[Resolved] ICICI Prudential — ICICI Pru Lifestage Pension ad UIN 105L 100V01 | |||
I have taken an ICICI Pru Lifestage Pension ad UIN 105L 100V01 policy starting on[protected] with an annual premium of Rs 30,000. ICICI investment advisor has informed me that there is no allocation and any other charges. That has been the best at that time. I have been told that in the worst case, I would not lose the money invested. I have not been informed about the administration charges etc. There has been 100s of phone calls, sms and a few letters to reinstate the policy. However, I could not continue the policy due to financial reasons. ICICI has done a foreclosure of my policy and has sent a cheque for Rs 3,612.03. If the advisor has explained this to me at that time, I would not hmave invested at all. Even a bank deposit would have my investment safe with a decent return. I would like ICICI to return the invested amount. Advisors at ICICI should look after the interest of their company and not at the cost of the hard earned money of investers. Was this information helpful? | |||
Aug 14, 2020 Complaint marked as Resolved | |||
 13 Comments | |||
Comments
Dear Mr. Perumal,
Sorry for the inconvenience caused. Could you please share your policy/contact no. and and we will have this checked on priority.
Regards,
ICICI Prudential Life Insurance
Sorry for the inconvenience caused. Could you please share your policy/contact no. and and we will have this checked on priority.
Regards,
ICICI Prudential Life Insurance
I also have the same case. I paid 50, 000 in Aug 2010. I went to Payyannur, Kerala branch to open NRI account. Then the manager and one another guy brain washed me to take this policy, 14436974. They mentioned it's a 3 year policy 50K in each year. I gave the money and signed the form and left to London, UK. I didn't get the policy document and even I forgot the policy that I have taken. After 1 and half year, I remembered the policy and had to struggle to find out the policy number itself ( after around 20 months) . I didn't want to pay 1 lakh (50K for 2011 and 50 K for 2012) in 2012 to close the plocy. Now I got a check with 6399.34 and mentioned forclosure of the policy. It is mentioned as pension policy exactly opposite as mentioned by Bank manager and the guy sold the policy (Term: 3 year market based policy).
Dear Sir / Madam : I have already made a reply using the link https://onlinelifeinsurance.iciciprulife.com/digital/ipru/GrievanceRedressal.htm...⇄ with the reference no 069678. Almost a month is over since the information has been given. On the assumption that ICICI would solve the problem, I give the details again.
Policy name : ICICI Pru Lifestage Pension ad UIN 105L 100V01
Policy no : 14069449
Complaint ref : 069678 through your portal
Contact no as per policy : [protected]
If you would like to talk to me, please call me in [protected] as the given mobile no is at home and I do not carry that with me to office.
While I appreciate the quick mail response and reply from ICICI customer care through consumer complaints, I look forward to an action with a solution leading to refund of the balance principal amount.
Policy name : ICICI Pru Lifestage Pension ad UIN 105L 100V01
Policy no : 14069449
Complaint ref : 069678 through your portal
Contact no as per policy : [protected]
If you would like to talk to me, please call me in [protected] as the given mobile no is at home and I do not carry that with me to office.
While I appreciate the quick mail response and reply from ICICI customer care through consumer complaints, I look forward to an action with a solution leading to refund of the balance principal amount.
Dear Mr. Perumal,
Thank you for sharing your contact number. Our representative will get in touch with you shortly to assist you with your concern.
We appreciate your patience.
Regards,
ICICI prudential life insurance
Thank you for sharing your contact number. Our representative will get in touch with you shortly to assist you with your concern.
We appreciate your patience.
Regards,
ICICI prudential life insurance
ICICI has sent a mail justifying their stand. They take refuge on the printed information provided without addressing to the sales talk provided by their sales team in 2010. Similar mails are received from other investors also. At the end, the investor is the loser. They want me to spare more money to take more trials!!!
