ICICI Prudential Life Insurance Company Limited is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. ICICI Prudential Life Insurance Company is the first private life insurance company in India that has received a National Insurer Financial Strength of AAA. This is a leading international financial services group headquartered in the UK. ICICI Prudential Life Insurance Company has consistently been the topmost company in the Indian Life Insurance Sector. The cost of ICICI Prudential life insurance varies depending on the type of policy that you choose to buy.
ICICI Prudential Life Insurance Co Ltd started operations with a mark of 100000 policies and now it crossed the mark of 5 million policies, has a Total premium of 100 billion, and crossed 250 billion of assets under management. To build a surviving association that serves the protection and long-term saving needs of customers. The company's first and foremost priorities are to keep customers at the center of everything, humility, No boundaries to support. Every family's need in their life is to get happy life throughout their life span to secure and financial stability from younger ones who are earning. With life insurance, you can guarantee them the life insurance best plans.
About ICICI Prudential Life Insurance
| Claim Settlement Ratio |
97.90% |
| Inception |
2001 |
| Branches |
514 |
| Customers |
15% |
| Death Benefit Paid For |
11,212 Policies |
| Solvency Ratio |
2.07 |
| Annual Premium Income |
Rs.12,487 Crores |
Why Choose ICICI Prudential Life Insurance?
- Coverage: Coverage of life cover till 99 years at affordable premiums when your family is not around will cover up the financial security to you.
- Wide Range of Plans: ICICI Prudential Life Insurance provides a wide range of options to choose from. You can choose according to your requirement. Every plan has its benefits and with so many options to choose from.
- Claim Settlement: The customer support claims are settled within 24 hours and get a hassle-free experience. As per the IRDAI Report, the claim settlement ratio of ICICI Pru Life Insurance Company is 97.09%.
- Excellent Customer Service: ICICI Prudential Life Insurance Company Ltd is one of the top providers in the life insurance sector. The company values its customers and provides excellent customer service. Their customer care service is accessible 24x7. This helps the policyholder to stay connected with the service providers.
- Flexibility to Choose Pay-out Options: ICICI Prudential Life Insurance Plans come with 4 flexible payout options as lump-sum, income, increasing income, lump sum+ Income that the policyholder can choose as per their requirement.
ICICI Prudential Life Insurance Benefits
- Waiver of Premium on Permanent Disability: In case you are diagnosed with any disability that occurred due to an accident becomes a burden to pay the charges. The future premiums get waived off while your policy cover stays perfect.
- Critical Illness Cover: When policyholder diagnosed with cancer, heart attack, kidney failure, etc. These will cost your expenses with complete coverage after your first diagnosis. This ICICI Prudential Life Insurance covers 35 critical illness covers.
- 100% Coverage Payout: In case policyholder spot with a terminal illness can get 100% coverage amount.
- Affordable Plans: ICICI Prudential Life Insurance provides comprehensive life cover on the payment of an affordable premium. Some plans of ICICI Prudential Life Insurance include both Death Benefit and Maturity/Survival Benefit, etc.
- Tax Benefit: According to sections 80c and 10(10d) of tax benefits eligible for a premium paid and received benefits.
ICICI Prudential Life Insurance Plans
ICICI Prudential Life Insurance Company provides a wide range of plans to their customers such as
- ICICI Pru Term Insurance Plans
- ICICI Pru Health Insurance Plans
- ICICI Pru Unit Linked Insurance Plans,
- ICICI Pru Traditional Savings/Money Back Plans,
- ICICI Pru Retirement Plans
- ICICI Pru Group Plans
- ICICI Pru Rural Plans
- ICICI Pru Rider Plans
Types of ICICI Prudential Life Insurance Plans & Policies:
An ICICI Prudential life insurance policy provides financial security for your family in case of uncertainties. It can also offer maturity benefits on surviving the term and be used to save for your future needs. In return for this payout, you make periodic payments to the life insurance company. In some types of policies, there is also an option to get critical illness benefits or create additional protection for your family if your demise from an accident.
