[Resolved] ICICI Prudential — Cheated by ICICI Prudential | |||
I have taken a policy under ‘ICICI Prudential Assure Wealth – Plus’ from one of ICICIC's brokerage firms Netambit ValueFirst Services. The premium amount is Rs 50,000 and the sum assured is Rs 5,00,000. The agent from Netambit mislead me with regards to the policy features. Many of the things he told me are not mentioned in the policy document. I have tried to clarify the terms & conditions of the policy multiple times with the agent, as well as ICICI customer care; but did not receive any satisfactory explanation. The agent told me that apart from the terms mentioned in the policy document, there are some special privileges given to me as my premium amount is high. But none of those ‘privileges’ are in writing, so it is hard to believe them. Some of the points mentioned by the agent are below: • I was told that the policy attracts nominal charges. But from the policy document it is clear that the first premium is deducted completely as premium allocation charge. This means that the surrender value after 3 years is approx Rs 1,00,000, against the Rs 1,50,000 that I will pay as premiums i.e. a loss of Rs 50,000. Additionally, there are fund management charges and policy administration charges which I was not informed of. The agent assured me that the total annual charges would be between Rs 300-400, but the charges come out to be more than Rs 2000 per year (second year onwards) and Rs 50,000 for the first year. • I was not informed that the Guaranteed Addition (GA) amount would be accrued only from the 15th year onwards. And that I would need to pay 7 full premiums, otherwise the GA would not be paid. Overall, I am very dissatisfied with the policy and feel that I have been cheated and deceived. Vani Mittal Policy # 13596455 Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
 6 Comments | |||
Comments
I had a similar experience with ICICI - the branch in Jayanagar, 3rd Block, Bangalore. Mr. Ravi Ranjan and Preeti told me that we would be investing in mutual funds, not in a life insurance program. They specifically stated that the fees would be 0.9% and 1.35%. What they failed to mention was that 0.9% was monthly and at the end of the 5 years (during which time I could not withdraw the funds), I would have lost 55% of my investment to this fee alone. Luckily, I had a cousin who had some knowledge of this program and I called to cancel this investment. They took advantage of the fact that we wanted to invest in India, that we were in a hurry and returning back to the US in a couple of days. I was quite distraught at my own idiocy and dismayed that a reputed bank would scam its customers in this way.
Reply
To,
The Manager
ICICI PRUDENTIAL LIFE INSURANCE
Sub- Complain regarding problems in policy
Dear Sir,
This is to inform you that me , Miss Moutushi Ghosh, has done a policy( Policy Name- LIFESTAGE ASSURE) ( Policy No[protected] on 21/11/2008 for which I paid a premium of Rs20000 yearly on 21/11/2008 through an agent of ICICI Prudential. Now the 2nd premium of this policy was due on 21/11/2009. But at the time of paying my 2nd premium , two executives from ICICI Prudential named Sarbani Guha ( Mob No-[protected]) and Ria ( Mob No-[protected]) contacted me and told that they belong to the Fund Management department. They informed me that there is a new policy with better lucrative benefits than the earlier one which I did and advised me to change from the earlier policy which I did to this new policy. Also they told me that the premium of Rs20,000 which I paid in Nov, 2008 for policy No10447666 will be transferred to this new policy. So as per their advise I again made a new policy with ICICI PRUDENTIAL ( Policy No[protected] Policy name-ICICI PRU Assured Life UIN105L093V01) on 05/11/2009. I paid a premium of Rs 20,000 for the Policy No[protected] on 05/11/2009. After this there was verbal communication from Sarbani Guha & Ria that the earlier policy No[protected] has been linked up with the New policy No[protected].
