[Resolved]  ICICI Prudential Life Insurance — non payment after surrendering policy

Address:

560068

I had applied to surrender my Insurance Policy No[protected] on 26th Aug 17 at your Koramagala Branch- Bangalore after I realized that I have been conned by ICICI.

At the time of selling this policy your sales agent had told me that I will get an option to surrender and withdraw from this policy after 7 years and I will get full fund value and added bonus at that time, if I do not wish to wait till 15 years. But now after paying on time premiums for 6 consecutive years, I am told that I cannot withdraw after 7 Years and I will have to wait till 15 years. In case I withdraw, a major part of money paid by me will be confiscated by ICICI as per your own calculations.

I agree that I was naive to trust your sales agent and did not read the legal prospectus carefully, hence I decided that even if I end up losing a big chunk of my hard earned money I will still surrender the Policy and cut off all business relationship with ICICI group, as they have completely lost my trust and confidence.

Again, while surrendering the policy I was told that payout will be done in max 15 days in m bank account but Now I get to know that even that has been put on hold for unknown reason.

When I am trying to reach grievance team, there is no response.

Please let me know If ICICI is willing to pay me anything as surrender value or they want to eat-up entire amount now?

If ICICI plans to make any payment, please share the confirm date and time of that Payout.