ICICI Prudential Life Insurance T&Cs

The Terms and Conditions of ICICI Prudential Life Insurance Plans are as follows:

1. Free Look Period: The policyholder has the option to review the policy following receipt of the policy document. If he/she is not satisfied or agreeable with the terms and conditions of the ICICI Prudential Life Insurance policy, then he/she can return the policy document to the insurance company, with reasons for cancellation within 15 days from the date the policyholder received it. On cancellation of the policy during the free look period, ICICI Prudential Insurance will return the premium paid subject to the following deductions: a) Stamp duty under the policy b) Expenses incurred by the company on medical examination, c) Proportionate risk premium for the period of policy cover.

2. Death Benefit: The death benefit under the policy will be payable on the death of the policyholder during the policy term. The amount payable as a death benefit will depend on the option chosen by the policyholder at the time of inception of the policy. In Fixed Cover, the death benefit is equal to the total sum assured defined in the policyholder policy certificate for the policy term. In Reducing Cover, the death benefit will be equal to Sum Assured at the inception of the policy but the death benefit will reduce starting from the second policy month. The reduction schedule will depend on the policy term, irrespective of the outstanding loan term at the time the proposal is received. The Death Benefit in the revival period of a policy will be its Surrender Value. Once the payment of the death benefit is done by the insurance company, the policy cover will terminate and all interest, benefits, and rights under the policy will cease. The death benefit will be taxable as per the prevailing tax laws.

3. Premium Payment: The grace period for payment of a premium for a monthly payout is 15 days and for a premium payment for another payout is 30 days. The policy will lapse if any premium installment is not paid within the grace period and all cover under the policy cover will extinguish. In the Single Pay option, only one premium is to be paid and no other future premiums are to be paid. The policyholder can pay premium through multiple modes such as Cash, Cheque, Demand Draft, Pay Order, banker's cheque, Electronic Clearing System / Direct Debit, and Credit or Debit cards. Demand drafts or cheques must be drawn in favor of ICICI Prudential Life Insurance Company Limited. If the policyholder suspends the payment of the premium for any reason, ICICI Prudential Insurance will not be held liable. In such cases, benefits will be available only in obedience to the policy terms and conditions.

4. Maturity / Survival Benefit: ICICI Prudential Life Insurance plans offer no maturity or survival benefit payable under their Insurance policy. At the end of the policy term chosen by the policyholder, the policy will automatically terminate and all rights, interests, and benefits under the policy will cease.

5. Grace Period and Non-Payment of Premium: According to the IRDAI regulations, a grace period of 30 days is applied from the premium due date. If the due premium is not paid within the grace period, the policy will lapse and policy cover will cease.

6. Legislative Changes: The premiums and the benefits under the ICICI Prudential Life Insurance will be subject to taxes and statutory levies which may be subject from time to time. The policyholder or the insured needs to pay taxes or/and cess in accordance with the prevailing laws, and regulations as they may continue to persist from time to time. Also, all benefits payable under the policy are subject to tax laws as they are amended from time to time. All provisions under the policy are issued by the Regulatory Authority.

7. Surrender Value: Surrender in life insurance means voluntarily terminating the policy by the policyholder. Surrender is not allowed for Limited Pay and Regular Pay and hence no benefit shall become payable on surrender of the policy. For Single Pay premium, Surrender Value is calculated as = (Surrender Value Factor/100) X Single Premium Surrender Value factors. The surrender value will be taxable as per the prevailing tax laws. The method for computing Surrender Value factors will be reviewed from time to time subject to the prior approval of the Insurance Regulatory Authority Of India.

8. Nomination: Nomination under the Policy will be assessed by Section 39 of the Insurance Laws Act, 2015 as amended from time to time.

9. Assignment: Assignment of the Policy will be assessed by Section 38 of the Insurance Laws Act, 2015 as amended from time to time.

10. Incontestability: The Incontestability Clause will be as per Section 45 of the Insurance Laws Act, 2015 as amended from time to time.

11. Non-Disclosure and Fraud: Non-disclosure and Fraud terms and conditions will be as per Section 45 of the Insurance Laws Act, 2015 as amended from time to time. The policy is in accordance with the terms and conditions as stated in the policy document and is governed by the approved Authority and Laws of India.

12. Policy Revival: ICICI Prudential Life Insurance Policy will lapse for non-payment of premium within the grace period. It may be revived subject to the company underwriting and the following conditions such as :

• The revival application has to be made within 2 years from the date of the first unpaid premium and before the termination date of the Policy cover. The Revival of the policy will be based on the Regulatory Board
• ICICI Prudential Insurance Company reserves the right to reject the reinstatement of the policy. In such a case, only the premiums paid towards the reinstatement of the policy will be refunded without any interest.
• The revival of the policy will take effect only if it is directly communicated by the insurance company to the policyholder.

13. Payment of Sum Assured: The benefits under the policy cover are payable to the policyholder or to the assignee where an endorsement has been stated in accordance with Section 38 of the Insurance Laws, 2015. In case of the death of an assignee or the Policyholder, benefits are payable either to the nominee where a nomination has been registered by the insurance company in accordance with section 39 of the Insurance Laws Act or to other legal representatives who acquire representation to the policyholder.

14. Suicide: If the policyholder commits suicide within one year from the date of purchase of the ICICI Prudential Life insurance policy. The insurance company will pay 80% of premiums paid till the date of death. In the case of a reinstated policy, if the policyholder commits suicide within one year of the date of reinstatement of the policy, more than 80% of the premiums will be paid till the date of death. The policy will halt making such payments and all rights, interests, and benefits under the policy will ceased

15. Issue of Duplicate Policy: ICICI Prudential Insurance will issue a duplicate of the policy document, on receipt of a written request from the policyholder or the life assured along with the requisite documents as may be required by ICICI Prudential Insurance. The freelook option is not available on the issue of the duplicate policy document.

16. Amendment to Policy Document: Any modifications, variations, or amendments of any terms of the policy proposal shall be communicated to the policyholder in writing.