[Resolved]  ICICI Bank Credit Card — Misrepresentation and misselling of Facts

Dear Sir/Madam,
This is to bring to your notice that I have been duped by ICICI Credit Card Division through telemarketing.

I received a call from ICICI Credit card division and the summary is as follows:-

[protected]
09-Feb-2009
Call received in evening regarding ICICI Lombard Health Insurance. Premium Amount Rs. 15000.00. It was stated that ICICI Bank is offering a ICICI Big Bazaar Card with limit of INR 75000.00 to be utilized at Big Bazaar within 5 months and that amount is not to be paid back to ICICI and the ICICI will pay to Big Bazaar. Executive from ICICI will come personally to hand over the ICICI-Big Bazaar card and upon my confirmation that card will be activated. This offer will be given by ICICI Bank Credit Card division if Health plan from ICICI Lombard is taken.

It was stated that this offer was made to me as per my transaction records and that offer from ICICI Bank is independent of ICICI Lombard Health plan, but to get this offer the ICICI Lombard Health Insurance has to be taken.

[protected]
Mr. Janardan
09-Feb-2009 18:47:13 duration 09:02
11-feb-2009 17:59:16 duration 06:09

Calls received from the above no.to verify the details on 09-Feb-2009 at 18:47:13 and the duration was for 00:09:02.

Again call received on 11-Feb-2009 at 17:59:16 to offer me the plan once again offering the same promotion scheme.

[protected]
Call received from the above number and the caller identified himself as executive from ICICI Lombard and asked for confirmation for the offer and after my confirmation my credit card was charged for INR 15000.00 which was converted into EMI as against my monthly mode asked for, which state that the card will be charged for monthly premium instead my card limit is blocked to the Extend of INR Rs. 15000.00 and that it was converted into EMI at 5.5% p.a. interest.


To confirm this I have mailed to ICICI Credit card division through netbanking to confirm the offer but a negative reply was received. (Mail attached – Annexure1)

Further to this, I again contacted ICICI Credit Card Division, but the mail received was to offer apology but no solution.(Mail copy attached -Annexure2)

I contacted ICICI Lombard GIC for cancelling my policy 4063i/HAP/04443203/00/000, but to my surprise they are asking me to pay ICICI Credit card some 11000.00 as cancellation charges.
I think the ICICI Lombard and ICICI credit card are separate legal entity and since ICICI Lombard has received the full premium, so they are obliged to pay the unearned premium to either me or credit card and why should I pay the cancellation charges to ICICI Bank when I am not utilizing the premium paid and similarly for the interest they have levied.

To briefly explain I would like to bring following points:

1. That ICICI Bank Credit Card department misrepresented and made false promise to sell ICICI Lombard Health Policy.
2. That ICICI Lombard was asked to charge premium on monthly basis and not to charge full amount from my card.
3. Without my consent why ICICI Bank has converted the policy premium into installment @5.5%p.a. interest.
4. Why I am being asked to pay cancellation charges of around Rs. 11000.00 to ICICI credit card and where will the amount refunded by ICICI Lombard go?

I feel like cheated and these gimmicks by bank lands me in Financial Losses. All these call were made on my mobile and the recording details if required can be obtained from the Cellular operator.

I would request the Apex Bank to interfere into this matter and help me getting back my amount which was charged using unfair means jointly by ICICI Bank Credit Card Division and ICICI Lombard GIC Ltd.