Comments
This is company is elligible for NEGATIVE ratings... Don't invest your money earned by your Hard work in a company were they are looking to make money and not intended to grow your money.
Reply
Dear Mr. Desai,
We have noted your concern. Kindly share your contact/policy details for us to get in touch with you.
Regards,
Team ICICI Pru Life
www.iciciprulife.com
We have noted your concern. Kindly share your contact/policy details for us to get in touch with you.
Regards,
Team ICICI Pru Life
www.iciciprulife.com
Policy number[protected].
Dear Mr. Desai,
Thank you for sharing your policy details. Our official will get in touch with you.
Regards,
Team ICICI Pru Life
www.iciciprulife.com
Thank you for sharing your policy details. Our official will get in touch with you.
Regards,
Team ICICI Pru Life
www.iciciprulife.com
Please find the below mail conversation which is between ICICI prudential and me. This is for the Customers who are planning to Invest in ULIP especially in ICICI PRUDENTIAL Company.
DO NOT INVEST in this COMPANY. You will get the return in negative if the Market works OK and if the market is negavtive their are even chances of getting your investment becoming HALF of the actual amount.
Dear Team,
I have got the explanation of charges in detail in the trial mail. But my complaint is other than premium allocation nothing was told in detail. If anyone calculates it around 10% of the premium is getting deducted in various charges and you guys at a time of selling policy claim that it returns 12-15% out of which 10% are your charges deducted. So at the end customers get only 2-5% on the amount that too if the market is extremely high which is less than savings account interest rates. Even Kotak Mahindra banks savings account interest is more than the amount which the customer gets if he invest in this ULIP.
Another point which is more important which no one from ICICI prudential company is taking under consideration is the way of selling the product. If the customer is in need of something than ICICI bank takes an advantage of the same and sells the product based on how desperate his requirement is.
Also just wanted to know that I was being informed that if the premium is not being paid by the customer than the actual amount goes into a dead account where he will get only 4% of the interest which is same as the savings account interest with no charges deducted from the final amount. So just wanted to confirm that this thing which was told to me at the time of policy sell still exists or ICICI PRUDENTIAL company has again changed the policy rules as now he will not be able to earn anything from this customer. The rules and charges are never being explained in details at the time of policy sell and we are also not aware of how these companies makes fool o[censored]s. ZERO transparency should be given to ICICI PRUDENTIAL company.
I am extremely disappointed in investing my money in such a company.
@ Insurance ombudsmen team:- I am extremely disappointed with this policy and require help to come out from this problem. Please help me out to overcome this problem and I humbly request to take actions against this kind of sales strategies which these companies are applying on customers.
BR,
Bhavin Desai
On 8 Aug 2016 15:35, "Service Recovery Desk - ICICI Prudential Life Insurance Co. Ltd." wrote:
Dear Mr. Bhavin Desai,
We refer to your concern addressed to Insurance Regulatory and Development Authority of India (IRDAI) pertaining to your IPRU Wealth Builder II, policy number 18356981.
In reference to the same, we wish to inform you that the concern highlighted by you have been thoroughly reviewed by the Company and there is no change in the decision communicated via email dated July 30, 2016.
Further, as required please find below applicable charges in the said policy for your ready reference which is also mentioned in policy document.
Charges applicable under the policy:
• Premium Allocation Charge is deducted only when premium is paid under the policy. The % of charge deductible depends on the year for which premium is being paid. This is an upfront charge deducted under the policy post which the remaining amount is considered for unit allocation.
Premium payment mode / Policy year Year 1 Year 2 Year 3 Year 4 - 5 Thereafter
Annual 6% 5% 4% 4% 2%
Half-yearly/Monthly 4% 4% 3.5% 3% 2%
* All Top-up premiums are subject to an allocation charge of 2%.
• Fund management Charges these charges will adjusted
Fund Management Charges Per Annum (%)
Multi Cap Growth Fund 1.35%
Multi Cap Balanced Fund 1.35%
Maximiser V 1.35%
Bluechip Fund 1.35%
Opportunities Fund 1.35%
Income Fund 1.35%
Money Market Fund 0.75%
• Policy Administration Charges is deducted every month for the entire term of the policy by cancellation o[censored]nits subject to a maximum of Rs. 500/- per month (Rs. 6, 000 p.a.).
Policy year Policy Administration Charge per month(% of Annual Premium payable)
Year 1 to PPT 0.21% p.m. (2.52% p.a.)
Thereafter 0.10% (1.20% p.a.)
• Mortality Charges are deducted for the time the risk is covered by the Company. These charges are deducted on a monthly basis by cancellation o[censored]nits.
• Service Tax is applicable on the above mentioned charges and is deducted by cancellation o[censored]nits as when the above charge is deducted.
We do hope to have addressed your concern. In case you are still dis-satisfied and would like to escalate, you may approach the Insurance Ombudsman for redressal. Names and addresses of the Insurance Ombudsman office applicable for your state can be obtained from our website www.iciciprulife.com or by accessing the said link Click here.
Warm Regards,
Nitin Sharma
Complaint Redressal Officer
Corporate Office
© 2016, ICICI Prudential Life Insurance Co. Ltd.
Communication Address: ICICI Prudential Life Insurance Company Ltd, Raheja Tipco Plaza, Rani Sati Marg, Malad (East), Mumbai - 400097 India
Registered Office: ICICI Prulife, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025 India
IRDAI Regn no 105 CIN: U66010MH2000PLC127837
* Insurance is a subject matter of solicitation
* UIN (Unique Identification Number): 105L139V01
DO NOT INVEST in this COMPANY. You will get the return in negative if the Market works OK and if the market is negavtive their are even chances of getting your investment becoming HALF of the actual amount.
