[Resolved]  ICICI Prudential Life Insurance — Company Mistakenly surrendered my policy # 02331117 for a Partial Withdrawal Request

Respected Sir/Madam,

I have taken a ULIP Policy with ICICI Prudential Life Insurance bearing # 02331117 which is a Lifetime Policy in Maximiser fund mode. I have placed a request for partial with drawal of Rs.60,000/- on the above said policy on Feb 22nd, 2010 at Chandanagar, Hyderabad branch. I received an SMS on Feb 23rd, 2010 from ICICI PruLife stating "we have received your request for surrender of Policy No. 02331117. The same will be disbursed in 7 working days, subject to validation at our end" and another SMS "Surrender amount for your policy 02331117will be credited to bank A/C xxxx6228 within 4 working days. Please visit any ICICIPru branch for any changes reqd". I got a doubt, and called the branch, was shocked to hear that there was a policy surrender request erroneously placed by one of the branch executive, instead of Partial Withdrawal as per the request made by me in the form filled up and given to the branch. The branch executive named Mr. Ravindra informed me that he is placing a reversal process and will get it reversed as soon as possible and initiate the process of partial withdrawal. On the same day, Feb 23rd, 2010, I have called up the customer care and updated them that an erroenous request of Surrender of Policy has been placed by the bank executive instead of partial withdrawal request, and requested them to update their records to not to get the policy surrendered, hold it until it is being investigated and resolved for the committed mistake. Call Ref # 18160854, Agent Name - Merin.

Since Feb 23rd, 2010, I have been following up with this executive and every day I keep calling the branch executive - Ravindra and he keeps saying that he already placed a request and waiting for response from the respective. Since, last 10days I have been hearing the same feedback from Mr. Ravindra. I visited the branch yesterday, and this guy informs me that the policy has been in Infos state (dont know what that means, may be a dormant state ) and will continue getting the interest on the funds even though it is in the Infos state, when I queried that I would be loosing the interest on the funds on my policy. To my dismay, when I logged on to the webportal to check the status of my policy, my policy was not listed at all, and in the same shock, when I called the customer care, I got a very bad response from the excutive - sukesh initially but when I started digging in further, he started coming to terms and behave with me normally and started giving all the details. He informed on the call that he has registered a complaint again, and it would taken 6days for the so called SPECIAL INVESTIGATION TEAM to revert back to me with an update what has caused the error and all the details about the mishap, and then they will again give me an estimated number of days for getting the issue resolved.By this time, I was totally upset and requested for supervisor and got - Amar on the call, this guy was of little help, he said it will take the same time as the agent has informed me. I requested for next level and got Escalation Manager - Padmini on the call and she assured of giving me a call back before 3pm tomorrow i.e. March 4th, 2010 and then negotiated to call between 12:00pm to 12:30pm with an update of what is the cause of the issue and then how many days it would take them to resolve the issue which is not acceptable to me.

My whole point of filing this complaint is
1. I was in bad need of money and was expecting money to be deposited to my HDFC Bank A/c in one week as per the company policy from the date of submitting the application. I missed a commitment for which I have to pay the penalty.
2. My policy has been closed by the bank on a single go permanently after painstakingly completing the locking period of 3 years and then completing the fourth year as well.
3. Since the day, the bank has surrendered my policy, I’m loosing on the market value that I have to receive on my funds in the policy as per the Life Time Maximiser fund scheme.
4. My request for Partial Withdrawal stays unresolved till date as on March 04, 2010 and unsure when the issue created by the bank will get resolved and my original request for partial withdrawal sees Light.

I, hereby humbly request you to pursue the matter and do justice to me in resolving the issue, and compensate me for the big blunder made by the bank, for which I’m in such trauma and pressure, and had to undergo all the suffering. Thanks for all your help in advance.

Enclosure: I have enclosed the snapshot of my policy summary on the ICICI PRULIFE webportal which is reflecting only one policy i.e. The Pension Policy. My Policy # 02331117 in the records of the company.


Yours Truly,
Ravi.Pallepogu
Mobile # +91-[protected]