[Resolved]  ICICI Prudential Life Insurance Company — Forfeiture of premium amount on pretext of failure of payment

Address:

New Delhi, Delhi

I have taken a ICICI Pru Suraksha (RP) Policy vide No 00873920 during 2008 from ICICI
Prudential Company. The annual premium
was Rs. 50, 000.00 and the payment was
made through online money transfer. But
neither I have received the policy certificate nor any intimation from
the company. Normally, in case the
company do not accept the money, for any
reason whatsoever, the amount is returned back to the same account. I was posted in Vizag during that time and as
far as I remember the money was
transferred from SBH, Deepanjali Nagar, Dist. Vizag (AP). After few months I was transferred and posted by my
employer to Kayamkulam (Kerala)and I
have totally forgotten about the
transaction. Now few days back I got a call from Ms. Sonia Choudhury of ICICI Prudential that my annual subscriptions
from 2009 to 2013 is pending and they are going to foreclose the policy as I
have failed to pay the annual premium. She said that the details of my failure
and the action proposed to be taken would be given by Mr. Vikas, Relationship
Manager of ICICI Prudential and I have to talk to him.Accordingly, I have
talked to him on 19th and 21st March 2014. He informed me
that I have to pay Rs. 3.00 lakhs (Five years premium @ Rs. 50, 000 p.a. plus
penalty Rs. 50, 0000) to revive the policy. The second option is foreclosure of
policy which will entitle me to get 10% of the premium paid i.e Rs. 5000.00 and
they will retain Rs. 45, 000.00. The third option is converting into a single
Premium policy for which I should have taken an insurance policy after 1st
Oct. 2013 either from them or from Reliance General Insurance Company, which I
don’t have. I am a retired employee and
I cannot pay this hefty amount so the option left is foreclosure loosing Rs.
45, 000.00 of my hard earned money. I
want to repeat during all these years till March 2014 at any time they have not
reminded me about the non payment and the most important matter is that they
have not sent the policy after receipt of the policy.

My contention is for the mistake of ICICI prudential why
should I suffer. They have not given me the policy. They never reminded during
the past 5 years that my premium is pending. All of a sudden they have come
with this plan. This is day light cheating and gives an impression that we
cannot believe ICICI prudential. I have never expected that a big nation wide
and renowned company will cheat customers like this.