[Resolved]  ICICI Prudential — forfeiting the policy even after paying the required premium

Hi,

My Name is Rachna Sethi and i have a Life Time Gold Policy with ICICI Pru, Policy No.07909890,
I have taken the policy in Feb 2008 and paid a premium of Rs 20000. My next premium was due on 23rd Feb 2009. one week before the premium due date i have walked into ICICI Pru malad west branch and got my premium frequency changed from Yearly to Monthly. I have filled up the required form and as per the mandate for frequency Change paid two months premium in advance through ECS( Swipped my Credit Card).


In my credit card statement i got to know that the amount was being debited, and so on i made my credit card Payment.

In the month of May I get a letter from ICICI Pru at my address that due to non fullfillment of premium payment your policy is in payout status, and they return a cheque of Rs3334( 2 months advance payment which i made).I think as pre IRDA Rules the customer needs to be informed abt the changing the status of Polcy. I didn't received a single mail or a telephonic call from ICICI before all this.

After that i got in to call with ICICI Pru and they say that frequency is not changed. But now please make the payment, they agreed that the problem was at the their end, they can see the form which i filled up for frequency change. They Requesedt me to make the 4 month payment, (i.e from Feb, March, april, may) the cheque which they have sent to me, asked me deposit in my own account.I again made the 2 month premium payment (i.e april, May to cover up )through SBI cheque and than dropped the cheque in One of the ICICI ATM and than the ECS will start from June onwards. Even After paying the premium i didn't received any acknowledgement so i mailed ICICI and then again they said, they have not received the cheque. I called them on 29th June to know how i should make the payment now, then i got to know that frequency is not changed and i have to make full premium payment of Rs 20000.

I also got to know that now the frequency can not be changed as it can only be done on the premium due date i.s 23rd feb. So even now i will keep on paying the monthly payment, it doesnot matter, bcoz the policy will remain in a inactive status, which means if something happens to me ICICI pru is not liable for the insured amount.


Even after speaking to lot of their executives, nothing has been done from their side.

Now although i have to make a peyment Rs 8330 for 5 months, i am not clear whether my policy status will change or not.

I have not received any clarification from ICICI pru in this matter.

I considered this to be a sheer negligence from the Management and this is crime because they are just foolling the customer.

I am humuliated with this kind of service.


I want you to highlight this issue, as these comapanies can easily get away from their mistakes by just making execuses at the cost of customer hard earned money.


Request you Please look into this Matter.Looking forward for your response.


Rachna Sethi
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