ICICI Lombard Genl. Insu. Co. Ltd — Unbearable heavy penalties

Address:

Vadodara, Gujarat

Dear Friends, I want to share my experience on mediclaim policy purchased through telephonically from ICICI Lombard Genl. Insu.Co.Ltd. When I was purchased mediclaim policy six years before they have not CLEARLY mentioned any where about cancellation charges OR the sales executives not explaining about cancellation PERCENTAGE whenever they are calling the customer for renewal purpose. If you are going to CANCEL the mediclaim policy even after paying Rupees sixty thousand in six years, they will levy huge amount of penalties and showing by-laws which they have not advised to the policy holder in past (in detail). I am having mediclaim policy of ICICI Lombard for the last six years and I have paid near about Sixty thousand rupees to the Company as premium and also I have not used the policy till date and I have not claimed single rupee from the Company. Now I want to cancel the policy. The Company says that on cancellation of policy they will refund 75% of premium amount if the policy cancelled within a month, 01 to 02 month 50% amount will be refunded 02 to 03 month 25% amount will be refunded. I cant understand how they are calculating cancellation charges ? I dont know that they are giving services within a month amounting to 25% of premium amount ? It means they are giving services 50% equal amount within 2 month. It is my request that in future whenever you purchase mediclaim policy from ICICI Lombard you may please ask them first about cancellation charges. They are also passing time in cancellation so that they are enable to deduct amount for more than one month period in the name of procedures. I have applied one month before for cancellation and they are passing time and informing me about percentage of refund only which is heavy penalty to me. I think ICICI will consider my case humanitarian ground and will not levy heavy amount as penalty and should refund full amount. Awaiting early favourable action please.