Dear Team,
I have got the explanation of charges in detail in the trial mail. But my complaint is other than premium allocation nothing was told in detail. If anyone calculates it around 10% of the premium is getting deducted in various charges and you guys at a time of selling policy claim that it returns 12-15% out of which 10% are your charges deducted. So at the end customers get only 2-5% on the amount that too if the market is extremely high which is less than savings account interest rates. Even Kotak Mahindra banks savings account interest is more than the amount which the customer gets if he invest in this ULIP.
Another point which is more important which no one from ICICI prudential company is taking under consideration is the way of selling the product. If the customer is in need of something than ICICI bank takes an advantage of the same and sells the product based on how desperate his requirement is.
Also just wanted to know that I was being informed that if the premium is not being paid by the customer than the actual amount goes into a dead account where he will get only 4% of the interest which is same as the savings account interest with no charges deducted from the final amount. So just wanted to confirm that this thing which was told to me at the time of policy sell still exists or ICICI PRUDENTIAL company has again changed the policy rules as now he will not be able to earn anything from this customer. The rules and charges are never being explained in details at the time of policy sell and we are also not aware of how these companies makes fool o[censored]s. ZERO transparency should be given to ICICI PRUDENTIAL company.
I am extremely disappointed in investing my money in such a company.
@ Insurance ombudsmen team:- I am extremely disappointed with this policy and require help to come out from this problem. Please help me out to overcome this problem and I humbly request to take actions against this kind of sales strategies which these companies are applying on customers.
BR,
Bhavin Desai
On 8 Aug 2016 15:35, "Service Recovery Desk - ICICI Prudential Life Insurance Co. Ltd." wrote:
Dear Mr. Bhavin Desai,
We refer to your concern addressed to Insurance Regulatory and Development Authority of India (IRDAI) pertaining to your IPRU Wealth Builder II, policy number 18356981.
In reference to the same, we wish to inform you that the concern highlighted by you have been thoroughly reviewed by the Company and there is no change in the decision communicated via email dated July 30, 2016.
Further, as required please find below applicable charges in the said policy for your ready reference which is also mentioned in policy document.
Charges applicable under the policy:
• Premium Allocation Charge is deducted only when premium is paid under the policy. The % of charge deductible depends on the year for which premium is being paid. This is an upfront charge deducted under the policy post which the remaining amount is considered for unit allocation.
Premium payment mode / Policy year Year 1 Year 2 Year 3 Year 4 - 5 Thereafter
Annual 6% 5% 4% 4% 2%
Half-yearly/Monthly 4% 4% 3.5% 3% 2%
* All Top-up premiums are subject to an allocation charge of 2%.
• Fund management Charges these charges will adjusted
Fund Management Charges Per Annum (%)
Multi Cap Growth Fund 1.35%
Multi Cap Balanced Fund 1.35%
Maximiser V 1.35%
Bluechip Fund 1.35%
Opportunities Fund 1.35%
Income Fund 1.35%
Money Market Fund 0.75%
• Policy Administration Charges is deducted every month for the entire term of the policy by cancellation o[censored]nits subject to a maximum of Rs. 500/- per month (Rs. 6, 000 p.a.).
Policy year Policy Administration Charge per month(% of Annual Premium payable)
Year 1 to PPT 0.21% p.m. (2.52% p.a.)
Thereafter 0.10% (1.20% p.a.)
• Mortality Charges are deducted for the time the risk is covered by the Company. These charges are deducted on a monthly basis by cancellation o[censored]nits.
• Service Tax is applicable on the above mentioned charges and is deducted by cancellation o[censored]nits as when the above charge is deducted.
We do hope to have addressed your concern. In case you are still dis-satisfied and would like to escalate, you may approach the Insurance Ombudsman for redressal. Names and addresses of the Insurance Ombudsman office applicable for your state can be obtained from our website www.iciciprulife.com or by accessing the said link Click here.
Warm Regards,
Nitin Sharma
Complaint Redressal Officer
Corporate Office
© 2016, ICICI Prudential Life Insurance Co. Ltd.
Communication Address: ICICI Prudential Life Insurance Company Ltd, Raheja Tipco Plaza, Rani Sati Marg, Malad (East), Mumbai - 400097 India
Registered Office: ICICI Prulife, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025 India
IRDAI Regn no 105 CIN: U66010MH2000PLC127837
* Insurance is a subject matter of solicitation
* UIN (Unique Identification Number): 105L139V01
Also one more thing just to inform you people to avoid the mistake that I made. Please record the conversation being done at the time of POLICY selling as they are never standing on their words as specially ICICI bank (branch -Vashi Sector-12). And ask in detail all the charges which will be applicable on the premium amount as at the time of selling the policy they just say premium allocation charges and other charges but never give the description or the percentage of the amount which will get deducted from your account. From past two years, My investment were in negative say 20-25k loss on actual investment done. From the third year when market was responding well, This company doesn't allow the amount to grow more than 2% of my amount.
SO BE AWARE of this kind of investments in ULIP and especially with this bank.
SO BE AWARE of this kind of investments in ULIP and especially with this bank.
Contact Information
Navi Mumbai
Maharashtra
India
Maharashtra
India
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