Stop Auto-Debit For Icici Prudential Life Insurance

ICICI Bank offers its customers a variety of insurance policies, including ICICI Prudential Life Insurance. Customers can pay the ICICI Prudential Insurance Premium manually or set up Auto-Debit standing instructions, also called the ECS (Electronic Clearing System) facility. This allows the premium to be automatically debited from the customer's account on a set date. To set up or remove Auto-Debit, customers need to open the ICICI Bank Standing Instructions link, fill in their Date of Birth (DOB) and one of the Policy Number, Mobile Number or Email ID, and follow the instructions.

How to set up auto-debit for ICICI Prudential Life Insurance

Setting up an auto-debit facility for your ICICI Prudential Life Insurance premiums can be done in a few simple steps. This will ensure that your premiums are paid on time, every time, without you having to remember the due date. Here is how you can set up auto-debit:

Step 1: Visit the ICICI Prudential Website

Go to the ''Customer Services' or 'Customer Login' page on www.iciciprulife.com.

Step 2: Login to Your Account

Click on the 'auto-debit' option and log in to your account using your credentials.

Step 3: Select Your Policy/Policies

Choose the policy or policies for which you want to set up auto-debit.

Step 4: Choose Your Preferred Mode of Standing Instruction

Select your preferred mode of payment, such as credit card, debit card, net banking, or UPI.

Step 5: Click Pay

After selecting your preferred mode of payment, click on the 'Pay' button to finalise the setup of your auto-debit facility.

By following these steps, you can easily register for auto-debit and enjoy the convenience of hassle-free premium payments for your ICICI Prudential Life Insurance.

How to disable auto-debit for ICICI Prudential Life Insurance

Auto-debit is a convenient way to ensure that you never miss a premium payment for your ICICI Prudential Life Insurance. However, if you would like to disable this feature, you can follow the steps outlined below.

Firstly, it is important to understand how auto-debit works. When you set up auto-debit, you authorise your bank to collect money from your account electronically and transfer it to your insurance provider on a recurring basis. This ensures that your premium is paid on time, every time.

To disable auto-debit, you can follow these general steps:

• Visit the ICICI Prudential website and log in to your account.
• Look for the "auto-debit" or "standing instructions" section.
• Select the policy or policies for which you want to disable auto-debit.
• Choose your preferred mode of payment and click "pay".
• Remove the auto-debit or standing instructions by selecting the appropriate option.

You can also disable auto-debit by contacting ICICI Prudential directly. You may need to submit a duly filled application form and provide them with your bank account details. Additionally, you may be required to provide a cancelled cheque to register the changes with the electronic clearing service (ECS).

It is important to note that disabling auto-debit may result in late or missed premium payments, which can lead to penalties and a lapse in your policy. Therefore, it is essential to ensure that you have an alternative method of payment set up to avoid any interruptions in your policy benefits.

Different ways to set up an automated debit facility

There are several different ways in which you can set up an automated debit facility for your ICICI Prudential Life Insurance:

• Direct debit from a bank account
• Standing instruction via credit card/debit card
• Standing instruction via net banking
• Standing instruction via UPI

Payment options for ICICI Prudential Life Insurance

ICICI Prudential Life Insurance offers a host of convenient premium payment options to its customers. It is important to pay premiums regularly and on time to continue receiving policy benefits.

Online Payment Methods

ICICI Prudential policyholders can pay their premiums online through net banking. They can also pay through their credit or debit cards, with Visa, MasterCard, Maestro, Diners, Discover, and Rupay cards being accepted. NEFT/RTGS transfers are also supported. Additionally, ICICI Prudential is available on several mobile payment apps, including Paytm, Google Pay, Amazon Pay, Phone Pe, and ShopSe.

Bank-Specific Payment Methods

ICICI Bank account holders can pay their premiums through Infinity. They can also pay at any ICICI Bank ATM using their ICICI Bank debit card.

AXIS Bank account holders can pay their premiums at any AXIS Bank ATM using their AXIS Bank debit card.

Other Payment Methods

Policyholders can also pay their premiums by dropping off their cheques at selective skypak, MINC, or ICICI Bank ATM drop boxes. They can also pay by cash at selected ICICI Prudential Life Insurance branches, or at Maha Online outlets in Maharashtra, E-Mitra Kiosks in Rajasthan, AP Online outlets in Andhra Pradesh, MP Online outlets in Madhya Pradesh, Kangra Bank branches in Himachal Pradesh, South Indian Bank branches, Allahabad Bank branches, and Suvidha outlets across India.

Auto-Debit Methods

ICICI Prudential Life Insurance also offers auto-debit facilities, including Direct Debit, Unified Payments Interface (UPI), and Electronic Clearing Services (ECS).

Benefits of auto-debit for ICICI Prudential Life Insurance

Auto-debit is a convenient way to ensure that you never miss a premium payment and that your ICICI Prudential Life Insurance policy benefits continue without interruption. Here are some benefits of setting up auto-debit for your ICICI Prudential Life Insurance:

Convenience and Hassle-Free:

Auto-debit is a paperless and hassle-free service that ensures you don't have to worry about setting reminders for premium payments. It helps you pay your premiums on time, every time, without any late or missed payments. With auto-debit, you can also choose your preferred mode of payment, such as UPI, credit card, debit card, or net banking.

Saves Time:

Paying premiums online through auto-debit takes only a few seconds, saving you time to focus on other commitments. You can make payments from anywhere, at any time of the day, even during non-working days, without any additional costs or service charges.

Automatic Premium Payment:

Auto-debit ensures that your premium payments are made automatically from your bank account, so you don't have to remember the due date. This helps keep your policy active and ensures that your family has a financial safety net. All you need to do is ensure sufficient funds in your account to cover the premium amount.

Easy Registration:

Registering for auto-debit with ICICI Prudential Life is a simple 3-step process. Visit the customer login page on their website, click on auto-debit and log in to your account, select your policy/policies, choose your preferred mode of standing instruction, and make the payment.

Various Payment Gateways:

ICICI Prudential offers various online payment gateways, such as Unified Payment Interface (UPI), debit/credit card payments, e-wallets (Paytm, Mobikwik, Jio Money), and their mobile app, making it quick and easy for customers to pay premiums.

In conclusion, auto-debit is a beneficial option for ICICI Prudential Life Insurance customers as it provides convenience, saves time, ensures timely premium payments, and is easy to set up.

How to disable auto-debit for ICICI Prudential Life Insurance via the ICICI Bank website

To disable auto-debit for ICICI Prudential Life Insurance via the ICICI Bank website, follow these steps:

• Visit the ICICI Bank Standing Instructions page.
• Log in by entering your date of birth and either your policy number, mobile number, or email address.
• You will be directed to the Standing Instructions add/remove page. Here, you will see a list of your insurance policies.
• Against each policy, there will be a button named "SET SI (Standing Instructions)". If the button is green, the standing instruction is active. If it is red, the standing instruction is not active.
• To remove the auto-debit facility, simply click on the "SET SI" button for the relevant policy.
• If your auto-debit date for premium payment is approaching, you will be notified by the bank via SMS and email. If you cannot maintain a sufficient balance, you can remove the SI instructions using the procedure outlined above.

Please note that you can also disable auto-debit by submitting a duly filled mandate form to ICICI Prudential Life Insurance, along with a cancelled cheque. This form can be submitted at any ICICI Prudential branch office, mailed to their communication address, or handed over to your advisor.

Frequently asked questions