and Viscera Report
  3. Settlement of Claim

    Once the company receives all necessary documents and forms, the claim process begins. The company reviews and confirms the documents as per requirements, makes a decision (subject to Terms & Conditions), and informs the nominee/claimant accordingly.

How to Submit or Report a Claim Request?

A claim can easily be reported through any of our ways:

  • Visit the website’s claim section for online information on the claim.

  • Call us at ICICI 24/7. Claim care assistance number - 1800 266 7766

  • E-mail us at claimsupport@iciciprulife[dot]com

  • Message ‘ICLAIMPolicy No’ to 56767

  • Go to the nearest ICICI Prudential Life Insurance branch.

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

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

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

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

FAQ's

  • Q: What is an Insurance Claim?

    Ans: An insurance claim is a formal request to your insurer for reimbursement against losses covered under your policy. It's a part of the financial contract where you pay premiums, and in return, the insurer provides financial cover for covered losses.
  • Q: What Types of Benefits Can Be Claimed in ICICI Prudential Life Insurance?

    Ans: ICICI Prudential offers various benefits including Death Benefit, Maturity Benefit, and Rider Benefits such as Accidental Death Benefit Rider, Waiver of Premium Rider, or Critical Illness Rider.
  • Q: What is the ICICI Prudential Life Insurance Claim Process?

    Ans: ICICI Prudential's claim process ensures financial support in unfortunate events like death or disability. It's recommended to choose insurers with high claim settlement ratios and easy documentation processes. ICICI Prudential's CSR for FY 2022-23 is 95.3%, indicating fast claim settlements.
  • Q: What Steps Are Involved in ICICI Prudential Insurance Claim Process?

    Ans: The ICICI Prudential Life Insurance claim process involves three steps: Claim Intimation, Document Submission, and Claim Settlement.
  • Q: How Do I Intimate a Claim?

    Ans: After the policyholder's death, the nominee can initiate the claim process by submitting the Death Claim Form along with necessary documents to the head office, bank branches, or nearest offices, via Email or in person.
  • Q: What Documents Are Required for Claim Submission?

    Ans: The nominee must submit the Death Claim Form along with mandatory documents such as original policy documents, canceled cheque with NEFT details, and nominee/claimant’s ID and address proof. Additional documents may be required depending on the cause of death.
  • Q: How is the ICICI Prudential Life Insurance Claim Settled?

    Ans: Once all required documents are submitted, the claim process begins. ICICI Prudential Life Insurance then reviews the documents, makes a decision, and communicates it to the nominee/claimant according to Terms & Conditions.
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