Canceling Icici Prudential Life Insurance: A Step-By-Step Guide

If you want to cancel your ICICI Prudential Life Insurance policy, you'll need to submit a request to surrender your policy. This can be done by submitting the surrender form, along with the required documents, at the ICICI Prudential Life Insurance branch. The documents you'll need to submit include the original policy documents, a cancelled cheque with the policyholder's name on it, ID proof, the latest contact details, and an NRE bank statement if any premiums were paid from an NRE account. It's important to note that the policy must have acquired a surrender value as per the terms and conditions, and the decision to cancel may impact the financial security of your family and the opportunity for long-term returns.

Surrender form submission

Surrendering your ICICI life insurance policy is generally discouraged unless you have no other option. Before you decide to surrender your policy, it is recommended that you speak to a Life Insurance Expert who will guide you on the policy benefits you stand to lose and the risks of surrendering your life insurance policy. They will also advise you of alternative options that may help with your immediate financial requirements.

If you are sure you want to surrender your policy, you will need to submit the surrender form at your nearest ICICI Prudential Life Insurance branch. You can also submit your request through a third party, but it is mandatory to provide an authorisation letter and third-party KYC documents, along with the policy kit and duly signed surrender form.

• Original copy of the policy documents
• A cancelled cheque with the name of the policyholder on it, or a copy of the policyholder's bank passbook or bank statements with their name and account number on it
• Identity proofs, including Aadhaar card, PAN card, Voter ID, Driver's License, Passport, etc
• Latest contact details of the policyholder
• Policy surrender/Cancellation form
• NRE bank statement reflecting a premium paid from that NRE account (if applicable)

Once you have submitted your request, ICICI PruLife Insurance Company will take about 2 working days to verify your request. They will check your documents and bank details, and may contact you for additional documents if there is any mismatch in the name, address proof, or bank account details. After they have verified the request, they will process the payout into your bank account within 2 working days.

Original policy documents

If you want to cancel your ICICI Prudential Life Insurance policy, you will need to submit the following original policy documents in person at the ICICI Prudential Life Insurance branch:

• Original policy documents
• Canceled cheque with the policyholder's name on it (if the canceled cheque does not have a pre-printed name, account number, or a new account is mentioned on the cheque, then the passbook copy/bank statement having the pre-printed name and the account number is required)
• ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
• Policy surrender or cancellation form
• Latest contact details
• NRE bank statement reflecting any premiums paid from the NRE account

Please note that ICICI Prudential Life Insurance may require additional documents, so it is recommended that you contact them directly to understand the full range of requirements for canceling your policy.

Canceled cheque with the policyholder's name

A cancelled cheque is a cheque that has been voided by the issuer, typically by drawing two parallel lines across the layout and writing the word "cancelled" between them. While a cancelled cheque cannot be used to authorise the removal of funds from the payer's account, it does contain important information such as the account holder's name, account number, MICR code, bank name and branch name, and IFSC.

A cancelled cheque is often required when purchasing an insurance policy to verify the authenticity of the bank account. This is in accordance with Know Your Customer (KYC) guidelines. When registering a claim, the insurance company may require a cancelled cheque with the policyholder's name printed on it to validate the bank account details and facilitate the electronic fund transfer of the approved claim amount.

ICICI Prudential Life Insurance also requires policyholders to keep their bank account details updated to receive policy payouts electronically. One way to do this is by submitting a cancelled cheque of the bank account in which the policyholder wishes to receive the payout. This can be done by emailing a copy of the cancelled cheque from the policyholder's registered email ID to the company or by walking into any ICICI Prudential Life Insurance branch with the cancelled cheque.

• Mutual Funds: When investing in mutual funds or the stock market, you must open a Demat account. The company will request a cancelled cheque to verify that the bank account associated with the investment is yours.
• EMI: When initiating monthly instalments for purchases or loans, you must submit a cancelled cheque as proof of having a bank account.
• Electronic Clearance Service: To set up an electronic clearance service that automatically deducts money from your account each month, a cancelled cheque is typically required.
• Provident Fund Withdrawal: Companies generally ask for a cancelled cheque when you want to withdraw your provident fund money.
• Income Tax Returns: When filing income tax returns, a cancelled cheque may be required along with other documents for verification and refund purposes.

ID proof

To surrender your ICICI life insurance policy, you will need to provide a photo identity proof. This can be one of the following:

• Aadhaar with the first 8 digits masked
• Driving License
• Voter ID card
• Job card issued by NREGA

You will also need to provide a copy of a cancelled cheque (with your name pre-printed) or the last 3 months of your bank statement/passbook for the bank account in which you wish to receive your payout.

Policy cancellation form

Policy Surrender Form

Overview

Surrendering your ICICI life insurance policy means cancelling or terminating your policy before the end of its term or maturity date. This action stops your policy benefits such as life insurance cover and you will receive a surrender cash value (if applicable) after deductions and applicable taxes. Surrendering your policy should be a last resort as you will lose your life cover and savings benefits.

Documents Required

• Original copy of the policy documents
• A cancelled cheque with the name of the policyholder on it (or a copy of the bank passbook or statement if the name/account number is not on the cheque)
• Identity proofs including Aadhar card, PAN card, Voters ID, Driver’s License, Passport, etc.
• Latest contact details of the policyholder
• Policy surrender/Cancellation form
• NRE bank statement (if premiums were paid from an NRE account)

Procedure

• Contact the customer care executives of ICICI PruLife insurance company and provide all the necessary policy details.
• The agents will guide you to fill out the cancellation form via mail or a physical letter.
• Follow the instructions and fill out the surrender form carefully, then upload the required documents.
• It will take a few days to process the payout of your policy surrender.

Contact Details

• Customer Care Number: 18602667766
• Email: [email protected], [email protected]
• Address: ICICI Prulife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025

Frequently asked questions