[Resolved]  ICICI Prudential Life Insurance Co. Ltd. — Stay away from this one

Address:

Coimbatore, Tamil Nadu

Name of Assured: SANKARANARAYANAN, V
Address: 388, G V Residency, Coimbatore-641028: Mobile: [protected]
emai id: [protected]@yahoo.co.in
Polciy No: 00863957
Maturity Date of Policy: 01 Apr 2014

1. The above said Policy was issued for a term plan of 10 years and fell due on 01.04.2014
2. Even though, normally Insurance Companies like LIC of India send advance intimation of maturing policies to the Assured and ask them to return the Insurance Policy document with other documents like ID proof and Bank details for sending electronic payment or by cheque, ICICI Prudential Life did not send any intimation until I sent them email asking them why they did not send any maturity information notice, they sent notices asking me to invest in their Pernsio Policies, which I was not interested.
3. I went to their Branch in Coimbatore, Tamilnadu State and gave my letter seeking payment of my policy on maturity. The staff said that no letter is required for this; but only I need to sign the surrender form.
4. Even then I asked the staff that I need to get payment only on maturity; she did not answer properly but wanted me to submit the surrender form along with documents for proof of ID and Bank details, which I submitted thinking that I will be paid only on 1.4.14.
5. However, ICICI Prudential Life chose to close my Policy before maturity treating my request for surrender in March 2014 as request for prematured payment, which was not my intention.
6. ICICI Prulife staff should have told me that I need to submit the application only on 1.4.14 if I need to get the maturity proceeds on due date.
7. Which they did not do and this is clearly a deficiency of service. It is expected of them to explain to clients that they need to submit applications / claims for payment on maturity of Policy and they should not submit earlier.
8. Because of this deficiency of service, ICICI Prulife is not paying me the Terminal Bonus of Rs. 20000/= which was intimated to me as payable vide their notice.
9. I have sent numerous emails to customer care and they replied that as I surrendered the Policy in March 2014 before the due date of maturity, I am not eligible for the Terminal Bonus.
10. They have not cared to explain the reasons for the deficiency of service of their staff not informing or advising me when I went in person to submit my request for payment of the Policy on matuirty date.
11. When I have paid all the 10 years premia and having waited for 10 years, they should know that I could have waited for one more month, i.e. till 1.4.14 to submit my claim form for payment on maturity. I submitted my application based on my firm belief that they would pay me as LIC does on maturity of the Policy.
12. Hence I appeal to you, Sirs, to kindly consider my request for payment of the Terminal Bonus of Rs. 20000/=

Thanks
Regards
Sankaranaryanan,
388, G V Residency, Coimbatore-641028
Mobile: [protected]