1.) ICICI Prudential Life Insurance Term Plans:
Term insurance is a type of life insurance that provides coverage for a specific period of time or years. Anyone with financial insecurities should buy a icici Term Insurance Policy. This includes married couples, parents, business people and self-employed, SIP investors, young professionals with dependent parents, and in some cases, even retirement people.
| Term Plans |
What is it? |
Age of Entry |
Annual Premium |
Benefits |
| ICICI Pru iProtect Smart Term Plan |
This plan gives protection for your family and critical illness cover. Life covers up to 99 years and the policy term starts from 40 years. |
25 years |
Rs. 2,400 |
Lifelong Cover at affordable rates, 34 critical illness covers with cash pay-out up to Rs. 1 crore and accidental death benefit up to 2 crores. |
| ICICI Prudential SARAL JEEVAN BIMA Plan |
This plan is to cover your family with financial protection after your death. |
18 years |
Based on single pay, regular pay, and limited pay/ yearly, half-yearly, and monthly. |
Life covers securing your family and getting tax benefits. |
| ICICI Prudential iCare II Plan |
This plan is to cover your family with financial protection after your death. |
18 years |
Rs 2,400, can pay once or regular policy period. |
Life covers securing your family in your absence and getting tax benefits. |
| ICICI Prudential PRECIOUS LIFE Plan |
This plan provides death benefit + accident death benefit cover. |
18 years |
Rs. 2,400 and Based on single pay, regular pay, and limited pay/ yearly, half-yearly, and monthly. |
Individual covers accidental death benefit with sum assured 2, 00,000. Wide coverage, enhanced protection, and flexibility. |
| ICICI Prudential Life Raksha Plan |
Protect your family and provide them with a lump sum amount to meet immediate liabilities that may arise in your absence. |
18 years |
Based on single pay, regular pay, and limited pay/ yearly, half-yearly, and monthly. |
The policy lasts for 5 years, the premium amount depends on your age and life cover, and Maturity Benefit. |
| ICICI Prudential POS iProtect Smart Plan |
This plan is to protect life cover, accidental death benefit, and tax benefit. Policy term: 5 years. |
18 years |
Rs. 2,400 and Based on single pay, regular pay, and limited pay/ yearly, half-yearly, and monthly. |
Additional accidental death benefit, flexibility |
| ICICI Prudential POS Life Raksha Plan |
This plan covers your family without medical tests and provides them with a lump sum amount with certain liabilities in your absence. |
18 years |
Rs. 2,400 |
The policy lasts for 5 years, the premium amount depends on your age and life cover, Maturity, and death benefit. |
| ICICI Prudential Loan Protect Plan |
This plan is a non-participating term insurance plan that provides life cover to the individual who has taken a mortgage or auto loan for any other financial institution. |
18 years |
Rs. 4,860 |
Life Cover, the Death benefit of fixed and reducing cover. Single premium/5 years. |
| ICICI Prudential Loan Protect Plus Plan |
This plan is to cover your home loan burden to your family. |
18 years |
Fixed/5 year moratorium period/7 year moratorium period. Single pay /Five pay. Yearly, half-yearly and monthly. |
Comprehensive benefits, a wide range of policy terms, ICICI life insurance premium payment terms, and tax benefits. Death benefit + accidental critical illness cover. |
2.) ICICI Prudential Life Insurance Health Plans:
Nowadays health illnesses like heart attack and cancer. However, the costs affected by recovery could place a huge injure on your finances. To skip these costs, you need a plan that can give you what other traditional health plans may not provide a lump sum insurance payout on detection without any medical bills. This cash payout can help to pay for your medical costs and can also ensure that your income never stops.
ICICI Prudential Heart/Cancer Protect Health Plan:
| Entry Age |
Policy Term |
Premium |
Sum Assured |
Premium Payment |
| 30 years |
20 years |
Rs. 2,357 |
Rs. 40 lakhs based on the stage of cancer |
Monthly, quarterly, half-yearly, and yearly. |
Benefits:
- Affordable Coverage: Get Health Insurance cover for heart and cancer up to 20 lakh at less than 160 per month.
- Waiver of Premium: Minor/Major claim or diagnosis of permanent disability due to accident.
- Minor pay-out: Get covered minor conditions up to 25% of the sum assured on the diagnosis.
- Family Benefit: At first-year premium get a 5% discount when buying health cover for you and your spouse.
- Income Benefit: Get 1% of the sum assured as additional income for 5 years on the diagnosis.
- Increasing Cover: Get a 10% increase in cover for every no-claim policy year.
