[Resolved]  ICICI Prudential Lifetime Gold — Life Time Gold - Policy[protected] Conversion to single time payment/premium

Life Time Gold - Policy 09919402

Sub: Life Time Gold - Policy[protected] Conversion to single time payment/premium.

There is problem with my Life Time Gold - policy no. 09919402

1. Policy was issued on 15/09/2008. It was issued by ICICI Bank, Indiranager
Branch, CMH Bangalore. I have already paid 1st premium of Rs.300,000.00

2. Policy was issued by person Laxmi Sharma. She did not explain properly -I
was under impression it is single time payment, so paid Rs.300,000.00.
However after few months came to know every year I need to pay
Rs.300,000.00 for next 2 years. This is huge sum and is absolutely
impossible for me. Laxmi did not even explain about premium allocation
charges.

3. I called up Vinod Naik within 2 months(oct 2008), who was prudential in
charge that time. He assured me it is possible to convert to single time
payment, to raise request during next premium payment which is
15/sep/2009. Compaliants have been raised 5 times.

4. Now when I approached prudential office they say raise this issue through
help line. I cannot pay any money for next premiums. Myself a salary
person and at present quit job due to spinal cord problem.

This kind of improper explanations to customers by ICICI staff at time of buying
policies really puts people like me into hard spot. This reveals darker side of
ICICI to lure people into false investments. We have lost faith in ICICI. People
like us do not understand finance, ICICI staff don't have patience to explain in
detail about policy.

I need ICICI to convert this policy to single premium with no insurance cover and
premium allocation charges, otherwise refund my hard earned money.

In case ICICI do not comply this, my only alternative is to escalate this issue to
Banking Ombudsman, CEO of ICICI and publish about corruptness of
prudential in media.