[Resolved]  ICICI Prudential — Fraud in surrender amount

Forever Life RP (UIN: 105N001V01) policy number 00381610. Surrender of Policy with refund value of Rs 50975.

I have sent multiple reminders to ICICI Prudential since 14-May-08. The summary of Email correspondence with ICICI Prudential is

1) Advisor ( Hemraj Chheda and Bhagwati Chheda) associated with Policy opening is not having any interest and inclination. Services are not available for the change in address, premium receipt followup, payment mode by credit card, change in contact numbers, etc.

2) As per the Email dated 26-Mar-09, received from ICICI prudential,

The Surrender value = 35% of total premiums minus first premium + Bonus
Total 6 premiums paid till year 2008 is = Rs 61170
Surrender Value = 35 percent x (61170 minus 10195)]+ GA + vested Bonus

Bonus Details are
• GA till Mar2006 = 32455.06
• Vested Bonus in Mar-07 = 8204.79
• Vested Bonus in Mar08 = 7819.80

Total Bonus = 48479.65

Accordingly Surrender Value = [35 percent x (61170 minus 10195)]+ 48479.65 = 50975

ICICI declares Surrender value of Rs 30433/-

I have sent complaints to IRDA and Insurance ombudsman. They seem to be associated with the company ICICI Prudential. Overall my attempt of communication with ICICI Prudential on its services, dissatisfaction, lack of response from advisor, its rudeness in replies and non-availability of customer friendliness, is completely not available.

Due to misrepresentation, inability to furnish justification to continue with policy and Dishonesty in hiding the fine prints which are not presented before purchase of Policy by ICICI Prudential, I request the authority to arrange refund of Rs 50975/- along with interest on delayed settlement request initiated to ICICI from Jan-2009.

I am looking for any information which can help me to file the consumer complaint and criminal case against the chairman, Insurance advisor and all the directors of the company for cheating, misrepresentation, breach of trust, causing wrongful loss and dishonesty. If any reader would like to share availability of good advocate then he can reach me on [protected]@gmail.com