ICICI Prudential Life Insurance — Icici prudential elite life ii

Address:

Kamrup Metropolitan, Assam, 781039

I, Dr. Brijesh Kumar Rai, have purchased a IPRU Elite Life II plan, Policy no.:19338692. My complain is regarding this policy. I live in IIT Guwahati. Last summer (June 2015), I had to visit Hon Kong, Sydney and Canada. I needed travel card and thus I approached IIT Guwahati ICICI Branch. The managers/agents at branch seemed quite co-operative and they helped me in getting the travel card. While helping me out in getting travel card, they so much encouraged me to purchase the policy called IPRU Elite Life II. (In
hindsight, I feel they were more interested in selling the policy than
giving me the travel card. I guess the commission that they get when they
sell a policy is the real motivation behind persuading people). They told
me that this was a great policy and mentioned some of the Professors in
IIT Guwahati who had purchased this policy. They talked about the high
return of the policy. I remember that I had told them that I will think
about it once I am back from my journey for it is not good to make such
decisions in hurry. However, they kept persuading me like anything and I
purchased the policy. I was in real hurry so I did not read everything
myself, I trusted them.

Now after one year, this policy has been a disaster, I paid Rs.
2, 00, 000/- and the value has been fluctuating around Rs. 1, 80, 000/-. More
than nineteen thousand has been taken by the ICICI in the name of
allocation charges, administrative charges etc. ICICI has taken more than
9.5% to invest my money into something that is making loss. I don’t understand the logic. I am very disappointed and
feel cheated. 9.5% is a huge charge. Considering this high charge, one
require to invest in something that gives thirteen to fourteen percent
return to get returns that is received by even fixed deposit.

My allegation is that I was not told about the charges levied by the
ICICI Prudential. I was sold the policy as if there was no charge. These
kinds of things are happening because of the commission paid to the agents
when they sell a policy to a customer. In the greed of
getting the commission, the agents are fooling the innocent customers.

I want my money paid money (Rs. 2, 00, 000) back with the at least saving account interest. Further, it would be desired to instruct ICICI Bank not to fool customers in the manner I have been fooled. They should present the policy with the full details and they should leave it to the customers whether they purchase the policy or not. Luring customers to purchase the policy is equivalent to cheating them.

I have already communication to the ICICI Prudential but they are not
accepting their mistake and not willing to cancel the policy and return my
money. Kindly solve my problem at the earliest.


Regards,
Brijesh