I am writing to express my nightmare experience with ICICI Prulife. I purchased 3 Smartkid/life insurance policies. in 2007. I surrendered the policies in July 2010 and requested a complete refund. I submitted all requested documents per the surrender form.
- Company never acknowledged by email or letter that they were in receipt of my surrender documents.
- Company did not issue a settlement statement telling me how much to expect based on my policies and tenure of holding.
- After repeatedly calling the service department, I confirmed that policies were in fact in queue and will get paid. This was in first week of Aug 2010. Based on the company info, policies are paid out with in 6-10 business days.
It is Sept 22nd, I have been paid out 2 of the three policies. One was paid in Indian rupees and I had to ask help from my family in India to run around and get the certificate enabling deposition into NRE account. Second policy was directly deposited into the NRE account.
Third policy is still in queue somewhere. I have been getting requests for additional documents when I call to check the status. First a request was made for copy of Indian passport. After I submitted that, I was told money would be deposited into my account by Sept 10, then Sept 15. After I called to follow up today, I was told the company needs more documents/bank statement showing proof of deposit from NRE account.
Think hard before you buy any product from this company. You may have to run around to get your own money back.
Rajeev
If anyone wants any more details, pls contact me at [protected]@yahoo.com Was this information helpful? | 
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