[Resolved]  ICICI Pru Lifetime Super Pension [in: 105l055v01] Policy Number 07481841. — selling wrong product

FACTS OF MY CASE..IN JAN 2008 I WAS DOING OVERSEAS JOB.I HAD COME ON AN EMERGENCY VISIT FOR MY MOTHER BREAT CANCER OPTN.A DAY BEFORE I WAS RETURNING TO KUWAIT I REMEBER THAT I HAD SAVING OF ABT 4 LACS IN MY SAVING ACCOUNT .I WANTED TO INVEST IN A HOUSE AT MY NATIVE PLACE BUT I COULD NOT GET TIME TO GO THERE AND HENCE THOUGHT OF PUTTING IT IN FD .IT WAS LATE IN THE EVENING AND I KNEW ONE BANK WHICH WORK LATE TILL 8 PM AND I HAPPEN TO PASS BY THAT BRANCH ON THE WAY TO MY HOME AT VILE PARLE EAST AND SAW THE BANNER WHICH SAID 10% INTEREST ON FD....ICICI VILE PARLE EAST,MUMBAI .SO I ENTERED THAT BANK TO PArk my life time saving in FD..
The branch manager then and one Mr Desai to whom i approach at one of the counter..and expressed my desire top invest in FD .They when found that an NRI BAKRA is there they hoodwinked me into buying this product i had told that that i have no time and am in a hurry as i had to do lot of my personal work before i board the plane back to kuwait..
I told them three things very specifically
1)I AM A PERSON WHO DO NOT STICK TO ANY JOB FOR MORE THAN A YEAR
2)I AM A HAND TO MOUTH GUY..
3)PL PUT THESE AMOUNT IN A SCHEME WHICH HAS ONE YEAR PAYMENT AS MANDATORY AND REST ALL OPTIONAL .AS I AM NOT SURE ABT THE AVAILIBILITY OF MONEY NEXT YEAR..
they send the policy documents to my mumbai address where nobody was available and in that policy paper they had prvided 15 days freelook period..i had no opportunites to check those fine print of the policy paper as i was then at KUWAIT.AT THE FIRST INSTANE WHEN I SAW THE COMPLETE SET OF PAPERS I NOTICED THESE MIN 3 YEARS PAYMENT AND I IMMEDIATELY FILED A WRITTEN COMPLAINT AT ICICPRULIFE VILE PARLE EAST OFFICE...
BUT THESE FELLOWS PUT MY RS 3.5 LACS IN A SCHEME WHICH NEED AS PER THEM 3 YEARS PAYMENTS ELSE I GET ONLY 5% AS SURRENDER VALUE

THERE POLICY DOCUMNET ..THE GENERAL LITERATURE AS AVAILABLE ON THE WEBSITE HAS NO SUCH CLAUSE AND WHEN THE APPLICATION WHICH I SIGNED HAD NO SUCH TERMS AND CONDITION AND THE FIRST LINE OF THAT APPLN IS " INSURANCE IS A CONTRACT O[censored]TMOST GOOD FAITH" I WOULD LIKE TO KNOW WHAT GOOD FIATH THESE PEOPLE HAVE OBSERVED?




From: HETAL SATRA /SRU/ICICIPRU/KDVL <hetal.[protected]@iciciprulife.com>
Subject: ICICI Prudential Life Insurance Company Limited
To: [protected]@yahoo.com
Date: Saturday, January 16, 2010, 7:08 PM


Dear Mr. Jayesh Joshi,

& nbsp;

This is in reference to your email dated December 28, 2009 regarding LifeTime Super Pension [UIN: 105L055V01] policy number 07481841.



We wish to state that, we had received an insurance proposal from you for the above mentioned policy with duly signed requisite document on January 22, 2008 along with the first premium deposit of Rs.3, 50,000/- (Rupees Three Lacs Fifty Thousand only) vide cheque number 268026.



Accordingly, the said policy was issued under the non-medical category and the policy document was duly delivered at your mailing address on February 02, 2008 as per our records.



Kindly note, in order to ensure transparency that the product and policy is as per customer's choice, we provide the customer with a copy of the application form along with the policy documents. If, on receipt of the policy document, the terms and conditions are not agreeable to the customer, he/she also has the option to cancel the policy within the freelook period as mentioned in the policy document. We have not received any communication from your end regarding cancellation of the policy in this period.


We state that any benefit under the policy becomes payable strictly in accordance to the policy terms and conditions. For further details, you may refer the policy documents sent to you.



In view of the above stated facts, I reiterate that we are unable to comply with your request for cancellation of the abovementioned policy.



I trust the above explanation clarifies your concern.



Incase of any further assistance, please contact us on our customer service helpline number[protected]. You may also write to us at [protected]@iciciprulife.com.



Warm Regards,



Hetal Satra Associate – Customer Relations





ICICI Prudential Life Insurance Company Limited
Direct: +[protected]
Fax: +[protected]

hetal.[protected]@iciciprulife.com
www.iciciprulife.com


Vinod Silk Mills Compound, Chakravarthy Ashok Nagar, Ashok Road, Kandivali (E) Mumbai 400 101. India.