[protected] Forwarded message[protected]
From: ravi ranjan <ravi.[protected]@iciciprulife.com>
Date: 28 September 2013 13:03
Subject: ICICI Prudential Life Insurance Co. Ltd
To: [protected]@gmail.com
Boxbe ravi.[protected]@iciciprulife.com is not on your Guest List | Approve sender | Approve domain
Dear Mr M.V Nagaraj Perumal,
We refer to your concern pertaining to your ICICI Pru LifeStage Pension Ad (UIN: 105L100V01) Policy number 14069449 held with ICICI Prudential Life Insurance Co. Ltd
We wish to state that the above policy was issued with a Risk Commencement Date (RCD) of June 23, 2010 basis duly signed application form received by the Company along with first premium deposit of Rs.30, 000/- (Rupees Thirty Thousand Only). Accordingly the policy issued with premium paying term and policy term of 10 years as proposed in the application form.
The policy document which was required to be sent to the policy holder was sent at mailing address registered under the policy on June 29, 2010. As per records, the same has been delivered on June 30, 2010 via Blue Dart Courier with Air Way Bill number [protected].
In order to ensure transparency that the product is issued as per policyholder’s choice, we provide the policyholder with a copy of the application/ proposal form along with the policy document. If on receipt of the same, the policy holder is not agreeable to the terms and conditions, he/she has the option to cancel the policy under the free-look i.e. within 15 days from the date of receipt of the policy document as mandated by the Insurance Regulator and Development Authority (IRDA). The same is also mentioned in the policy document delivered to you.
As per our records, we have not received any communication from you regarding cancellation or alteration of your above mentioned policy within the said free-look period, thereby implying that you agreed to the Policy terms and conditions and that the same was in consonance with the said application form.
Further, company has sent you SMS (Short Message Service) on registered mobile number [protected] confirming the policy details such as issuance date, Sum Assured, Premium Amount, Payment Frequency and Premium Due Reminders, however no concern highlighted then, thereby implying that you agreed to the Policy terms and conditions and that the same are in consonance with the said application form.
Further, we wish to inform you that in case the premiums for first three full policy years not been paid and if the policy is not revived within the re-instatement period i.e., two years from the due date of first unpaid premium, then as described in clause 3.2 (i) Continuation of the Policy the policy shall foreclosed and surrender value shall be paid as applicable as on date of policy foreclosure. The clause 3.2 (i) has been reproduced below for your ready reference.
3.2 Continuation of the Policy:
i. Before payment of three full years’ premiums, if you do not pay any premium on the due date or during the grace period, the Life Insurance Cover will cease and mortality charges will not be deducted. The policy administration and fund management charges would continue to be applicable. You may revive the Policy within two years (subject to underwriting, where applicable) from the due date of the first unpaid premium. During this period of two years, you will continue to have the benefit of investment in the Fund and Fund Value will be payable in case of death of the Life Assured. If the Policy is not revived within this period, we will foreclose the policy at the end of the third Policy year or at the end of the revival period (whichever is later) by paying the Surrender Value as applicable.
As per our records, the renewal premiums due since June, 2011 were unpaid and the policy was not revived within the re-instatement period, the policy has been foreclosed on June, 2013 i.e. after completion of re-instatement period. As per policy features, in case 3 full year premiums have not been paid, the surrender Value paid shall be 30% of fund value as on policy surrender/foreclosure.
Accordingly, the payment towards foreclosure amounting to Rs. 3612.03 (Rupees Three Thousand Six Hundred Twelve and Three paisa) was processed via cheque dated June 25, 2013 .As per records, the cheque has been encashed by you on July 3, 2013.
In view of above and in keeping with the policy terms and conditions we are unable to comply with your request for cancellation of your policy and refund of premium amount paid under the same.
As a very special case, we offer you revival of the policy subject to risk assessment. In order to revive the policy, request you to pay the overdue premium of the Rs.90, 000/- (Rupees Ninety Thousand only) along with the foreclosure amount of Rs. 3612.03 /- encashed by you. The overdue amount of the above policy needs to be submitted along with attached foreclosure reversal form and ECS form.
The above mentioned offer shall be available to you until December 27, 2013. You may visit any of your nearest ICICI Prudential branch and submit the requisite document.
