ICICI Prudential Life Insurance — Deceptive practices in cancelling/refunding proposal policy

ICICI Prudential Life Insurance — Deceptive practices in cancelling/refunding proposal policy

S shivprakash01 Aug 19, 2023 Dec 2, 2023 This thread was updated on Dec 2, 2023

I was misled into buying a term insurance of higher premiums in the icici bank website. Application - OB22135432 And in the lieu of cancelling it the policy bazaar folks made me pay for another policy Application- OP00611220 Now I am stuck with two incorrect policy not of my choice . I wanted these proposal policies cancelled as soon as possible and amount refunded. The customer support is acting most vague as possible. They say they are not able to locate the proposal application and are instead replying only about my active issues policy. I have tried multiple email and phone. Looks like they would be worst people to buy term policy from. If they are this difficult to me I am worried how difficult they would be to the folks who would need the policy. Was this information helpful? No (0) Yes (0)
ICICI Prudential Life Insurance customer support has been notified about the posted complaint.
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Knp1981

Dec 2, 2023

This is a standard practice by ICICI Prudential staff who advise customers to cancel existing policies and purchase a new one so that they can earn commission. The conveniently ignore to explain implications of making such changes until you find this out later then you start receiving annual statements. Their staff must have been trained to dupe customers. I have read several other complaints of similar nature.

Knp1981

Dec 2, 2023

Same experience despite being a long term client of ICICI. Their staff must have been trained to mis-lead customers. I was guided to cancel my existing ICICI Prudential Mutual Fund investment to purchase a life insurance policy which turned out to be more of a benefit to the ICICI staff promoting products and dis-regarding implications for the customer.