Now on 06/07/2010 I get a call from ICICI Prudential Customer Centre ( Mob No-[protected]) and they told me that they have got a call from ICICI PRU Mumbai Head office regarding Non Payment of premium for the policy No[protected]. They also give me a contact No( Avisek Kumar Jain-[protected]) to get directly associated with the Mumbai Office. Once I narrate the entire incident to Mr.Avisek kumar Jain, he told me that I was cheated by the agent of ICICI Prudential . He told me to give a complain letter regarding all these incidents to the agent send by avisek Kumar Jain. Avisek Kumar jain also assured me that I will get back the entire fund value of the earlier two policies ( Rs 24560 for Policy No[protected] & ( Rs 26700 for Policy no[protected] the total of which was coming to Rs 51 260 . Avisek Kumar Jain give us a complain form where I filled up the bank details of mine . But he insisted me that since company will return back all the fund amount related to the earlier two policies and there will be no profit for the company , thus this can only be done if I make another new policy for a minimum of 3 years tenure. So according to Mr. Jain , I did another new policy ( name-ICICI PRU assured wealth policy no[protected] on 06/07/2010 and paid a premium of Rs 20,000 for the same. I was assured by Mr.Jain that I will receive the amount of Rs 51260 within 40 days from 06/07/2010. In the mean time I got a SMS from the no-[protected] operation department of ICICI Prudential that my refund value of Rs 51260 has been approved with my bank details. In that SMS , it was also mentioned that for any queries pls contact ICICI PRUDENTIAIL pro officer Mr.A.K.Jain. Now when I got the document of the last policy ( Policy No[protected] I found that this policy has been made in the name of the nominee Mr.Mainak Basu with his signature been forfeited and all other information’s provided in the Policy wrong. Then I informed Mr.Jain regarding the same and returned back the policy Kit to ICICI PRU representatives send by Mr Jain. I also gave a complain letter regarding the same along with the document kit. But till 01/10/2010 , I didn’t get the refumd amount of Rs 51260 and the document kit for the policy No[protected]. Also Mr. A.K.Jain cannot be contacted further on His no.
So based on the above incidents, I personally Visited the branch office of ICICI PRUDENTIAL at Prince Anwar Shah road and briefed the officer Mr. Kalyan Roy ( Customer Care ) who advised me to give a complain letter for the same to him.
I will be highly obliged if you look on this issue and give us a proper solution so as to get back my refund value of Rs 51260 and continuation of my Policy No[protected]
This is also to inform you that my next premium for the 2nd t Policy No[protected] is due on Nov,2010 and before that I want to get resolved all these policy issues and my refund value as it is not financially possible to continue all these 3 policies.
Thanking You
Moutushi Ghosh
The Manager
ICICI PRUDENTIAL LIFE INSURANCE
Sub- Complain regarding problems in policy
Dear Sir,
This is to inform you that me , Miss Moutushi Ghosh, has done a policy( Policy Name- LIFESTAGE ASSURE) ( Policy No[protected] on 21/11/2008 for which I paid a premium of Rs20000 yearly on 21/11/2008 through an agent of ICICI Prudential. Now the 2nd premium of this policy was due on 21/11/2009. But at the time of paying my 2nd premium , two executives from ICICI Prudential named Sarbani Guha ( Mob No-[protected]) and Ria ( Mob No-[protected]) contacted me and told that they belong to the Fund Management department. They informed me that there is a new policy with better lucrative benefits than the earlier one which I did and advised me to change from the earlier policy which I did to this new policy. Also they told me that the premium of Rs20,000 which I paid in Nov, 2008 for policy No10447666 will be transferred to this new policy. So as per their advise I again made a new policy with ICICI PRUDENTIAL ( Policy No[protected] Policy name-ICICI PRU Assured Life UIN105L093V01) on 05/11/2009. I paid a premium of Rs 20,000 for the Policy No[protected] on 05/11/2009. After this there was verbal communication from Sarbani Guha & Ria that the earlier policy No[protected] has been linked up with the New policy No[protected].
