 Nomination
|
|
1) What is nomination? And who is a nominee?
|
Nomination is a right conferred on the life insurance policyholder to appoint a
person or persons to receive the policy monies in the event of the policy becoming
a claim by death. Any policyholder, who is a major and the life insured under a
policy, can make a nomination.
A nominee is the person designated by the policyholder to receive the proceeds of
an insurance policy, upon the death of the insured.
|
|
2) Can I change my nomination?
|
|
Yes. You can change your nomination at any time till the maturity date. All you
need to do is to inform us about the change through the specified form.
|
|
3) What details am I to provide about the nominee?
|
|
The following details are necessary when filling in the proposal form: full name
of the nominee, address, age, and the relationship between you and the nominee.
|
|
4) What is the difference between nomination and assignment?
|
|
While nomination is an authorisation to receive the policy monies in the event of
death of the life assured, it does not give the nominee an absolute right over the
money received to the exclusion of other legal heirs. Further, the nomination can
be revoked or cancelled at any time during the lifetime of the policyholder at his
will and pleasure or by a subsequent assignment.
|
|
On the other hand, assignment of an insurance policy is a transfer or assignment
of all rights and liabilities of the insurance policy in favour of the assignee.
|
| Top |
|
Claim
|
|
1) What is a Claim?
|
|
A claim is the payment made by the insurer to the insured or claimant on the occurrence
of the event specified in the contract, in return for the premiums paid for the
insured.
|
|
2) What parameters are considered by the company while asking the claimant to submit
particular records / document?
|
|
The Company considers the Sum at risk, cause, circumstances of claim and duration
of the policy while asking for certain requirements. Eg. For accidental death, specific
proofs such as Post Mortem and Police Report are required whereas for death due
to illness, the Company calls for records from hospital, test reports, etc
|
|
3) Once all the requirements are submitted, how much time does the Company take to
settle the Claim?
|
|
The Company settles the Claim within 8 working days after all the records, documents
and necessary forms are submitted and documentation is completed.
|
|
In case, the Claim warrants further verification, the Company keeps the Claimant
informed of the same. Subsequently, when the decision is taken, it is communicated
to the Claimant by a letter.
|
|
4) What is IRDA?
|
|
IRDA is Insurance Regulatory Development Authority, that has been set up to protect
the interests of the policy holders, to regulate, promote and ensure orderly growth
of the insurance industry and for matters connected therewith or incidental thereto.
[This definition has been taken from the IRDA website]
|
|
5) What are IRDA guidelines pertaining to Claim processing?
|
|
As per IRDA (Insurance Regulatory Development Authority), the Insurance Company
is required to settle a claim within 30 days of receipt of all requirements.
|
|
However, if the claim warrants further verification, the Company should complete
its procedures within 6 months from receipt of written intimation of the claim.
If the Company settles the claim beyond 6 months period, the interest is payable
by the Company on the claim amount. The interest is payable only where the Claimant
has submitted all the requirements. Further, rate and period of interest are decided
as per IRDA guidelines.
|
|
6) Who is entitled to receive the Claim benefit?
|
The nominee or
appointee (in case of minor nominee) last recorded under the Policy in case of Policy
on own life.
The proposer
in case the Policy is not on own life.
Assignee in case
the Policy was assigned.
Life Assured
himself in case of policy on own life for living benefit claims (Eg Critical Illness
rider)
|
| Top |
|
Policy
Servicing
|
|
1) What is the benefit of opting for riders / add-ons?
|
Riders / add-ons are the additional benefits that can be added to the basic old
policies prior to July 1, 2006, by paying a marginal additional premium. Riders
offered by us are:
a. ADBR: Accident & Disability Benefit Rider
b. ABR: Accident Benefit Rider
c. CIBR: Critical Illness Benefit Rider.
d. WOPR: Waiver of Premium Rider.
e. IBR: Income Benefit Rider.
|
|
2) What is the difference between switch and redirection?
|
|
A switch will enable you to shift the existing units of your unit-linked policy
into a new fund and will not change your future premium allocation.
|
|
A premium redirection will enable you to change your allocation for all the future
premiums of your policy. However, your existing units will not be shifted into a
new fund.
