ICICI Prudential Life Insurance was founded in 2001 following a joint venture between Prudential Corporations Holdings Limited and ICICI Bank Limited. In just 14 years since their inception, ICICI Prudential Life Insurance became the first insurance company in India to have assets under management of Rs.1 trillion.
One of the most renowned names in the insurance sector, ICICI Prudential Life Insurance believes in offering quality service to its customers and making the whole process of availing a policy from them as well as making investment hassle-free. Now, ICICI Prudential Life Insurance gives its customers the benefit of buying a life insurance policy on its website with just a few clicks. Customers can pay for the premiums of the life insurance policy using their debit card, credit card, mobile wallet and can even link their life insurance policy to their net banking account for the auto debit mode for policy premium payments.
Customers of ICICI Prudential Life Insurance can pay their life insurance policy premiums through the following ways:
ICICI Prudential Life Insurance can pay their premiums either through the bank website using their credit card, debit card, net banking account, through mobile wallets such as Paytm, Bharat QR, Unified Payments Interface (UPI), or through Jio Money.
ICICI Prudential Life Insurance customers can choose the auto debit mode by sending a cheque to any of the ICICI Prudential Life Insurance branches with the auto debit date on it. Along with the cheque, the customer has to submit the duly-filled ECS/Direct debit form. In addition, customers can also link their net banking account to their insurance policy and choose the auto debit mode to pay the premium of the policy or when the renewal of the policy has to be made. In addition to this, customers can choose the eNACH ECS option, or an auto debit from their credit or debit card for the premium of the life insurance policy.
ICICI Prudential Life Insurance customers can also choose the drop box mode to pay their premiums or renew their policies. All that the customer has to do is to drop off a cheque at any of ICICI Bank drop box ATMs to make the premium payment. Customers can also use the MINC drop box mode at any of ICICI Prudential Life Insurance MINC drop box locations.
ICICI Prudential Life Insurance customers can use their debit card from either ICICI Bank or Axis Bank to pay their premiums for their life insurance policy under the Utility Bill Payments option. For this option, the debit card has to be in the name of the policyholder.
ICICI Prudential Life Insurance customers can pay their premiums or renew their policies by cash, cheque or demand draft at any ICICI Bank branch, Axis Bank branch, ICICI Prudential Life Insurance branches, State Bank of India branches, Yes Bank branches or any Common Service Centers across the country. If the customer wishes to pay the premiums by cash, the maximum amount he/she can pay using cash is Rs.49,999. In the case of paying the premiums by either cheque or demand draft, it has to be addressed to ICICI Prudential Life Insurance and the policy number, name of the policyholder and contact details have to be mentioned on the back of the cheque or demand draft.
For the premiums paid to purchase or renew an ICICI Prudential Life Insurance policy, the policyholder can claim tax deductions under Section 80C of the Income Tax Act, 1961, up to a maximum of Rs.1.5 lakh in a financial year. To plan their finances in advance, policyholders can make use of the premium calculator on the website of ICICI Prudential Life Insurance.
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