Kindly note, that the reversal of the foreclosure of the above policy has been accepted as a very special case. Further the policy cannot be surrendered or assigned at least for a period of one policy year from the time the above policy is revived.
We hope the above clarification address your concern.
For any other assistance in future, please contact us on our customer service helpline number on[protected] or write to us at [protected]@iciciprulife.com
Warm Regards,
Ravi Ranjan
Manager – Customer Relations
[protected] Forwarded message[protected]
From: ravi ranjan <ravi.[protected]@iciciprulife.com>
Date: 28 September 2013 13:03
Subject: ICICI Prudential Life Insurance Co. Ltd
To: [protected]@gmail.com
Boxbe ravi.[protected]@iciciprulife.com is not on your Guest List | Approve sender | Approve domain
Dear Mr M.V Nagaraj Perumal,
We refer to your concern pertaining to your ICICI Pru LifeStage Pension Ad (UIN: 105L100V01) Policy number 14069449 held with ICICI Prudential Life Insurance Co. Ltd
We wish to state that the above policy was issued with a Risk Commencement Date (RCD) of June 23, 2010 basis duly signed application form received by the Company along with first premium deposit of Rs.30, 000/- (Rupees Thirty Thousand Only). Accordingly the policy issued with premium paying term and policy term of 10 years as proposed in the application form.
The policy document which was required to be sent to the policy holder was sent at mailing address registered under the policy on June 29, 2010. As per records, the same has been delivered on June 30, 2010 via Blue Dart Courier with Air Way Bill number [protected].
In order to ensure transparency that the product is issued as per policyholder’s choice, we provide the policyholder with a copy of the application/ proposal form along with the policy document. If on receipt of the same, the policy holder is not agreeable to the terms and conditions, he/she has the option to cancel the policy under the free-look i.e. within 15 days from the date of receipt of the policy document as mandated by the Insurance Regulator and Development Authority (IRDA). The same is also mentioned in the policy document delivered to you.
As per our records, we have not received any communication from you regarding cancellation or alteration of your above mentioned policy within the said free-look period, thereby implying that you agreed to the Policy terms and conditions and that the same was in consonance with the said application form.
Further, company has sent you SMS (Short Message Service) on registered mobile number [protected] confirming the policy details such as issuance date, Sum Assured, Premium Amount, Payment Frequency and Premium Due Reminders, however no concern highlighted then, thereby implying that you agreed to the Policy terms and conditions and that the same are in consonance with the said application form.
Further, we wish to inform you that in case the premiums for first three full policy years not been paid and if the policy is not revived within the re-instatement period i.e., two years from the due date of first unpaid premium, then as described in clause 3.2 (i) Continuation of the Policy the policy shall foreclosed and surrender value shall be paid as applicable as on date of policy foreclosure. The clause 3.2 (i) has been reproduced below for your ready reference.
3.2 Continuation of the Policy:
i. Before payment of three full years’ premiums, if you do not pay any premium on the due date or during the grace period, the Life Insurance Cover will cease and mortality charges will not be deducted. The policy administration and fund management charges would continue to be applicable. You may revive the Policy within two years (subject to underwriting, where applicable) from the due date of the first unpaid premium. During this period of two years, you will continue to have the benefit of investment in the Fund and Fund Value will be payable in case of death of the Life Assured. If the Policy is not revived within this period, we will foreclose the policy at the end of the third Policy year or at the end of the revival period (whichever is later) by paying the Surrender Value as applicable.
As per our records, the renewal premiums due since June, 2011 were unpaid and the policy was not revived within the re-instatement period, the policy has been foreclosed on June, 2013 i.e. after completion of re-instatement period. As per policy features, in case 3 full year premiums have not been paid, the surrender Value paid shall be 30% of fund value as on policy surrender/foreclosure.
Accordingly, the payment towards foreclosure amounting to Rs. 3612.03 (Rupees Three Thousand Six Hundred Twelve and Three paisa) was processed via cheque dated June 25, 2013 .As per records, the cheque has been encashed by you on July 3, 2013.
