Sub: Malpractices being adopted by ICICI Pru Life Insurance Personnel/
Ref: ICICI Pru Life Policy no. 12180891 thrust upon me on the basis of a pamphlet( attached) which indicates one time( single) deposit for 5 yrs, while policy terms require deposit( premium) every year for 10 yrs.
Sir,
I am attaching herewith the scanned copy of a pamphlet from ICICI Prudential Life . As per the pamphlet a one time deposit with ICICI Pru Life will give guaranteed returns @ 9.38% (~ 8% compounded) p.a. even if Sensex fails or Global recession, and lock in period of the funds only 5 years (see attached pamphlet).
On 08-July-09 Mr Nazim of ICICI Pru Life took my signatures on the (policy) form on the basis of this pamphlet.
I went out on a foreign trip on 13th July and came back on 21st August 2009. After my return I saw the policy document (that has been delivered at my residence on 23 July, 09) where in I have to pay Rs 2.0 lakhs every year for 9 more years and then only I can take back my money and return indicated in the policy are also less than what is indicated in the pamphlet. Policy terms are in stark contrast to what is indicated in the pamphlet and told to me by Mr. Nazim.
I made several complaints in this regard to ICICI Pru Life and Insurance Ombudsman, Mumbai.
But there is only a vague response from ICICI Pru Life, (that as I have signed the policy papers, the terms and conditions are binding upon me), I request your intervention in this matter so that ICICI Pru Life return my money with due interest on it for the period, or consider it as a one time deposit (policy). Further I request strict action against such malpractices being adopted by ICICI Pru Life personnel so that more people do not fall prey to such unscrupulous persons/ practices.
Thanks
Yours truly,
Kameshwar Sahai Shukla
1203, Raval Tower, Sect-11, CBD, Belapur,
Navi Mumbai-400614
Email- [protected]@indiatimes.com
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