[Resolved]  ICICI Prudential Life Insurance Maximiser Policy — To withdraw my investment from ICICI prudential life insurance company

Sub: 1- Complaint against ICICI Prudential Life insurance Co.
2: to withdraw my investment amount form ICICI Prudential Life insurance Co. .
Ref: 1.My Policy Number: 02213906

Dear Sir,
I had taken ICICI Prudential life insurance policy on Jan-2006 and paid one premium RS- 50, 000.00 then stopped paying the 2nd Premium onwards since found they are deducting the allotted units every month as CHARGES (hidden) that was never convinced to me at the early stage. I had received the documents with the following statements.
Ø Premium Paid RS- 50, 000.00 on 22/12/2005
Ø Administrative charges RS- 9, 000.00
Ø Net allotted funds RS- 41, 000.00
Ø Total unit allotted 1224.246
Again continued the statement that was really shocking since they are deduction again the allotted units as “Charges”
There was some hidden charges that was realized when I had received the first “ Statement Of Account” only. This deduction was continued, now I have a total Unit –1201.775 only.

Ø Opening (allotted) balance in unit) – 1224.246
Ø Fund allocated -41, 000.00
CHARGES
Ø Insurance charges -96.00
Ø Service Tax -10.00
Ø Total insurance charges -106.00
Ø Closing balance (in RS) 40894.00
Ø Current NAV 33.49
Ø Closing balance (in units) 1221.08

Whilst taking the policy the executive described that the policy offering free insurance coverage, but it was a wrong information that was realized when I had received the policy documents with the account statements. Also described the amount whatever invested partially or fully can be withdrawn after the locking period of three years.
I had approached the ICICI Prudential Life Insurance Bank Kottarakara Br. & Kollam Br. in Kerala on 19/06/2009, to surrender the policy and withdraw the invested amount but I had received the reply that “ the amount is not returnable unless revive the policy with paying again 3, 00, 000.00 since your policy is lapsed. Then the ICICI Kollam Br. Manager was asking me to write a letter of complaint to their corporative Office through Kollam branch for requesting to withdraw the amount, I had done so and not received any response.
My self informed the ICICI –Kottarakara Br, Kollam Br and the Executive that I am not in a position to pay RS-3, 00, 000.00 at this stage due to my family constrains also enquired them why should I pay 3Lkhs.
Again I had communicated the ICICI bank executive through their website, and had received the reply that “ you don’t have any surrender value and there were no money to return” since your policy is lapsed, if you need the amount you have to revive the policy by paying 3, 00, 000.00 to the bank also asking to read the policy documents prior to approach the Bank for any issue. Find attached here with the chatting report with ICICI bank Executive for your kind reference.
I never understand these traps on the time of policy taken and until the receipt of the policy documents. The executives never convinced that demerits and described only the merits and I fell in their trap.
Hence I request your good office to advise the concern authority of ICICI Prudential Life insurance Co to pay back my premium amount with minimum interest. Presently my account is having RS- 62287.7754.
Thanking you
Yours faithfully



Jose George
Special Technical Services LLC
Po Box- 307
Al Harthy complex
Postal Code-117
Sultanate of Oman.
Email: [protected]@yahoo.com
Mob:[protected]

Note: I can send the following doc for your ready refernce on your demand.
Ø Policy document –02213906
Ø Chatting report with ICICI executive
Ø Statement of Account (primary)


Permanent Address:
Jose George
Kurikattil,
Odanavattom (po), Kottarakara,
Kollam Dist.
Kerala – Pin 691512
Bank- The Federal Bank Ltd,
Br. Odanavattom