3.) ICICI Prudential Life Insurance ULIP Plans:
Unit Linked Insurance Plans is an insurance product that combines insurance and investment benefits in a single plan. ULIP offers life cover which is a major benefit over the traditional wealth creation tools. It not only helps your money grow but also protects the future of your loved ones from life's unexpected turns.
| ULIP Plans |
What is it? |
Age of Entry |
Annual Premium |
Benefits |
| ICICI Prudential Signature Online Plan |
This plan offers life insurance and flexible investment in this plan. It is a savings plan that can give you returns and give security to your family. |
45 years |
Rs. 30,000 |
Return of mortality and policy administration charges. Policy benefits till 99 years of age with whole life policy term and can withdraw money regularly from your policy. |
| ICICI Prudential Signature Plan |
This plan offers life insurance and flexible investment in this plan. It is a savings plan that can give you returns and give security to your family. Can add ICICI Pru ULIP death rider. |
45 years |
Rs. 1, 00, 000 |
Return of mortality and policy administration charges. Policy benefits till 99 years of age with whole life policy term and can withdraw money systematically from your policy. |
| ICICI Pru1wealth Plan |
This plan protects your family life cover get tax benefits on premium paid. Wealth boosters, life cover, single premium. |
30 years |
Rs 1, 00, 000 |
100% amount invested in a wide range of mutual funds, multiple funds, 10 times life cover to protect your loved ones. |
| ICICI Prudential life Time Classic Plan |
This plan achieves your financial goals with the growth of equity, debt, and balanced funds along with life cover. |
18 years |
Rs. 30,000 to 46, 800 |
Life cover, loyalty additions & wealth boosters by investing in the plan. Policy term from 10 - 25 years depends on your age and premium. |
| ICICI Pru Guaranteed Wealth Protector Plan |
This plan achieves your dreams with better returns. Pay premiums in 5 / 7 pay. |
8 years |
Rs. 24, 000 and five pay, seven pay. |
No risk to capital 101% money back, Wealth boosters, and loyalty additions for staying invested for the policy term. |
| ICICI Prudential Smart Life Plan |
This plan gives security to your family's future with wealth creation in your absence. |
20 to 49 years |
Rs. 45, 000 |
Comprehensive protection, premium waiver benefit, life cover, loyalty additions & wealth boosters. |
| ICICI Prudential Smart Kid Plan |
This plan provides security financial in future education, illness, and long-term goals. |
|
Rs. 45, 000 based on yearly, half-yearly, or monthly. |
Fund expenses can withdrawal any time after the completion of 5 policy years. |
| ICICI Prudential Smart Couple Plan |
This plan covers the family needs as gives financial security cover to you or your spouse in anyone's absence. |
|
Rs. 45, 000 and policy term 10 years for single pay, regular and limited pay. |
Wealth boosters and loyalty additions for long-term investments. Security of your loved ones with premium waived. |
4.) ICICI Prudential Life Insurance Traditional Savings/Money Back Plans:
| Money-Back Plans |
What is it? |
Age of Entry |
Annual Premium |
Benefits |
| ICICI Prudential Guaranteed Income For Tomorrow Plan |
This plan protects and savings-oriented term life insurance plan with benefits to help you achieve your life goals. |
18 years |
Sum assured: Rs. 2 Lakh and based on single pay, regular pay. |
Benefits with regular income to achieve your life goals, the financial security of your family & loyalty, and tax benefits. |
| ICICI Prudential Cash Advantage Plan |
This plan offers regular additional income for life. |
1 to 60 years |
For 5 pay: 30, 000
7 pay: 18, 000, and for 10 pay: 12, 000. Policy lasts for 15/17/20 years. |
Family financial protection through life covers and tax benefits. |
| ICICI Pru Savings Suraksha Plan |
This plan offers your savings the opportunity to grow while enjoying the benefits of guaranteed returns. |
0 - 60 years |
Rs 12, 000 based on 5/7/10 or 12 years. |
Maturity benefit, reversionary & terminal bonus, and tax benefits. |
| ICICI Prudential Assured Savings Insurance Plan |
This plan protects your family and secures their dreams with growth in wealth. |
8 - 60 years |
Rs. 2,500 p.m. based monthly/half-yearly/annually. Pay a premium for either 5/7 years. |
Grow wealth with guaranteed maturity benefits, additional benefits with 9% to 10% every year, and tax benefits available. |
| ICICI Pru Future Perfect Plan |
