Canceling Pru Life Insurance: A Step-By-Step Guide

Cancelling a life insurance policy can be a tricky business, and it's not a decision to be taken lightly. Surrendering a policy means giving up the benefits and protections it offers, and there may be financial implications too. If you're thinking of cancelling your Pru Life insurance, it's important to understand the process and the potential consequences. In this article, we'll explore the steps involved in cancelling a Pru Life insurance policy, including the necessary paperwork and potential costs. We'll also discuss some alternative options to consider before making a final decision.

Cancelling within the 15-day cooling-off period

If you have a PRU Life insurance policy and you're having second thoughts, you can cancel it within 15 days of receiving your policy data page. This is known as the "free-look period". During this time, you can review your policy and decide if it's really the right fit for you. If you choose to cancel, simply reach out to the PRU Life customer service team and inform them of your decision. They will guide you through the process, which may include submitting a written cancellation request and providing relevant documents for verification.

To make the cancellation process smoother, it's a good idea to have the following information and documents on hand:

• Your policy number and other relevant policy details.
• Your contact information, including your name, address, and phone number.
• The reason for cancellation—be sure to clearly state that you are cancelling within the 15-day cooling-off period.
• A copy of your policy contract or policy data page.
• A valid government-issued ID, such as your passport, driver's license, or national ID.

It's important to act quickly if you want to cancel within the cooling-off period, as this timeframe is usually strict. Once you initiate the cancellation process, PRU Life will typically process your request within a few working days. Remember that by cancelling your policy, you will lose the associated life insurance coverage and benefits.

If you have any questions or concerns about the cancellation process, don't hesitate to contact the PRU Life customer support team. They are there to help you navigate this process and ensure that your decision is well-informed.

Cancelling after the cooling-off period

Through PRUAccess, you can log in to view your policy information, official receipts, premium notices, and letters, as well as make transactions. To register for a PRUAccess account, simply fill out the online registration form, which can be found on the PRU Life UK website. Make sure to have your policy contract with you at the time of registration, as you will need to input your policy details.

If you are unable to access PRUAccess, you can contact the PRU Customer Action Team by calling their hotline or sending an email. They can assist you with any technical problems or support issues you may encounter.

Once you have submitted your cancellation request, PRU Life UK will process your request and verify your documents. This typically takes about 2 working days. After the verification process is complete, they will process the payout into your bank account within an additional 2 working days.

It is important to note that cancelling your PRU Life Insurance policy may result in a loss of value, as the surrender value may be lower than the total premiums you have paid. Additionally, you may also be subject to tax deductions or charges, further reducing the amount you receive. Cancelling your policy will also result in the loss of life insurance cover, which could put your loved ones at risk in the event of your death. Therefore, it is recommended that you carefully consider your options and speak to a financial advisor before making any decisions.

Cancelling via the Pru Life UK portal

To cancel your Pru Life insurance policy, you will need to submit a request for cancellation. Here is a step-by-step guide on how to do this through the Pru Life UK portal:

Step 1: Log in to your PRUAccess account. If you don't have an account yet, you can register for free by clicking on the "Register" button and providing your policy details.

Step 2: Once you are logged in, click on "Policy Information."

Step 3: Click on "Policy E-Transaction" and then select "New E-Transaction Request."

Step 4: In the drop-down options, select "Full Withdrawal" or "Cooling Off," depending on your reason for cancellation.

Step 5: Fill out the required details and submit your request.

Make sure to have your policy contract and other relevant documents on hand, as you will need to provide policy information during the cancellation process. Additionally, keep in mind that cancelling your policy may result in losing certain benefits and coverage, so consider your options carefully before proceeding with the cancellation.

If you encounter any issues or have further questions, you can always contact the PRU Customer Action Team for assistance. Their contact information can be found on the Pru Life UK website.

Cancelling via the ICICI Pru Life portal

If you have decided to cancel your ICICI Pru Life insurance policy, you will need to follow the steps outlined below. Please note that cancelling your policy will result in the loss of your life insurance coverage and any maturity benefits. It is recommended that you explore other options before deciding to cancel your policy.

Step 1: Reach out to the customer care executives of ICICI PruLife insurance company and provide all the necessary details related to your policy. You can contact them via their toll-free number 1800-4200-269 or through email at [email protected] or [email protected].

Step 2: The agents will guide you through the process and provide instructions for filling out the cancellation form. You can submit the form either via mail or a physical letter.

Step 3: Carefully fill out the surrender form and upload or submit the required documents. The documents typically include:

• Original copy of the policy documents
• A cancelled cheque with the name of the policyholder
• Identity proofs such as Aadhar card, PAN card, Voter's ID, Driver's License, etc.
• Latest contact details
• Policy surrender/cancellation form
• NRE bank statement (if applicable)

Step 4: It will take a couple of days for ICICI PruLife to process the payout of your policy surrender. They will verify your request and documents, and the payout will be processed within 2 working days.

Please note that surrendering your policy may have financial implications, including tax deductions and loss of compounding benefits. It is recommended that you speak to a financial advisor or a Life Insurance Expert before making this decision.

Cancelling via a third party

If you are unable to visit a branch of ICICI Pru Life Insurance, you can submit your request through a third party. It is mandatory to provide an authorisation letter authorising a third party to surrender on your behalf, along with your policy kit and duly signed surrender form.

• Photo identity proof (any one of the following: passport, Aadhaar with the 8 digits masked, driving licence, voter ID card, job card issued by NREGA)
• Copy of a cancelled cheque (with your name pre-printed) or the last 3 months of your updated bank statement/passbook for the bank account into which you wish to receive your payout

If you are an NRI customer wanting payment into an NRE account, you will have to submit proof of premium payment made from the NRE bank account (a bank statement of the NRE bank account).

Additional documents may be required for customers holding policies under MWPA, Keyman, or policies that are assigned to someone. For details of the documents required, please call the ICICI Pru Life Insurance helpline or visit the nearest branch.

Frequently asked questions