[Resolved]  ICICI Prudential Life Insurance — Mis selling of policy

icici prudential/ insurance — miss selling of plan

Dear Sir,

May I bring your kind notice towards my pitiable condition caused by an Insurance policy which I availed from ICICI Prudential, ( Policy No. 10779693 Premium Rs.40000/-). Actually I took a policy of ICICI Prudential in Dec-2008 from the agent; he told me that its premium will be single premium. So I agreed and gave premium by cheque. But I did not receive my concerned policy Bond. Then after 15 days I went to the branch to get my policy bond, I was told that my bond was returned from my home, which is not possible as my mobile no is clearly mentioned on the bond and every time my family members are available at my home and I was told that my bond had been received by any employee of the office. I never gave authority to anyone to receive my bond and I was not given any information in this regard. Then they gave me policy bond. When I read the term & conditions of the policy bond, I come to know that it was not the single premium policy but rather it was a regular premium policy (Rs.40000/- per year of the policy term). When I told them about it and requested them to cancel the policy, they told me that the policy that the time was over from its cancellation. But I told them that I was receiving the bond the same day, they were insisting the bond was received earlier so the policy could not be cancelled. I also requested to give bond receiving of the same day; they refused to give receiving also. On my complain assuring that my matter would be solved from head-office but I was not given any complain no. and they told me to wait for fifteen days to solve the problem, then they demanded more ten days even then my problem could not be solved. Now three months have been passed and no response has come yet.
I therefore, request you to look into this matter and relieve me from this problem.

Thanking you

Yours truly,
Date:-


Rajkumar Prajapati
Mo. [protected]
Lucknow.

ICICI Prudential — ICICI Prudential Policies

I got two ICICI prudential policies(Life Gold) to a sum of 2.6 Lakhs as premium. When i got the policy, the way they told me was, "Even during recession we produced 16 % profit for clients and we have an average of 24 % profit".

My current fund value is at a loss of 45,000 Rupees !!! I learned that in the first year, they deduct 18 % as some service charge. I called up the customer support and they said it has a lock in period of 4 years and i cant touch it. The worse part is they said i have definitely pay the premium every year. It seems the second year they deduct 10 % of my premium. At the end of first year, the fund profit is 2 % !!! but they deduct 18 % so an effective 16% loss !!

Even a fixed deposit fetches me 9 % interest and even that gives me an opportunity to withdraw any time. 4 years of lock in period with compulsory premium payments of 2.6 Lakhs and each year producing more loss, they got to be kidding me.

All that i want is to accept the current loss and withdraw my funds at current fund value and walk out but I am unable to. I hate this rip off but i am unable to do anything about it. My email is [protected]@gmail.com Please let me know what i can do.

Dear Policy Holder(Bharatesh),

We are sorry to hear your concern. 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 Policy Holder(Bharatesh),

We understand our representative has contacted you and resolved your concern to your satisfaction. Accordingly, a communication has been sent to your registered email address. Is there anything else we may assist you with?

In case of any clarification, please contact us on our Customer Care number[protected] or write to us at [protected]@iciciprulife.com.

Regards,
ICICI Prudential Life Insurance