This plan gets the dual assurance of guaranteed benefits and life cover while complementing your investment with bonuses that offer higher returns. |
3 - 70 years |
Rs. 12, 000 based on 5/7/10/15/20 years. |
Reversionary and terminal bonus on the maturity of the plan. Tax benefits and with a policy term of 10 to 30 years. |
| ICICI Prudential LAKSHYA Plan |
This plan is designed to grow your wealth and protect your money. |
20/40 years based on the policy term |
Rs. 12, 000 Based on 5,7,10, or 12 years. |
Get lump sum on maturity protection throughout the policy term, and tax benefits received as per prevailing tax laws. |
| ICICI Prudential LAKSHYA Lifelong Income Plan |
ICICI Prudential LAKSHYA Lifelong Income Plan |
20 to 40 years |
Rs. 30, 000 based on 10/12/15 years |
Regular income till 99 years of age to secure your family’s future. |
5.) ICICI Prudential Life Insurance Retirement Plans:
| Retirement Plans |
What is it? |
Age of Entry |
Annual Premium |
Benefits |
| ICICI Pru Easy Retirement Plan |
This plan provides regular income with potential growth of equity and debt funds. |
18 years |
Rs. 48,000 based on 5, 10, 15, 20, 25, or 30 years. |
Build your retirement bulk, Assured benefit through market downturns, and increase your investment through top-ups. |
| ICICI Prudential Guaranteed pension Plan – Deferred Annuity |
This deferred annuity plan slows income up to 10 years. Get back your purchase price on the diagnosis of a critical illness or permanent disability due to an accident. |
30 years |
Rs. 1000 p.m. and Monthly, quarterly, and half-yearly. |
Current interest rates for the annuity can cover either single or joint life, flexible payout. |
| ICICI Prudential Guaranteed pension Plan – Immediate Annuity Plan |
This plan gives guaranteed income for life immediately and gets back your purchase price in your survival years. |
30 years |
Rs. 1000 p.m. and Monthly, quarterly, and half-yearly. |
Current interest rates for the annuity can cover either single or joint life, flexible payout. Purchase annuities from your savings. |
| ICICI Prudential Easy Retirement SP Plan |
This plan invested in equity-linked growth while providing a safety net of capital protection. |
18 years |
Rs. 48, 000 based on policy term of 10, 15, 20, 25, or 30 years, and premium payment once and regular period. |
Protect your savings from market downturns through an assured benefit. Pay premium only once and get regular pension post-retirement. |
| ICICI Prudential Saral Pension Plan |
Get guaranteed income for life immediately with single life or joint life. |
18 years |
Rs. 1000 p.m. based on monthly; quarter, half-year, or year. |
Lifelong income by just paying once, continue pension for a spouse after you with the joint life, and avail a loan against your policy. |
6.) ICICI Prudential Life Insurance Group Plans:
| Group Plans |
What is it? |
Benefits |
| ICICI Pru Group Term Plus Plan |
This plan ensures the financial security of your employees or members with a life cover. |
Get affordable premium costs and tax benefits. Employer – Employer groups and Non-employee- employer groups. |
| ICICI Prudential Group Loan Secure Plan |
This plan help employees lead an independent post-retirement life this plan, which offers regular income for life. |
Pay premium with Rs. 5000 up to 75 years and a comprehensive plan which offers death, terminal illness, accidental death, and disability covers. |
| ICICI Prudential Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Bima Yojana Plan |
This PMJJBY provides coverage for one year with a monthly premium rate of 330 rs insurance scheme for sudden death to less fortunate people. |
The government of India introduced PMJJBY as a low premium insurance scheme for the age group of 18 to 50 years. |
| ICICI Prudential Shubh Raksha Credit Plan |
This plan has a minimum life cover of Rs. 1000 and premium be paid only once at the time of purchase |
Individual covers accidental death benefit with sum assured 2, 00,000. Wide coverage, enhanced protection, and flexibility. |
| ICICI Prudential Super Protect – Credit Plan |
Minimum life cover of 5000 with premium paid only once. |
Policy protection offers loans and coverage to suit the needs of customers. |
| ICICI Prudential Group Suraksha Plan |
This plan has a minimum group size of 10 members, an annually renewable policy. |
Helps trust and organization to manage funds-based group benefits and post-retirement medical or leave encashment schemes. |
