The Unit Trust of India (UTI) operates a Unit-Linked Insurance Plan (ULIP) in collaboration with LIC and the General Insurance Corporation (GIC) of India.

ULIP is a contractual savings-cum-insurance plan that offers the following features:

• High returns
• Maturity bonus
• Life insurance cover
• Free accident cover
• Safety of capital
• Tax rebate

It is open to any resident of India who is above 18 years of age. Individuals less than 55 years and 6 months of age can join the plan for 10 years and those less than 50 years and 6 months for 15 years contributing 1/10th and 1/15th of the target amount every year, respectively.

You must send us the:

• Completed claim form
• Policy of Life assurance
• Proof of age, if not submitted earlier

The death claim is paid to:

• The nominee, as declared by you in the proposal form
• The legal heirs, in case you have not specified the nominee
• The appointee named by you, in cases where the nominee is a minor at the time of claim

The claimant (Nominee/Legal heirs) must send us:

• An intimation of the death of the life assured
• Death certificate
• Completed claim forms and other forms as required by the company
• Policy of Life assurance
• Identification that the person is entitled to receive the payment

In addition to the requirements for a death claim, the claimant should submit all the reports (police, hospital etc.) pertaining to the accident as required by the company.

You must send us within 6 months of the disability date

Written notification of your disability arising out of the accident

Proof of your disability

You will have to undergo one or more medical examinations conducted by medical practitioner/s appointed by us, if required.

A loan is given only if you have an ICICI Pru Save'n'Protect policy.

If your policy has a surrender value, you can apply for a policy loan upto 80% of the surrender value. This loan will carry an interest rate as decided by the company from time to time. The interest will be charged starting from the date of the loan. You can repay the interest and the loan at any time.

If the total outstanding amount owed to us under your policy exceeds the surrender value, your policy terminate immediately. The outstanding loan and interest will be deducted from the claim amount at the time of settlement.

If premiums are paid for at least three consecutive years, the Policy acquires a Surrender Value. The Policy, which has acquired a Surrender Value, can be surrendered for payment in cash. Once the Policy is surrendered the contract is terminated. In the case of ICICI Pru Single Premium Bond the policy can be surrendered after the first year.

Section 39 of the Indian Insurance Act 1938 provides for nomination of a person who would receive the benefits of the claim on the death of the life assured. Nomination establishes a clear title to the policy. This prevents dispute and also prevents delay in settlement of a death claim. In the case where nomination has not been given at the time of proposal, nomination can be made at any time during the term of the policy. Nomination can also be changed, at any time during the tenure of the policy, by intimating us at ICICI Prudential.

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 a specified form.

You can call our customer service center or notify us through a letter about the change of address. We shall confirm the change to you.

We offer you a grace period for non-payment on due date. This grace period is 30 days from the due date in case premium payments are made on quarterly, half-yearly or yearly basis. It is 15 days from the due date for monthly payments. During this period the policy remains in full force and no interest is charged. If you fail to pay a premium even during the grace period, your policy automatically:

Lapses if there is no surrender value.

Converts to a paid up policy if there is enough surrender value.

You can apply for a duplicate policy document. To get this document, you will have to send us a letter stating the circumstances under which the policy was lost.

The policy can be assigned. To assign the policy you have to notify us regarding the assignment.

To begin with, 'nomination' is the process of identifying a person to receive the policy amount in the event of death of the policyholder. The nomination can be done at the start of the policy by providing details of the nominee in the proposal form. However, if the nomination is not given at the beginning, it can be done at a later date. This nomination has to be effected by giving notice in a prescribed form to LIC and getting it endorsed on the Policy Bond.

The policyholder can change the nomination at any time during the term of the policy and for end number of times. For this, the policyholder has to give a notice in a prescribed form to LIC. Further, nomination can be removed any time by the policyholder without giving prior notice to the nominee.

Under nomination, the nominee gets only the right to receive the policy amount in the event of the death of the policyholder; nomination does not pass on the property in the policy. If nominee dies when the policyholder is still surviving then the nomination would be ineffective. If nominee dies after the death of the policyholder but before receiving policy amount, then again the nomination becomes ineffective and only the legal heirs of the policyholder can claim money.