[Resolved]  ICICI Prudential Life Insurance — Premium lapses require huge amount to be paid

Dear Sir,

I am holiding policy 01507263. During Oct 2005 I had given ECS clearing from canara bank and also cheque, because I changed my ECS from Standard Chartered Bank. I had request them not to present it same time..but some confusion both got dishonored..
Repeated complaint to them went in vain.

Since I already paid Rs 12000...now I decided to close the account with present NAV. But surprisely they are asking to me Pay Rs 66000 to reinstate the policy and then withdraw. At this fluctuating market and more over I need to take loan to make premium payment...who will do it.
If I can't pay these amount then RS 12000 will be forfeited in 5 years time.

Is this correct with Public deposit Act...I am taking back my own money...
Thanks & regards
Suraj