|
|
3) In case I lose my policy document how do I obtain a duplicate policy?
|
|
You will need to pay the charges towards the issue of a duplicate policy, which
will also include the charges for stamp fee. We will send a ‘Duplicate Policy Request’
form that you will need to fill and send us.
|
|
4) How will the Net Asset Value (NAV) be calculated for my servicing requests?
|
|
The Net Asset Value (NAV) is applicable at the time of valuation/purchase. It is
calculated as the value on the day you make a transaction request (provided it is
a working day).
|
|
5) How do I notify a change in address? OR How can I change my policy details?
|
You have the following options:
1. Download the ‘Change Request’ form from the Download Centre section of our website,
fill and send it to us.
2. Call our Customer Service Helpline numbers mentioned in the Contact Us section
of the website.
3. Or write to us at the corporate address mentioned in the Contact Us section of
the website.
|
|
6) How do I effect a Top- up/Fund Switch/Premium Redirection?
|
|
1. Download the appropriate form from the Download Centre section of our website,
fill in and send it to your nearest ICICI Prudential Branch. 2. For Switch and premium
redirection, you can login to the website with your user id and password and give
your request online.
|
|
7) Can I change the frequency of payment for my policy?
|
|
Yes, you can change the premium frequency from low (annual) to a higher frequency
(bi-annual or monthly) or vice-versa.
|
|
8a) What do I need to do when the life assured becomes a major?
|
|
When the life assured becomes a major, you need to submit the proof of his/her age
with his/her correct date of birth. You also need to write a covering letter.
|
|
8b) Can I change the date of birth after the free look period? If yes, what are the
documents required?
|
|
Yes, you can change the date of birth after the free look period. All you need to
do is submit the proof of age with the correct date of birth, along with a covering
letter.
|
|
9) When does a policy lapse?
|
|
A policy lapses when the policy holder fails to pay the premium even within the
grace period. In this case, the policy loses all its benefits.
|
| Top |
|
Surrender/Partial
withdrawal/Assignment
|
|
1) Can I surrender my policy?
|
|
After you pay premiums for at least three consecutive years, your policy acquires
a surrender value and you can surrender the policy. If you have an ICICI Prudential
single premium policy, you can surrender your policy after the first year.
|
|
2) What do I need to do to surrender my policy?
|
|
You need to submit a ‘Surrender Request’ form which is available in Download Centre
section of our website. Alternatively, you can contact us at any of our touch points.
|
|
3) What is partial withdrawal?
|
|
Partial withdrawal of a policy implies withdrawal of only a part of the funds of
your policy. The applicable norms for partial withdrawal may differ for every product.
For product-specific details on the same, please refer to the respective product
brochures that are available in the Products section of our website.
|
|
4) What are Top-ups?
|
|
Top-ups are one-time payments. You have the flexibility to make an additional investment
through a top-up, which is over and above your regular premium payments. You can
make a top-up at any time while your policy is in force. The applicable norms for
top-ups may differ for every product. For product-specific details on the same,
please refer to the product brochures available in the Products section of the website.
|
|
5) What is ‘transfer’ or ‘assignment’ of a life insurance policy?
|
|
Transfer or assignment is a method of transferring one’s transferable interest in
a life insurance policy to another person or institution, for example, as a security
for repayment of loans.
|
|
6) Can I assign a policy?
|
|
Yes, you can assign a policy. To assign the policy, you have to notify us regarding
the assignment.
|
|
7) How do I assign a policy or transfer a life insurance policy?
|
Assignment or transfer of a life insurance policy may be made by simply making an
endorsement to that effect in the policy document. Another way of transferring or
assigning the life insurance policy is to get a separate assignment deed executed.
The former case is the preferred mode of assignment as it is exempt from further
stamp duty. An assignment should be signed by the assignor or his duly authorized
agent, and should specifically state the fact of transfer or assignment. The document
should be attested by at least one witness.
|
|
8) Is assignment allowed on all the insurance plans?
|
|
Assignment is applicable on all insurance plans except Pension Policies and Married
Women’s Property Act (MWP).
|