Depending on the type of policy, you may be eligible to receive a payout at the end of the policy term, or during the policy term as a mid-term payout.

There are three kinds of payouts:

• Policy payouts: These amounts are paid directly to the policyholder by the insurer based on the type of policy and as per the policy terms and conditions
  1. Maturity payout: Lump sum payouts paid at the end of the policy term
  2. Mid-term policy payouts/income: Income or survival benefits paid during the policy term
  3. Annuity (pension) payout: Fixed amounts paid as per the payout option chosen by the annuitant
• Policy Foreclosure (termination) payout: Paid when a policy gets foreclosed (terminated) due to non-payment of premiums
• Claim-based payouts (Life/Health insurance claims): Paid to the nominee or the policyholder when a formal request is raised by the nominee or the policyholder with the insurer for an insurance claim promised in the policy in case of an unforeseen event or on the diagnosis of any disease.

For more details regarding the payouts applicable to your policy, please refer to your policy document.

As per the Insurance Regulatory and Development Authority of India (IRDAI)

• It is mandatory for all policyholders to keep their bank account details updated so that policy payouts can be electronically transferred on the payout date
• To get your policy payouts in your preferred bank account, we recommend you keep your bank account details always updated

You can update your bank account details through any of these methods:

^*Note: Please ensure the name of the policyholder and the complete bank account number is printed on the copy of the cheque being submitted.

Important points to note for policy payouts:

• Ensure you keep your bank account details updated with us at least 5 days prior to your payout date to receive the payout amount in your preferred bank account on time
• PAN/Form 60 is mandatory for all payouts, if not already updated in our records. Additional TDS deductions as per the existing Tax laws may apply if PAN details are not updated
• If KYC details are not updated, Passport Size Photo and Address Identity Proof are required to be submitted (Aadhaar with the 8 digits masked, Valid Driving License, Valid Passport, Voter ID Card and Job Card issued by NREGA). Passport Size Photo is not required if you are visiting a branch to update your KYC
• Keep MICR code and IFSC code of the bank details handy when updating the details on the website or app. Your bank account details will get validate. In case the bank details are not getting validated on the website, you may be required to upload a cancelled cheque of the bank account with the name of the account holder printed on it or statement of your bank account for the last 3 months with the name of the account holder printed on it
• NRI customers who wish to receive the payout in an NRE account will have to share proof of all the premiums paid from the same NRE bank account in which they wish to receive the payment. You can submit the copy of the proof (NRE bank account statement from which previous premium payments were made) at a branch near you or email the documents to lifeline@iciciprulife.com from your registered email ID
• In case the policy is assigned, an NOC (No Objection Certificate) is required from the Bank/Financial institution
• For policies owned by entities like Hindu Undivided Family (HUF) or trusts, bank details of the trust will be required
• For policies registered under Married Women`s Protection Act (MWPA), the following documents are required of the Trustee:
  • Passport Size Photo
  • Address Identity Proof (Aadhaar with the 8 digits masked, Valid Driving License, Valid Passport, Voter ID Card and Job Card issued by NREGA)
  • Proof of bank account (cancelled cheque with the name of the trustee printed on it or a statement of the bank account for the last 3 months with the name of the trustee printed on it)