Yesterday evening at around 8:55 PM IST, I have sent an email to firstname.lastname@example.org, requesting for the process of surrendering my ICICI Prudential ULIP Policy and to find the estimated surrender value of the same.
Below is the prompt (I have received this email response at 6:35 AM this morning) and most informative response from the Manager - Customer Service at ICICI Prudential Life Insurance Co. Ltd. It should be really appreciable and so, I thought of sharing this information with all of you by posting the entire email chain (copied below) on my blogspot, hope this will be useful for some of you.
From: ICICI Prudential Life Insurance Co. Ltd
To: Chaitanya Kumar Vummethala
Sent: Thursday, 3 November 2011 6:35 AM
Subject: Re: Information on Surrendering my Life Time Gold ULIP Policy Call ID # 38965591
Dear Mr. Chaitanya Kumar Vummethala,
We refer to your email dated 02/11/2011.
A LifeTime Gold policy acquires surrender value after the payment of full premium for the first policy year Since the Risk Commencement Date (RCD) for your policy is 27/02/2008 the policy acquired surrender value on 27/02/2009.
However, the surrender value would be payable only after completion of 3 policy years or whenever the policy is surrendered thereafter:
Surrender Value payable if the policyholder pays:
Less than 3 years'' premium Value Payable
Less than 1 year No surrender value
Between 1 year - 2 years 25% of Fund Value
Between 2 years - 3 years 40% of Fund Value
Complete policy years Surrender Values as a % of Fund Value
3 Years 98%
4 Years 99%
5 Years and above 100%
Below mentioned are your current unit holding, as per the NAV declared on 02/11/2011
Fund Type Unit Balance Latest NAV Estimated Value
Multiplier XXXXXXXXX 9.82000 XXXXXXXXXX
Hence, the current surrender value calculated for your policy is Rs: XX/- (98% of Fund Value).
The value of units fluctuates as per market conditions and depends on the NAV, which is declared on a daily basis.
In order to surrender the policy, we request you to kindly visit the nearest branch and submit the below mentioned documents:
Surrender payout request form
Self attested id proof
Signed original cancelled cheque of core bank account (Account number should not be less than 5 digits)
Note: If the cancelled cheque of core bank account is not available, you can provide IFSC / MICR code or Bank Statement/Bank Passbook /Bank confirmation letter.
Electronic Payout Mandate (EPM) form (Mandatory to mention the IFSC / MICR code in the EPM form in order to process the payout)
If you do not have the original policy documents, kindly submit the Indemnity bond which needs to be typed on a Rs.200/- stamp paper, along with a service charge of Rs.200/- at the nearest branch of ICICI Prudential for a copy of the policy documents.
Following is the list of documents that can be collected as valid KYC documents:
PAN Card (current)
Voter''s Identity Card (current)
Driving License (current)
Ration card with photo
All government issued proofs bearing symbol of Ashok charka
The surrender value would be determined based on the Net Asset Value (NAV) declared on the date we receive the surrender request.
In case you surrender the policy before 3 pm then you will get the same days NAV however if you surrender post 3 pm then next working days NAV would be applicable.
Note: proposer of the policy should submit the surrender request by visiting the branch personally.
However, if you wish to submit request for surrender of your policy through any of your blood relative, we request you to kindly provide the third party authorization letter along with the id proof of your blood relative who will submit the request.
Please contact us for further clarifications, if any.
Manager - Customer Service
ICICI Prudential Life Insurance Co. Ltd.
ICICI Prudential has been recognized as India’s Most Customer Responsive Insurance Company for the 3rd time by Avaya Global Connect Awards 2010
ICICI Prudential LifeTime Gold UIN 105L077V01 Policy Number XXXXXXXX
© 2010, ICICI Prudential Life Insurance Co. Ltd.
Insurance is a subject matter of solicitation
From: Chaitanya Kumar Vummethala
Sent: Wednesday, 2 November 2011 8:58 PM
Subject: Information on Surrendering my Life Time Gold ULIP Policy
I am Chaitanya Kumar Vummethala having a Life Time Gold (ULIP) Policy with ICICI Prudential (Policy Number: XXXXXXX) since February 2008.
Below are the Portfolio Details of my policy and now I would like to know about the Policy Surrendering Process and the returns that I will get upon surrendering the same.
Kindly let me know - how much will I get if I would like to surrender my policy.
Expecting a swift response in the affirmative.
XXXXXXXXXXXXXXXXXXXXXXXXXXX PORTFOLIO DETAILS XXXXXXXXXXXXXXXXXXXXXXXXXXX