| ICICI Prudential Group Suraksha Plus Superannuation Plan |
This plan has a minimum group size of 10 members, an annually renewable policy. |
Provides an option to manage defined benefit and defined contribution schemes. |
7.) ICICI Prudential Life Insurance Rural Plans:
| Rural Plans |
What is it? |
Age of Entry |
Annual Premium |
Benefits |
| ICICI Prudential Sarv Jana Suraksha Micro Insurance Plan |
This plan protects your loved ones with financial security due to uncertain things at an affordable low cost. |
45 years |
Rs. 50 p.a and regular premium payout regularly throughout policy period and policy last for 5 years. |
Protection at an affordable cost, security of your loved ones' future even in your absence. |
| ICICI Prudential Anmol Bachat Plan |
This plan protects and grows your savings and provides you a life cover. |
18 years |
Rs. 2, 400 based on 1/5/7/10 years. |
Savings with the comfort of guarantees, protection at affordable cost, the flexibility of payment, and tax benefits. |
8.) Riders:
| Add-ons |
What is it? |
Premium |
Benefits |
| ICICI Prudential Corona Protect Rider Plan |
This plan covers you with hospital charges due to covid-19 and tax benefits and a one-time premium. |
Get 25% of the rider sum assured on hospitalization for a minimum of 72 hours. |
Life insurance offers death and add-on corona protect rider available. |
| ICICI Prudential Corona Protect plus Rider Plan |
This plan covers you with hospital charges due to covid-19 and tax benefits and a one-time premium. |
Get 25% of the rider sum assured on hospitalization for a minimum of 72 hours. |
Life insurance covers death and add-on corona protect rider available + ICICI Pru Lifetime classic. |
ICICI Prudential Life Insurance Calculator
The online ICICI life insurance calculator tool is used to calculate the premium of the ICICI Prudential life insurance policy. PolicyBachat offers an online tool Premium Calculator to calculate the premium of your insurance plan. You can calculate the amount of premium payable by entering a few details such as mobile number, name, date of birth, email address, occupation, type of policy, sum assured, gender, state, etc.
The premium paid by the customer is depending on many factors. The Factors affecting the premium are the age of the policyholder, type of policy, sum assured required, etc. The premium calculator tool will reflect the estimated premium amount that the policyholder will have to pay for the cover he/she requires based on these factors.
How to Buy ICICI Prudential Life Insurance Online at PolicyBachat?
Following steps to purchase the ICICI Prudential Life insurance policy online at PolicyBachat
Step 1:
Visit PolicyBachat's official website and then enter the details such as Gender, Annual income from all the sources, Alcohol consumption and tobacco consumption, type of occupation, salary, and Date of Birth. After this, you need to enter your contact details to facilitate a call from our agent.
Step 2:
Now the premium from different insurance companies will be displayed on the screen. You can edit the details such as Coverage, Term, Premium payment method, Mode of claim settlement, etc. Submit the details to get the desired premium. The premium can be changed by changing other factors such as Coverage required, mode of payment, etc.
Step 3:
The next step is to select the best ICICI Prudential Life insurance policy and then you can calculate your premiums using the ICICI Prudential Life insurance premium calculator. You can change your premium by adding riders you want. After deciding the premium, you can purchase a policy from PolicyBachat directly.
ICICI Prudential Life Insurance Claim Process
Step 1- Claim Intimation:
The first step is to intimate ICICI Prudential life insurance customer care number, Download the Life insurance claim form from the website or collect the death claim intimation form from the nearest ICICI Prudential Life insurance branch office and fill in the details and attach the documents required.
Step 2- Claim Processing:
The filled claim form along with the required documents has to be submitted to the nearby branch of ICICI Prudential Life Insurance Company. The claim officer will contact the nominee for further verification.
Step 3- Claim Decision:
After the submission, the ICICI Prudential life insurance company will verify the documents and assess the claim. You will be kept in the loop through regular messages and emails. Once everything is according to their rules, it will process the claim within 30 days.
