[Resolved]  ICICI PRU — Open grievance against ICICI Pru health saver

Address:

Haryana

Few days back i went to ICICI pru office (NOIDA sec 18) to surrender this policy. I was told that this policy cannot be surrendered. To my shock, officers just gave one mugged answer that this is a health plan and has no surrender clause. They even tried comparing it with a normal health insurance and stated that like in health insurance the premium paid is not refunded back. I tried explaining them that health saver is not a traditional health policy but a ULHP where portion of my money goes to purchase units. I should be entitled to withdraw that money. My talks fall into deaf ears. Next I talk to the agent who sold me this policy , guess what his answer was - Sir since you didnt asked about surrender clause I didnt told you. His next idea was to increase the health insurance cover to 10L (even better way to loose money fast).

The policy surrender clause is a 1-liner that appears at Sec 23, somewhere in the middle of the policy document and very very easy to miss.
Besides the charges on the 20K premium is just too much (more than 5 percent) even without considering the high PAC. In percentage terms your policy never explained the charges that will be deducted. Your agents and your brochure reports just as Rs 60 pm. On annual basis for 20k premium it itself turns out to be 3.5 percent. Here is why this is a case of mis-selling and looting customer's money:
1. "Cannot surrender" clause was never explained while selling policy. The clause is 1-liner mentioned in secton 23 of the policy document.this should have been at top cover of policy document.
2. Considering the charges applied on this policy this policy is definitely for small investors like us. Most of the money just goes as charges. Why ICICI did not explained this clearly while selling the policy.
3. The health insurance is basic plan with high charges.
My case is being registered under call-id 56868680. I am just raising this complaint on public forum so that other people can be saved from purchasing this crap policy.