Insurance FAQs

ICICI Bank offers a wide range of insurance solutions through its partners – ICICI Prudential Life Insurance for life insurance and ICICI Lombard General Insurance for health, motor, home, travel and other general insurance. It also facilitates Government-backed social security schemes like PMJJBY and PMSBY. You can explore and purchase most of these plans conveniently through ICICI Bank’s website, iMobile app or branches.

You can protect:

• Life & income – term plans, savings plans, ULIPs, retirement plans, child plans
• Health – comprehensive health policies, top-up/booster covers, group health, critical illness
• Assets – car, two-wheeler, home, travel, personal accident, gadget covers, etc.

Social security – PMJJBY and PMSBY for low-cost basic protection.

Insurers ask for health information to assess risk and price the policy fairly, and to determine if any waiting periods or exclusions are required. Providing accurate health details helps ensure smooth claim processing later and reduces chances of disputes.

Not always. Medical tests may depend on age, sum insured, type of plan and health declarations. Smaller covers or younger ages may be issued on the basis of a questionnaire alone, while larger covers or older customers generally require medical tests.

Some documents are common (ID, address, PAN), but others are product-specific – e.g. RC book and past policy for motor, health reports for health insurance, income proofs for high life covers. The online journey tells you exactly what is needed at each step.

Yes. You can combine life, health, motor, home, travel and social-security schemes to build a well-rounded protection portfolio. ICICI Bank explicitly encourages using more than one product to cover different risks.

For most policies you will need:

• Identity Proof (PAN, Aadhaar, Passport, etc.)
• Address Proof (Aadhaar, utility bill, etc.)
• Age proof (often same as ID)
• Photograph, if required
• Medical declaration (health details) for health/life insurance

Many journeys allow you to share these via Digilocker or online KYC, reducing the need for physical documents.

For life cover, insurers consider age, gender, sum assured, policy term, smoker/non-smoker status, medical history, occupation and hobbies. For instance, a younger, non-smoking customer will usually get a lower premium for the same cover than an older customer or smoker.

Pure protection policies (term insurance, health insurance, motor, travel, etc.) do not earn interest or returns – they are risk covers. Certain life insurance plans (traditional or ULIP) may offer savings or investment benefits, but they are not the same as fixed deposits or savings accounts; returns and risks depend on the plan chosen.

All applicable charges (GST, rider premiums, policy admin charges in ULIPs, etc.) are clearly disclosed in the benefit illustration and policy schedule. ICICI Bank and its insurance partners follow transparent pricing practices as per IRDAI guidelines.

Health premiums primarily depend on age, sum insured, medical history, lifestyle (e.g. smoking), and number of family members covered. Higher age and higher sum insured generally mean higher premiums, while good health and no pre-existing illnesses help keep premiums lower.

A waiting period is the initial time during which certain illnesses are not covered, except emergencies. For example, many health policies have:

• 30-day initial waiting period for most illnesses
• 24–48 month waiting period for pre-existing diseases
• Specific waiting periods for maternity or certain conditions

Yes. You can usually make multiple claims in a year, as long as the total claim amount does not exceed your available sum insured + any additional/restored sum insured as per the product.

For cashless treatment, you must visit a network hospital of the insurer. If you choose a non-network hospital, you can still claim through reimbursement, subject to policy terms and documentation.

Coverage usually begins after proposal acceptance and premium payment, and once the policy is issued. For some products, immediate cover may start from the date/time mentioned in the policy schedule, while for others (like health), waiting periods apply for non-accidental illnesses.

Yes, many health and life plans factor in non-smoking status, good BMI, absence of chronic disease, and overall health profile while computing premium. Some modern products may also reward healthy habits via wellness benefits, though specifics vary by plan.

For motor and home insurance, use of safety features (like anti-theft devices, building-level fire protection) and a good claims record can sometimes lead to discounts or No-Claim Bonus (NCB) in renewal premiums, as per the insurer’s underwriting rules.

From time to time, ICICI Bank and its insurance partners offer online discounts, bundled offers, or special campaigns (for example, discount on first-year premium or offers for ICICI Bank account/card holders). These are time-bound and appear on the purchase journey when applicable.

The base cover protects the core risk (life, health, asset), while riders address specific additional risks – like critical illness or accidents. Whether you need them depends on your budget and risk profile. ICICI Bank’s platform and advisors can help you compare scenarios before choosing.

In many life and health plans, certain riders can be added at policy anniversary, subject to fresh underwriting and rules. However, it’s generally easier and cheaper to select riders at the time of original purchase.

Riders or add-ons are optional benefits you can attach to your base policy by paying a small extra premium. Examples include critical illness rider, accidental death/disability rider, waiver-of-premium, maternity cover, room-rent upgrade, zero dep for motor, etc. They allow you to customise the policy to your needs.

A single hospitalisation can wipe out years of savings. Health insurance:

• Pays large hospital bills, so you don’t need to break FDs or investments
• Gives cashless treatment at network hospitals
• Protects you from rising medical costs over time

These schemes provide basic, low-cost protection:

• PMJJBY: ₹2 lakh life cover at very affordable annual premium
• PMSBY: ₹2 lakh accidental death/disability cover at a very low annual premium

They are not complete solutions but a good starting safety net, especially for lower-income or first-time insurance buyers.

For most families, social schemes alone are not sufficient, because coverage amounts are low compared to real life needs. They work best as a foundation, on top of which you should add adequate life, health and asset covers.

Life insurance provides a financial safety net for your family if something happens to you. Term plans give large cover for small premium, ensuring your family can manage EMIs, education costs and daily expenses even in your absence. Savings/ULIP plans combine protection with wealth creation for long-term goals.