Documents Required to File a Claim of ICICI Prudential Life Insurance
The following documents are to be provided by the nominee or the policyholder:
- Certificate of Death (Death Claim)
- Panchanama report (Death claim)
- Statement from the hospital if the insured is admitted
- Certificate from medical attendant stating that the illness of the insured
- F.I.R Report (Accident death claim)
- Cremation or burial report
- Certificate from the employer if the deceased is an employee.
- Age proof
- Residence proof
- Relation proof with the policyholder(Death claim)
- Deeds of assignment (if any)
- Policy document
- Duly filled claim form/ claim intimation number
- Bank account details
- Any other documents as required by the insurance company.
ICICI Prudential Life Insurance Exclusion
- Suicide or self-inflicted
- Overuse of drugs or alcohol
- Participating in parachuting, skydiving, etc.
- Death due to war, whether declared or not
- Participating in hazardous sports like mountaineering, horse racing, martial arts, etc.
- Permanent disability caused after 180 days of an accident that lead to injuries
- CPD that occurs after the date of termination of the policy.
List of Life Insurance Companies:
FAQ's of ICICI Prudential Life Insurance:
How Can I Check ICICI Prudential Life Insurance Policy Details With Policy Number?
You can check ICICI Prudential life insurance policy details with policy numbers easily in simple steps
- Step1: Visit the official website of ICICI Prudential Life Insurance
- Step2: Click on the ICICI Prudential Life Insurance Login portal by entering the details such as register email id, mobile number, user id, etc.
- Step3: OTP will receive the registered mobile number
- Step4: After successful login, enter the policy number. You can check the policy details displayed on the screen.
How Can I Switch ICIC Prudential Life Insurance to ICICI Prudential Term Life Insurance?
You can switch your ICIC Prudential life insurance policy to a term insurance plan at any time.
Following steps to switch ICIC Prudential Life Insurance
Step1: First go to ICICI Prudential Life Insurance Page. Then go to customer services
Step2: Click on Switch Funds
Step3: Enter the required details such as policy number, mobile number, DOB, etc.
Step4: Click on proceed to switch your insurance policy.
How Do I Calculate the Sum Assured Value of ICICI Prudential Life Insurance?
The sum assured value of ICICI Prudential Life Insurance can be calculated online easily using the Human life value calculator by entering details such as age, income, current and future expenses estimation, and other details. It will give you an estimation of the sum assured required to cover your family's needs.
How to do ICICI Prudential Life Insurance Policy Renewal Online?
- Visit the ICICI Prudential life insurance website and click on the option to renew your life insurance policy.
- Enter the required details that include your policy number, mobile number, and email address.
- Renew life insurance policy through multiple options using Net banking, Credit card, Debit card, UPI wallets, and bill pay online.
How to do ICICI Prudential Life Insurance Policy Copy Download?
For downloading ICICI Prudential Life insurance policy copy login to the website by entering required details such as Policy Number, Name, and Phone number, etc. Go to Policy copy download options as Premium Receipt, Premium Notice, Unit Statement, Premium Paid Certificate, and GST Invoice. Select which policy copy to download and print.
How to use ICICI Prudential Life Insurance Premium Calculator?
ICICI Prudential Life insurance premium calculator is a helpful tool that offers a premium you should be paid based on the sum assured from your policy. It helps you obtain premium quotes in minutes without any documentation. While there are several factors that need to be taken into consideration, including your income, age, lifestyle, if you follow the steps given below and use an accurate insurance calculation, you will be able to get an actual calculation of how much insurance premium you should be pay for the policy chosen.
- Enter personal information such as name, gender, date of birth, yearly income, city, mobile number, and tobacco consumer or not, etc.
- The sum assured you wish your family/beneficiary to receive from your policy. Maturity coverage
- The premium calculator will recommend plans with different premium rates for you in accordance with the details you have provided.
- Once you have evaluated what plan is right for you, you can proceed to purchase it online without any delay.
How to do ICICI Prudential Life Insurance Online Payment?
ICICI Prudential life insurance premium payment can be done through their customer portal by entering the basic details such as Mobile number or Policy number and Date of birth of the life assured.
How to Cancel ICICI Prudential Life Insurance?
ICICI Prudential Life term smart life insurance plan can be canceled by the policyholder at any point of time after the policy start date by writing to the insurance company and filling out the cancellation form. If the policy is to be canceled within the free look period, it can be done without any premium deduction by the insurance company.