[Resolved]  ICICI Prudential Life Insurance Co. Ltd. — policy redemption/ termination

Address:

Hyderabad, Andhra Pradesh

From: Subramanyam.[protected]@relianceada.com
Date: Fri, 1 Jun 2012 12:37:56 +0530
Subject: termination of pension policy no.00086830
To: [protected]@iciciprulife.com
Cc: ravinder.[protected]@iciciprulife.com, mani.[protected]@gmail.com

Dear Sirs,

With reference to the above policy termination and surrender I wish to
inform you as under :

1. I have approached your local ICICI Pru Insurance co. office in Banjara
Hills, Hyd during 1st/ 2nd week of March''12. and enquired regarding
redemption of deferred pension RP policy no. 00086830 at customer care
/ front office desk.

2. I was informed by your customer care executive in the front office that
all the payments due on the policy for 10 years has been paid by me
and that I can either surrender the policy or opt for monthly pension
amount of around Rs. 3000/-. I was told that I will get a lumsum payment
of around Rs.115000/- if I do not wish to opt for monthly pension
payment.

3. I was told that I have to opt for whatever option before 31.03.2012
otherwise it will be converted into monthly pension payment type.

4. As per the policy the due date for last premium payment is 05.03.2014
and the vesting date is 5.03.2015

5.Here I find that I was not given proper communication and advice /
guidance on the benefits in continuing the policy upto the maturity date.

6. Since I did not want to have a monthly pension of a meager amount of
Rs. 3000/- p.m. I have opted for lump sum payment and accordingly
submitted the policy documents for redemption on the advice of your cc
executive and I was told that I will get a ECS credit to my Bank
account in 10 days time.

7. I did not get any retention call from your retention team explaining
the maturity benefits I would get if I continue and an amount of around
Rs. 115000/- was credited to my account after 10-12 days.

8. I have changed my residence during Sept'' 2012 and incidentally I have
traced out a letter dt. 23.09.2009 ( scanned copy sent here) and
noted the benefits explained therein which I would have got on
maturity. Surprisingly these details were not explained to me during my
interaction with your customer care executive at the time of my
submission of the policy for redemption either deliberately or the
executive
was not aware of the information.

9. Here there is gross negligence indifferent attitude on the part of the
executive in suppressing the facts and information about policy maturity
benefits and not briefing a long standing customer like me who is
also a privileged customer of ICICI Bank and who has been regularly
investing in various schemes of ICICI mutual funds and life policies.

10.Currently I am also holding the following additional policies for your
information:

1. Policy no. 03618692 Smart Kid- new unit linked RP - sum Assured
Rs. 250,000/-

2. Policy no. 11621713 Life stage pension Premium Rs. 25000/- p.a.

11. I have met Mr. K.Ravinder Kumar, customer Services Manager- Priority
Circle, ICICI Prudential Life Insuarance co. ltd., Hyderabad last
week of April''12 after I traced out the above letter ( copy enclosed
) and explained him all the above facts and he is also of the opinion that
I was wrongly informed.

12. I could not revert to you immediately on the subject and represent my
case as I was sick for about 10 days and was pre occupied with
my official tours later.

In the light of above now I request you to restore me the policy
continuation benefits as I was wrongly informed and coerced to submit my
policy for pre- mature surrender/ termination.

Iam not a fool or to miss the substantial benefits I would be
getting in case of maturity if properly explained during my visit to your
local offices and during the retention call which was not done at all. I
was not paid the guaranteed additions and bonus as explained in the letter
dt. 23.09.2009 which was misplaced and not noticed by me. This information
of guaranteed additions and bonus was also not disclosed to me during my
interaction with your CC executive.

Had I seen this letter before surrender of the policy I would have never
opted for the pre-mature surrender / redemption.

Iam sending herewith the scanned copies of the letter and my policy
document.

My mobile is registered with you as [protected].


I now humbly request you to restore me the benefits and the loss I have
incurred without my mistake and knowledge failing which I would have to
resort to necessary steps to get justice.

Pl. revert urgently on this.




Thanking you


Best Regards.

CA. K.Subramanyam

AGM & Business Commercial Head- AP
Reliance communications Ltd
5 th Floor, '' Reliance ADA House ''
Plot No. 38, Phase II , Hitech city
Madhapur
Hyderabad 500 019
Andhra Pradesh
Mobile : [protected]
LL:[protected]


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