In view of above and in keeping with the policy terms and conditions we are unable to comply with your request for cancellation of your policy and refund of premium amount paid under the same.
As a very special case, we offer you revival of the policy subject to risk assessment. In order to revive the policy, request you to pay the overdue premium of the Rs.90, 000/- (Rupees Ninety Thousand only) along with the foreclosure amount of Rs. 3612.03 /- encashed by you. The overdue amount of the above policy needs to be submitted along with attached foreclosure reversal form and ECS form.
The above mentioned offer shall be available to you until December 27, 2013. You may visit any of your nearest ICICI Prudential branch and submit the requisite document.
Kindly note, that the reversal of the foreclosure of the above policy has been accepted as a very special case. Further the policy cannot be surrendered or assigned at least for a period of one policy year from the time the above policy is revived.
We hope the above clarification address your concern.
For any other assistance in future, please contact us on our customer service helpline number on[protected] or write to us at [protected]@iciciprulife.com
Warm Regards,
Ravi Ranjan
Manager – Customer Relations
Hi Team,
I was informed by Bijayinee Mohanty, Manager – Customer Relations that they will be sending a new set of documents since I haven't received any documents from 2009 on wards. The PIN in my address is wrong and I still haven't got any plan documents. I want my money back since it was ICICI banks responsibility to send me the policy documents and send at least some emails to inform me about the policy details. Even the Net Asset Value (NAV) was not disclosed by the Manager. I guess it will very less than the money that I invested.
I was informed by Bijayinee Mohanty, Manager – Customer Relations that they will be sending a new set of documents since I haven't received any documents from 2009 on wards. The PIN in my address is wrong and I still haven't got any plan documents. I want my money back since it was ICICI banks responsibility to send me the policy documents and send at least some emails to inform me about the policy details. Even the Net Asset Value (NAV) was not disclosed by the Manager. I guess it will very less than the money that I invested.
I got the same mail from Ravi Rajan as posted by NAGARAJ PERUMAL M V on Sep 30, 2013. The only difference is the policy number and amount numnbers.
Dear Mr. Suneeshm,
We regret the inconvenience caused. We understand our representative has contacted you and acknowledged your concern. Please be assured that the concern highlighted by you is currently being reviewed and we shall keep you posted on the further development of the case.
Regards,
ICICI Prudential Life Insurance
We regret the inconvenience caused. We understand our representative has contacted you and acknowledged your concern. Please be assured that the concern highlighted by you is currently being reviewed and we shall keep you posted on the further development of the case.
Regards,
ICICI Prudential Life Insurance
Dear Mr. Suneeshm,
We regret the inconvenience caused. Our representative will get in touch with you in the next 4 hours to assist you with your concern.
We appreciate your patience.
Regards,
ICICI Prudential Life Insurance
We regret the inconvenience caused. Our representative will get in touch with you in the next 4 hours to assist you with your concern.
We appreciate your patience.
Regards,
ICICI Prudential Life Insurance
Dear Mr. Suneeshm,
We wish to inform you that the concern highlighted by you has been reviewed. Accordingly, a communication has been sent to your registered email address with the details of the resolution offered.
In case of any further clarification, please contact us on our Customer Care number[protected] or write to us at [protected]@iciciprulife.com.
Regards,
ICICI Prudential Life Insurance
We wish to inform you that the concern highlighted by you has been reviewed. Accordingly, a communication has been sent to your registered email address with the details of the resolution offered.
In case of any further clarification, please contact us on our Customer Care number[protected] or write to us at [protected]@iciciprulife.com.
Regards,
ICICI Prudential Life Insurance
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We regret the inconvenience caused. We request you to help us with your contact and policy details to assist you .
Alternatively, you may also post your concern along with your policy details on https://onlinelifeinsurance.iciciprulife.com/digital/ipru/GrievanceRedressal.htm...⇄
Request you to quote the reference number 069678 whilst sharing the details. Post receipt of the requirement, our representative will get in touch with you within 48 hours.
Regards,
ICICI Prudential Life Insurance