India Infoline & ICICI Prudential — Cheating the customer by giving wrong premium details.

Address:

Bangalore, Karnataka

On 19.1.2007 I received a call from India Infoline to meet them for a new scheme. Accordingly I went to their office where I was explained about a new ICICI Prudential Invest Sheild Cash back Policy. The Officials of IIFL/ICICI explained about the Policy by writing the premium payable/maturity value etc., in a plain paper. The staff explained that if I take a policy of Rs. 1.50 lakhs for 15 years, I need to pay the premium at Rs. 20000 per annum for the first five years and from the 6th to 10th year the premium payable by me would be only @ 50%, 40%, 30%, 20% & 10%. I was further informed by them that from the 11 to 14th year I need not pay any premium, instead, ICICI will pay me Rs. 2000, 4000, 6000 & 8000 respectively and at the end of 15th year the Company would repay the maturity amount as Rs. 3.00 lakhs plus maturity bonus of Rs. 3.10 lakhs (total Rs. 6.10 lakhs) As the schem was acceptable to me I availed the policy by paying the first year premium of Rs. 20000 on the same day. When I insisted brochure on this scheme it was not provided to me but I collected the hand written copy of the scheme explained to me by the staff. When I went to ICICI office to pay the 6th year premium (I was suppolsed to pay only 50% as explained to me by their staff), I was shocked to know that I should pay the premium at Rs. 20000/- for all the 15 years. The sum assured in the policy is Rs. 1.50 lakhs but the premium payable by me for 15 years is Rs. 3.00 lakhs. I addressed a letter to ICICI Customer Service, Mumbai explaining the above and enclosing the hand written sheet given to me by their officials, the Company has replied that I have not surrendered the policy within 15 days from the date of receipt means that I have accepted the conditions. But nothing is mentioned as how their staff given false information while opening the policy. Only while paying the 6th year premium, I came to know that I have been cheated. From the letters of other customers, I understand that the Company staff are intentionally cheating the customers. It is not expected from a reputed Company.