Before we go into details on the ICICI Prudential Policy and how it works, let’s first understand the institution that issues it. The Industrial Credit and Investment Corporation of India (ICICI) is an Indian-based developmental financial institution with over 5,900 branches in 17 countries. With 16,650 ATMs strategically located in different parts of India, the bank is worth $250 billion in total assets, and $4.3 billion in net income.
The bank also has subsidiaries in Canada and the U.K. which also have another subsidiary offices in Germany and Belgium. With representative offices in the United Arab Emirates (UAE), they also have branches in Qatar, Singapore, Oman, South Africa, the United States, etc. Having said that, let’s delve into the ICICI Prudential Policy and how to start the withdrawal process.
Six Steps To Withdraw Money From ICICI Prudential Policy
You must take a few steps to withdraw money from ICICI Prudential insurance. The ICICI Prudential provides several policies, including investment-linked and life insurance plans. Here is a step-by-step tutorial to help you withdraw money from an ICICI Prudential policy if you have one and would like to:
- Examine Your Policy First
It’s important to carefully study your policy documentation before starting a withdrawal. Recognize the terms and conditions of your insurance, including any relevant fees, fines, or non-refundable values.
- Get in Touch With ICICI Prudential
Let them know you intend to take money out of your insurance by contacting ICICI Prudential’s customer service department or your authorized financial advisor. They will walk you through the process and give you all the essential paperwork and forms.
- Fill Out The Paperwork For Withdrawal
Fill out the required withdrawal form that the company has provided. Typically, this form needs your policy number, contact information, and the amount you want to withdraw. To prevent any process delays, supply accurate and comprehensive information.
- Submit Supporting Documents
ICICI Prudential may request additional supporting documents, depending on the insurance type and withdrawal amount. These can be any documentation they require, such as proof of identity, address, bank account information, etc. Make sure to submit the withdrawal form along with the necessary paperwork.
- Wait For Processing
ICICI Prudential will start processing your withdrawal request when you submit the form and any accompanying documentation. Depending on the policy terms and the complexity of your request, the processing time may change. It is advisable to ask company about the anticipated processing time while speaking with them.
- Get The Money
After processing and approving your withdrawal request, the company will send the money to your specified bank account. Ensure the bank account information on the withdrawal form is accurate to prevent any issues.
It’s important to remember that some policies may contain lock-in times or non-refundable fees related to early withdrawals. These requirements differ based on the insurance terms’ particulars and must be considered before beginning a withdrawal. It is advised to contact ICICI Prudential directly for tailored advice and support depending on the specifics of your insurance to ensure a seamless withdrawal procedure.