ICICI Prudential Life Insurance — cheating and fraud

Address:

Mumbai City, Maharashtra

I was visiting the Santacruz west, Indraprastha, Linking Road ICICI branch to do some account formalities in July 2014. As I was about to leave, I was approached by the agent Mr Dhananjay and the lady at the desk Ms Jyoti to enrol for the elite life 2 policy maximiser V option. Despite repeatedly asking if there are any charges, they kept saying no there are no charges and the policy can be discontinued any time without any penalty. I was not provided with the policy documents and they coaxed me into signing some papers and sign up for the policy with a premium of 3 lac per year. The policy number is 18778697 I was later shocked to learn that Rs 12, 000 had been deducted from the premium as admin and service charges. I also learnt that there is a penality if you discontinue the policy. I had not been provided with any welcome kit I complained about this in Nov 2014, I was told by Dhananjay and Jyoti that I would be compensated for this loss but nothing has happened so far. The policy has performed poorly and not in line with the market performance. On 26th March my account balance before switching was 323421.95148 I am entitled to 5 free switches however on 26th March after switching to debt fund - fund value fell to 318701.97633. There is something going wrong here with the ICICI system. How can the fund value fall. The number o[censored]nits can increase of decrease. I have been requesting for an explanation but not getting any explanation from the the advisor Dhananjay. The complaint about he is cheating customers has been given to the branch head Vaibhav Sharma. I have suffered a loss. My money has been wasted and the returns over the last month have only been 2%. Moreover I cannot exit the policy without paying a penality. ICICI prudential should be banned for fraud and incompetent fund managers and advisors.