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ICICI Term Insurance Claim Process

Established in 2001, ICICI Life Insurance company is a joint project between ICICI Bank Ltd. and Prudential Corporation Holdings Ltd. With assets under management of Rs. 2370.97 and claim settlement ratio (CSR) of 97.90% in FY 2020-21, it has constantly been amongst the top insurance companies in the market. The company offers a smooth claim experience and also provides an option to settle death claims in 1 day.

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Read on to know more about the ICICI Term Insurance Claim process: 

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What is ICICI Term Insurance claim? 

ICICI Term Insurance claim is an official request to your insurance provider for offering reimbursement against the losses covered under your term policy. Insurance is a monetary agreement between you and the insurance provider where you have to pay a specific premium amount. And, then in return, the insurance company offers financial coverage for losses on the basis of the policy terms. 

At the time of any unforeseen event enclosed under your policy, a claim must be requested. It is important to inform the insurer that the incident for which you have purchased the policy has arisen and the insurer should pay the claim payout. 

Note: Now that you know that what is ICICI Term Insurance claim, you should also get to know about what is term insurance to buy a term plan for your loved ones.

ICICI Term Insurance Claim Process 

ICICI Prudential Term insurance plans come with a quick and hassle-free claim settlement process. The insurer allows you to settle death claims both through offline mode as well as online mode. ICICI Prudential has achieved a claim settlement ratio of 97.90% in financial 2020-21 as per IRDAI Annual Report. The insurance company has also introduced ‘Claim for Sure’ for its clients that provides guaranteed 24 hours (1 day) settlement of death claims. ICICI Term insurance claim process is easy and smooth when your loved ones need it the most. 

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Steps Involved in ICICI Term Insurance Claim Process 

ICICI Term insurance claim process is one of the essential services provided by the company to its clients. It provides a convenient procedure for claiming insurance benefits. The ICICI Term insurance claim process majorly involves the below steps: 

  • Step1: Claim Reporting 

  • Step-2: Claim Processing 

  • Step 3: Settlement and Decision of claims 

ICICI Term Insurance Claim Process settle death claims in just 3 simple and quick steps: 

  1. Claim Reporting

    The foremost step is reporting claims to the insurance provider. The nominee should submit the intimation notice in written form as soon as possible to allow the insurer to start the processing of a claim. The claim intimation steps include some personal information such as death date, insured’s name, name of claimant, policy number, and death place. You can report claims via online or at our nearest office branches, or on our ClaimCare helpline, through email or SMS. 

    Following are the steps involved in the claim intimation process: 

    • Submission of claim via online mode  

    • Calling on 24X7 claim care team on 1860-266-7766

    • Visit the insurers nearest branch 

    • Reach out at email 

    • SMS to 56767: ICLAIM Policy number 

  2. Processing of Claim 

    The special ClaimCare team then analyzes your claim details and assists you separately, at every step of the claim process. 

    The nominee is required to submit relevant documents to the company such as original documents of policy, claimant’s statement, death certificate, report of post mortem, and FIR copy in case of accidental death. For quick and hassle-free processing of claims, the nominee must submit all the required documents on time. The dedicated claim assistance team will evaluate your claim and inform you if in case any additional documents are required to be submitted to proceed with the investigation. The experienced claim experts of ICICI guides you by following ways: 

    • Sending SMS at important phases of life 

    • Calling you for submitting additional documents 

    • Sending reminders from time to time 

    If in case you wish to know the status of your ICICI Term Insurance claim process, you can reach out to their claim care team by following touchpoints: 

    • Call on their helpline 1800-266-7766

    • Visiting claim handling desks at the nearest office branch 

    • Claim tracking 

  3. Claim Settlement 

    Once the claim is intimated and the team receives all the required documents, the company will settle your claim. Also, to protect the claim settlement amount and to lessen the documentation process, ICICI Term Insurance company has launched electronic modes of transfer for the claim settlement. 

Documents Required for ICICI Term Insurance Claim Process 

  • Claimant’s statement form 

  • Policy Documents – Original 

  • Certificate of death issued by the Local Municipal Authority 

  • Claimant’s photo ID and present address proof 

  • Copy of bank passbook and cancelled cheque 

  • Certificate of death starting Medico-legal cause 

  • Past and present life assured’s medical records 

  • Hospital certificate issued by the treating doctor 

  • Certificate by the employer for salaried persons 

Some additional documents are required in case of suicidal or accidental death: 

  • FIR/Panchnama and inquest copy 

  • Post mortem report and chemical viscera report 

  • Copy of Driving license, if the policyholder was driving a vehicle at the time of the accident 

How much Time does ICICI Life Insurance take to Settle Death Claims? 

The turnaround time as mandated by IRDAI for: 

  • Raising requirements related to claim: 15 days of receiving the receipt of claim  

  • Settlement or Repudiation or rejection of death claims 

    • where the examination is not required: Within a month (thirty days) from the date of receiving the last important document receipt 

    • Where the examination is required: Examination must be finished not after 90 days from the date of receiving the receipt of claim intimation and the death claim shall be settled in 30 days subsequently 

Why ICICI Term Insurance Claim Process is Unique? 

  • ICICI life insurance has launched ‘Claim for Sure’ that provides guaranteed 1-day settlement of death claim and interest payment on claim amount for every day of delay after 1 working day. 

  • Hassle-free and quick claims assistance when your loved ones need it the most. 

  • ICICI Prudential Life insurance has achieved 97.90% of claim settlement ratio in 2020-21, indicating the fast settlement of death claims

  • Insurers also provide an option to track your claim status by just entering claim ID

  • Death claims arising because of COVID will be covered and processed as per the T&Cs of the policy 

Points to Keep in Mind for a Seamless ICICI Term Insurance Claim Process 

  • Update the company if in case you participate in any activities which can risk your life such as dangerous or adventurous sports, smoking, tobacco use etc. 

  • Ensure that the personal details submitted by you to the insurer are up to date and correct. 

  • Describe all the details related to policy to your dear ones and all the essential steps involved to file a claim in case of an unforeseen event 

  • Make sure that the premiums of your policy are paid on time for a quick claim process 

  • Keep all the important documents together along with ID proofs copies, insured and beneficiary’s proofs, PAN card, etc.

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