Organization : ICICI Prudential Life Insurance
Service Name : Top Up Insurance Policy Online
Website : https://www.iciciprulife.com/services/top-up-insurance-policy.html
Top Up:
Top-up is a convenient option that allows you to invest your surplus money, either once or multiple times in your existing policy. This can help you to grow your wealth further.
Related : ICICI Prudential Life Insurance Unit Statements : www.statusin.in/22272.html
Top-up requests are processed as follows:
** You can make a Top-up any time during the term of the policy#, as long as all due premiums have been paid
** For Top-up request made before 3:00 pm on a working day, the Net Asset Value (NAV)* declared on the same day will be applicable. If the request is received after 3:00 pm, the NAV declared on the next working day will be applicable.
** If you make a Top-up request after 3:00 pm on a Friday or a holiday, the NAV declared on Monday or on the next working day would be applicable (provided the following Monday is a working day).
** If you make a Top-up payment after 3:00 pm, the Top-up details in the PPC will be available the next day.
Note:
* Net Asset Value (NAV) is the price at which the units of a fund (equity or debt or balanced) are purchased.
Switch & Top-up:
What is Fund switch?:
Fund switch is a facility available on your unit linked life insurance policy through which you can transfer the current funds linked to your policy to another fund of your choice.
How can I switch funds linked to my policy?
You can switch funds instantly by logging on to www.iciciprulife.com with your User Id & Password or submit your request at any of our branches.
Steps to switch funds online:
1. Log on to www.iciciprulife.com with your User Id & Password.
2. Select the policy for which you want to switch the funds..
3. Enter your email id and contact number for validation.
4. Choose the target fund and add the % of funds that you want to switch.
5. Review the target fund details that you have entered.
i. If correct, select ‘I accept Terms and Conditions’ and click on confirm.
ii. If the details are incorrect, click on ‘Edit’ to change your allocation.
Alternatively, you can also submit your request with a Fund Switch application form at the nearest ICICI Pru Life branch. Click here to download the form. To locate our nearest branch visit www.iciciprulife.com/branchlocator
How many times can I switch my funds?:
The first four switches in any policy year are free of cost. Additional switches will be charged at `100/- per switch (excluding service tax & education cess amount) by redemption of units.
Currently the minimum amount per switch is `2000/- we may change this amount from time to time as per the rules of the company and subject to the regulators’ approval. Any unutilized switch cannot be carried forward.
What is premium redirection?:
Premium redirection is a facility available on your policy through which you can direct your future premiums (i.e. premiums paid after giving the premium redirection request) to a new fund of your choice.
This option does not switch your current funds, it only allocates your future premiums to a new fund. This option is available without any charges and it will not be counted as a switch.
If your policy is issued after 20th Aug 2007, then this facility is applicable only if you have opted for the Fixed Portfolio Strategy in your policy
What is the difference between Fund switch & premium redirection?:
Fund Switch will shift your current funds from the existing fund to a new fund, while your future premiums will continue to get invested in current (i.e. existing) fund. Premium redirection will ensure your future premiums are allotted in new funds, without changing your current fund holding.