[Resolved]  ICICI Prudential Life Insurance — surender value isue

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New Delhi, Delhi

ICICI Prudential - Save & Protect - Surrender Value Discrepancy I am a holder of ICICI Prudential Life Insurance policy (No[protected]. The policy is called Save 'n' Protect and is a fixed term plan. The policy details are mentioned below. Policy Term : 30 years Policy Commencement Date :12/3/2005 Maturity/Termination Date : 12/3/2035 I have been promptly paying the premium (Rs 14218) for this policy without any delays, every year. I wanted to bring to your notice certain hassles I am facing in trying to get his policy surrendered. Hence, with the intention of surrendering the policy I approached ICICI Prudential customer care to figure out what would be the amount I would receive on surrendering the policy. I was told that in all I would received a sum of Rs 113000 only. I have actually paid a total sum of Rs 132550 as premium towards the policy till date since its commencement. So as you can see the amount being paid back to me is extremely low and is not according to the promise made to me as well as the surrender policy mentioned in the policy document (details of which are mentioned below). As per the policy document, the wordings under "Guaranteed Surrender Value" section is as below: If premiums are paid for at least three consecutive years, the Policy acquires a Surrender Value which is equal to thirty five of the premiums paid, excluding the premiums paid during the first year of the policy; all extra premiums paid and the premiums paid for the supplementary benefits. The cash value of the guaranteed additions and vested bonuses will also be allowed.The Policy which has acquired a Surrender Value can be surrendered for payment in cash and the surrender shall extinguish all the rights, benefits and interests under the Policy. The total bonus till date is 168252 which they are not ready to give Could you please help me get justice in this regard. I feel extremely helpless and cheated as the company is not sticking to its own wordings mentioned in the policy document. I am feeling that the company is taking me for a ride and taking advantage of my helplessness. What else can a customer like me rely on - if not the policy document and why should I be losing so heavily in case circumstances force me to surrender the policy?I feel that I should get back at least the amount that I have paid as premium if not any additional benefits. Thanks Nikhil