Cover Note by definition is a document that acts as a temporary certificate until the actual policy is issued. It certifies that a person has a current insurance policy. However, the policy can even get canceled by the underwriting team during evaluation for issuance. Hence, it is different from the policy issuance document. Having said that, the Cover Note is an assurance for the customer for the issuance of their policy.

It consists of the following details:

  1. Life Assured Details
  2. Policy Details
  3. Nominee Details

The application form for ICICI Pru iProtect Smart exhibits a live Cover Note facility. This implies that while the customer is filling the application form, he or she can see the Cover Note getting filled simultaneously. It is customer engaging as it has an animated feature to it. In addition to this, as soon as the customer finishes the application form and makes the payment, the Cover Note document gets ready for download and is easily accessible. With the new on spot Cover Note generation, the customer does not have to wait for its arrival via post or until the email is received, and is instantly handed over the same. This can be seen as a step taken towards faster issuance of term plans.

Disclaimers:

© ICICI Prudential Life Insurance Co. Ltd. All rights reserved. Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company. Regn. No. 105. CIN: L66010MH2000PLC127837. Reg. Off.: ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Tel.: 40391600. Member of the Life Insurance Council. For more details on the risk factors, term and conditions please read the product brochure carefully before concluding the sale. Trade Logo displayed above belongs to ICICI Bank Ltd & Prudential IP services Ltd and used by ICICI Prudential Life Insurance Company Ltd under license. COMP/DOC/Jan/2020/141/3089

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