Yes. For many ICICI Prudential and ICICI Lombard policies, you can register standing instructions on your ICICI account or mandate on your card so that renewal premiums are collected automatically, reducing the risk of policy lapse.

Yes. Insurers generally send SMS, email and sometimes app notifications before the premium due date, especially if your policy is linked with your ICICI Bank customer ID. However, you remain responsible for paying on time.

For many life and health plans, you can request a change in premium frequency (e.g. from annual to monthly or vice versa) at policy anniversary, subject to insurer rules. This does not change your overall yearly cost much, but spreads payments differently.

You can pay via net banking, debit/credit card, UPI, auto-debit from ICICI Bank account, NACH/standing instruction, or digital wallets, depending on the insurer and product. ICICI’s website and app display the available modes at the time of purchase or renewal.

Consequences differ by product:

• Term / health / motor: policy may lapse; cover stops.

Traditional/ULIP life: policy may become paid-up or go into grace period and then lapse or retain reduced benefits, as per product rules.
ICICI Prudential and ICICI Lombard websites explain the exact impact for each plan.

Yes, you can surrender/cancel most policies later, but refund rules are different:

• For term and pure protection, there may be no surrender value.
• For savings/ULIP plans, surrender value depends on policy year, fund value and charges.

For health and motor, you may get partial refund if no claims and remaining tenure is long.

While the policy itself charges a regular premium, some ICICI credit cards and fintech options may allow EMI conversion of the payment. This is a feature of the card/banking product and not of the insurance policy itself.

Certain traditional life insurance policies (endowment or money-back) and some ULIPs allow policy loans once the plan acquires surrender value. The eligibility amount is usually a percentage of the policy’s surrender or fund value. This facility is subject to ICICI Prudential’s product rules.

Insurance is generally recommended but not mandatory. ICICI clearly states that purchasing an insurance policy is voluntary and should not be bundled as a condition for sanctioning loans or other services. However, many borrowers prefer a loan protection cover for peace of mind.

If eligible for a refund (free-look or early cancellation), the insurer credits the amount back to your original payment method or registered bank account, after deducting applicable charges and risk premium for the period covered.

No. Premium is paid for risk coverage, and claims are paid only when a covered event occurs. Rejection of a particular claim does not entitle you to a refund of premium already used for coverage. Only policy cancellation under the rules can generate refunds.

Some life and health policies allow step-up or enhancement of sum insured at renewal or on life events (marriage, childbirth), subject to underwriting and additional premium. In other cases, you may need a new policy or top-up plan.

Direct transfer between insurers is generally not allowed for life insurance. Health insurance may allow portability of credit for pre-existing disease waiting periods when you move from one insurer to another, subject to IRDAI rules and timelines. You must apply for portability with the new insurer before expiry of the old policy.

Your insurance policy continues with the insurer even if you close your ICICI Bank account. You only need to update your contact and bank details with the insurer and change the premium payment mode to another bank/card.

You can submit a surrender/cancellation request to the respective insurer (ICICI Prudential or ICICI Lombard) via their website, branch, or service channels. ICICI Bank can guide you, but the actual termination is processed by the insurer as per the product terms.

Yes. All personal, financial and medical information is handled as per data privacy and information security policies of ICICI Bank and the partner insurers, in line with regulatory guidelines. These details are used only for underwriting, servicing and claims.

Always:

• Verify the sender’s official email or SMS ID
• Log in only via official ICICI Bank / insurer websites or apps
• Do not share OTP, CVV or net banking passwords with anyone
  If in doubt, call ICICI Bank customer care or the insurer’s official helpline before acting.

ICICI Bank uses secure, encrypted payment gateways and authenticated logins for online purchase. Policy issuance is done directly by ICICI Prudential or ICICI Lombard, both regulated by IRDAI, and policy documents are sent to your registered email.

You can update details through:

• The insurer’s website/app
• Their customer-care helpline
• Visiting an ICICI Bank or insurer branch and submitting a service request

Updated KYC may be needed for certain changes.

Once you file a claim with ICICI Lombard or ICICI Prudential, you can track status online by logging into their website or using your claim reference number. Many claims also show status via SMS and email updates.

• ICICI Lombard: 1800 209 8888 (Toll-free) / customersupport@icicilombard.com
• ICICI Prudential Life: 1800 2660 (Toll-free) / lifeline@iciciprulife.com

ICICI Bank customer care can also route you to the right service channel.

You can:

• Log in to the insurer’s portal (ICICI Lombard / ICICI Prudential) and download the policy
• Use service links from ICICI Bank’s Insurance page, or
• Request a soft copy via email/SMS from customer support

The Insurance FAQs specifically direct you to the respective insurer websites and helplines for policy downloads.

• Life insurance death benefits are generally exempt under Section 10(10D), subject to conditions.
• Health insurance premiums may qualify for deductions under Section 80D.
• Tax rules can change, so you should consult a tax advisor for personalised guidance.

You can absolutely continue with your existing policies and add more via ICICI Bank if needed. Buying through ICICI gives you the convenience of managing banking and insurance in one place, and access to carefully curated products from ICICI Prudential, ICICI Lombard and Govt schemes.

Visit the Insurance section on ICICI Bank’s website or iMobile app. There you can browse different products.

No. Insurance purchase is completely optional. ICICI Bank only provides a convenient platform and trusted partners – you are free to choose whether to buy, what to buy, and from whom.

Yes. Many customers hold multiple policies – for example, an employer health plan plus their own family floater, or two term plans bought at different life stages. At claim time, you must disclose all active covers, and claims are settled as per each policy’s terms.