[Resolved] ICICI Prudential — Lifetime Super Pension sold WRONGLY | |
I am an NRI, a student actually. I was trying to find a good investment p[lan for some money I had saved up from my stipends, I wanted part to be in FDs and part to be in mutual funds. ICICI lied to me that the only option I had was the Lifetime super pension policy and that I could not directly hold in mutual funds otherwise. This is ofcourse, but I was completely new to the indian market then and I just took their word as I was on a one week trip to India. further, they did not inform me of the lock in period and the fact that the surrender value of these funds at the end of first or even second/third year is so low (0 percent, 25 percent and 40 percent!). this was sold to me as a short term policy, and all my savings put into it. whereas, the policy is actually a minimum 5 year (for full surrender) policy. Moreover, their entry loads are so unreasonably high! you can get a good index fund for 1 percent and these guys do just about as well if not worse, and charge you 14 percent, 9 percent and then 1 percent every subsequent year! Lastly, I had asked for the balancer scheme, a scheme in which my money would mostly be under debt and partly in equities, but the agent who filled out my form wrote in maximiser, which was 80 percent equity exposure and not the risk I was willing to take (and I took the recent beating from the crash too without any idea that I was!). I had not suspected someone would do this, as I did not know in India, we still have this crappy system of brokers and agents selling us plans, and getting a larger commission and cut from selling as high equity exposure plans. I am not sure if there is anyway to complain and get my money out of this fradulent scheme, I have been contacting ICICI customer service in vain for the past three months. I keep having to hold endlessly (over half an hour, which is very hard on an ISD call) and each time I am transferred to someone new who pretends not to understand my problem. If anyone has any pointers on what to do, that would be great! Thanks! Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 29 Comments | |
Comments
I invested Rs. 20000 a year in ICICI Pru LifeTime Gold plan for my wife 3 years back.
The allocation charges and 'other' charges are hefty.
Moreover none of the ICICI funds for ULIPs are doing well. NAVs of all of them have increased just 1% over the past year. After 3 years of investing, my 60000 have yielded just 62000.
ICICI is a top of all the banks in cheating.
The allocation charges and 'other' charges are hefty.
Moreover none of the ICICI funds for ULIPs are doing well. NAVs of all of them have increased just 1% over the past year. After 3 years of investing, my 60000 have yielded just 62000.
ICICI is a top of all the banks in cheating.
lifetime super — Cheated
Dear Sir,Please refer to the Policy Number[protected] with application number-LL06077105 dated 10/05/2007 for Life Time Super for my brother Jaspal Singh Bhamra and father Taljinder Singh Bhamra.They have been cheated and fooled to take this policy.Your agent Mr Barun took advantage of their non-understanding of English and mis-sold this policy.Infact there are 12 such policies sold to my entire family.I was not in town and have just come back and realised that we have lost 12lacs of our hard earned money. he informed my family that its a one time premium and will never have to pay for it again so mis-sold 12policies in my family.I understand it is 3yrs now but he did not provide us with any documentation so we could not trace it at all.Completely acknowledgeing our mistake for being a little careless and trusting such agents we have tried everything possible to resolve this for last 3yrs. ICICI bank pays no heads to us and there is absolutely no support from any phone lines.My last resort was to write to you. We request you to please action it and help us.Infact this is very disheartening that people of your country are fooling their fellow citizens and mis-selling without realising that their own ecomony will be effected. My parents are old and cannot run about for this.Please help us we want to realise our money.Looking forward to hear from you.
ICICI Prudential — Life Time Pension
Sir:I opened a "Life Time Pension Policy II" with ICICI Prudential on 02/05/2005 and paid my monthly instalment of Rs834 for 26 Months (All Receipts Avilable). After which I lost my job and had to return to my native due to un avoidable circumstances. This instance led me to discontinue the "Life Time Pension Policy II" with ICICI prudential. ICICI Prudential for some reason stopped the auto debit and the policy became inactive.
Sir I would like to now close this policy and get the money back, I contacted the Office at Chennai, but i did not get a proper answer from them. Please help me get back the Rs21684 that i had invested in ICICI Prudential.
Regards,
Ramesh M S
Mondipalayam
kannadipalayam post
Bhavani TK
Erode 638314
Phone: [protected]
My Policy Number is 01604841
ICICI PRUDENTIAL LIFE TIME PENSION — DEPOSITING OF MY MONEY INTO ANOTHER ACCOUNT
I took ICICI PRUDENTIOL LIFE TIME PENSION with police No.00326020 on 2003.Until now every year I paid premium amount, some times I did top-up also.
On 08th November2010 I surendered the police for bying some land, at the time of
surender I got assurence that within one week I will get the money. But untill now I didn't got. After doing a long enqury Mr.Amar Balagopalan who is working as Manager Ernakulam told me that by mistake they diposited my money into another persons account. Then I made a complent to ICICI PRUDENTIAL on 28th of November2010 with complaint no.28583702 throughCustomer Service Helpline shift in-charge Neelam madam, at that time also she told me that within six working days my complaint will be resolved and the money will be deposited into my account. But until now I didn't got the money. I am calling daily to them and talking with Mr.Kuldip Singh(manager), Divya madam(shift in-charge), Biswaranjen Samel(shift in-charge) of Bangalore branch. I am getting the same answer that it is still under process and daily they assured me that they will make an enquiry and call me within 24 hours but until now nobody called me. It shows their neglegency in customer care. I gave complaint to IRDA and [protected]@iciciprulife.com also on 16th of December 2010. But until now my problem not yet solved and didn't got more than one lakh eighty thousand .
So please help me in getting the money as early as possible.
Thanking You.
VEERABHADRA RAO.S
i agree service provided by icici pru life is so hopeless that a complaint given in writing a year age has not been replied by the concerned authority
icci pru life is serviving on icici bank performance
There is selling of products blindinly that No one explains anything to customer They keep them in dark a goat to be slaughtered in the morning
icci pru life is serviving on icici bank performance
There is selling of products blindinly that No one explains anything to customer They keep them in dark a goat to be slaughtered in the morning
I am investing Rs 2000/- every month in ICICI super pension scheme for last two and half year and it is going in loss. The agent never told me about the important conditions like lock in policy and very important it is ULIP and cheated me. Never ever go for ICICI bank they are such a fraud company selling their product without taking care of customer needs.
Can any one suggest how to close this policy without any loss. Can any one help me out of this.
Radha
Can any one suggest how to close this policy without any loss. Can any one help me out of this.
Radha
Surprisingly I saw a message with my name as "Mullangi Vamsidhar" its not me who wrote that comment, Administrators can you please delete the post?
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1089, ICICI Prudential Life Tower, Appasaheb Marathe Marg, Prabhadevi, Mumbai, Maharashtra, India - 400025
Icici Prudential Life Time Super Pension Schme — I Have No statement
DEar sir,Please send statemet of policy no[protected]Life Time Super Pension).
how many unit in my account.
Regard
A M Parmar.