[Resolved]  ICICI Prudential Life Insurance — ICICI Executives are cheating customers

Dear Sir,

This is to bring to your notice that I have been cheated by ICICI executive. I had gone to the branch to take a close ended Mutual Fund of 3 years to avail tax benefit. The executive, Mr. Deepak Namburu, explained to me that they have a policy which is just like a Mutual Fund wherein I will get good benefit. He showed us an illustration and also mentioned (as in the illustration) that we can change the premium amount the next year if we want. He also clearly said that we have to pay only for 3 years and at the end of 3 years, we will get the full fund value and that there will be no exit load. He filled in the form for me and asked me to sign. After doing this, he gave me a receipt which said Life Stage Pension Policy. When I asked him, he said not to worry, I will get the papers soon and though it says Pension Policy it is not a pension policy.

After I received the policy, I found that whatever Deepak told me was a pot full of lies. There is an exit load of 8 percent if we stop paying after 3 years. I immediatly called Deepak and told him that I have received the wrong policy. He went through the policy and told me that he does not know how they have sent me the wrong policy and that he will get the amendment for it, that I have to pay only for 3 years and there will be no exit load. But till date he has not done so. It is almost time to pay the next premium. When I contact the bank ICICI for help, all they said is that my signature is there on the form and that I have to pay the next premium. I also inquired if I can reduce the premium to Rs. 1 lakh to R.20000, but they say that this cannot be done for this policy. Now I am in a fix and don't know what to do or who to turn for help.

All I know that I have been Royally cheated by ICICI and it's executive. Can anyone offer me some sane advice?

Thanks,
Asra.