[Resolved]  ICICI Prudential — CHEATING PENSION POLICY

I am a loyal customer of your life insurance segment, having 8 policies amounting to about 20 lakh. However first time I am feeling like changing the brand, since there has been absolute cheating by your rep. I was contacted by your sales executive Mr Karan Oberoi (Mob. No. [protected], Delhi), who is worki8ng at your Delhi central office, on tele for a pension policy. Since I was in contact with him since last 5-6 months and got three policies through him, I never doubted about what he promised to me. As per his statement the policy offers pension of Rs 12000/- pm if I invest Rs. 150000/- for three consecutive years. The pension will begin from 5th year onwards which is for lifelong and also is a family pension. I checked from my other sources about the policy and its returns as mentioned by him, I was informed that there is such policy existing but the period to begin the pension is ten years and not 5 years. When I asked about this to Mr Karan, he said that ten years is for all other customers but you have been specially selected by our Pune head office and you are oue allied gold customer based on your previous tract record with our company. Therefore for you the period is 5 years. I checked and rechecked about this from him and he assured that it is 5 years and even promised me that this will be endorsed in the policy. As per his assurance I was at liberty to return the policy if the period of 5 years is not mentioned in my policy.

Thereafter he sent the sales executive from your Pune Office, Mr Amar (Mob. [protected]) and Mr Anand (Mob [protected]) at my residence. There I again enquired about the beginning of pension after 5 years, both of your executives assured me the same thing.

I then subscribed to this scheme and received the policy (No. 10933761, in the name of my wife, Mrs Jayashree Borse, Rs 75000/- biyearly). To my horror, when I checked the policy there was no mention that my pension will commence from 5th year onwards. When I enquired about this to Mr Karan Oberoi he told me that there is some communication problem, it is 5 years only, and he promised me that he will get it corrected from head office and he will come back to me and clarify it. However ever since then (16 Jan 09) he has not contacted me, nor he is responding to my number of calls. Your Pune sale3s executives are now telling that since youir wife is not above 45 years she is not eligible for pension after 5 years and it will begin after 10 years only. This clause was never told to me before.

This gross cheating by your company. Your reps are irresponsible and not interested in customer once they sold the policy. This incidence not only has created a lot of mental agony to me but also has wasted a lot of my valuable time and money (for calling your rep for atleast 50 times in last 10 days.

It is therefore requested to please clarify the matter and issue me the policy as promised and take appropriate action against your above mentioned sales executives. If I do not receive any positive response from you I presume that I am free to take the matter to the forums like Consumer Court and IRDA .

Lt Col Sanjay Borse
Husband of Mrs Jayashree Borse
Contact No. [protected]/ [protected]/[protected]
E Mail : [protected]@yahoo.co.in