Now on 06/07/2010 I get a call from ICICI Prudential Customer Centre ( Mob No-[protected]) and they told me that they have got a call from ICICI PRU Mumbai Head office regarding Non Payment of premium for the policy No[protected]. They also give me a contact No( Avisek Kumar Jain-[protected]) to get directly associated with the Mumbai Office. Once I narrate the entire incident to Mr.Avisek kumar Jain, he told me that I was cheated by the agent of ICICI Prudential . He told me to give a complain letter regarding all these incidents to the agent send by avisek Kumar Jain. Avisek Kumar jain also assured me that I will get back the entire fund value of the earlier two policies ( Rs 24560 for Policy No[protected] & ( Rs 26700 for Policy no[protected] the total of which was coming to Rs 51 260 . Avisek Kumar Jain give us a complain form where I filled up the bank details of mine . But he insisted me that since company will return back all the fund amount related to the earlier two policies and there will be no profit for the company , thus this can only be done if I make another new policy for a minimum of 3 years tenure. So according to Mr. Jain , I did another new policy ( name-ICICI PRU assured wealth policy no[protected] on 06/07/2010 and paid a premium of Rs 20,000 for the same. I was assured by Mr.Jain that I will receive the amount of Rs 51260 within 40 days from 06/07/2010. In the mean time I got a SMS from the no-[protected] operation department of ICICI Prudential that my refund value of Rs 51260 has been approved with my bank details. In that SMS , it was also mentioned that for any queries pls contact ICICI PRUDENTIAIL pro officer Mr.A.K.Jain. Now when I got the document of the last policy ( Policy No[protected] I found that this policy has been made in the name of the nominee Mr.Mainak Basu with his signature been forfeited and all other information’s provided in the Policy wrong. Then I informed Mr.Jain regarding the same and returned back the policy Kit to ICICI PRU representatives send by Mr Jain. I also gave a complain letter regarding the same along with the document kit. But till 01/10/2010 , I didn’t get the refumd amount of Rs 51260 and the document kit for the policy No[protected]. Also Mr. A.K.Jain cannot be contacted further on His no.
So based on the above incidents, I personally Visited the branch office of ICICI PRUDENTIAL at Prince Anwar Shah road and briefed the officer Mr. Kalyan Roy ( Customer Care ) who advised me to give a complain letter for the same to him.
I will be highly obliged if you look on this issue and give us a proper solution so as to get back my refund value of Rs 51260 and continuation of my Policy No[protected]
This is also to inform you that my next premium for the 2nd t Policy No[protected] is due on Nov,2010 and before that I want to get resolved all these policy issues and my refund value as it is not financially possible to continue all these 3 policies.
Thanking You
Moutushi Ghosh
ICICI Prudential — ICICI Prudential Cheated me
I got multiple call from icici prudential regarding my old policy are going in loss, take new policy and move old to dead account. In New policy i can withdraw money after 7 Yr. But in the policy document[protected] which i got for new policy i can withdraw money only after 15 yr and my old policy not move to dead account. They have cheated me by passing wrong information to me.Now when i want to cancel this policy, they are saying go to branch and money will be deducted.
Hi,
ICICI Prudential Insurance agents are cheaters. When I went to ICICI Direct branch in Abhimanashree Society to submit KYC documents for my demat account, there was this person (Mayur Kabra - [protected]) who claimed to be an employee (which I believed then but I doubt now). He told me that there is a very good investment opportunity and explained all false promises as below:
1. You have to pay Rs. 50, 000/- only once.
2. After 5 years of mandated period, I will get a good money back depending on returns from market.
3. I asked if this is a mutual fund, but he said, it is a bit different than mutual fund and they do invest in Gold and others in addition to shares.
4. I did not get any letter / welcome kit from ICICI Prudential.
5. I went to the same branch after some days and gave him my name and number and he gave me a print out of policy. That is when i realized it is a Insurance policy.
6. I tried to attach the policy to my icici account. It took around 25 days to get it linked.
7. That is when I saw online that my next premium for Rs. 50, 000/- is pending. I was not told at all that I will have to pay the amount every year.
8. I called customer care and he asked me to go to branch and cancel the policy. He also submitted a request for welcome kit.
9. But when I read these complaints from other people, I realize I have done a BIG BIG mistake. I am not sure if I would get my money back.
Please do not take any product from ICICI . it seems they are all cheaters waiting there to gulp your money. Bad part is, when I called helpdesk, I realized he had updated my address, phone number and email id all wrong. This must be intentional to not let me know that I have been cheated by ICICI Prudential. I never received any email or kit. PLease do not take any product from ICICI agents. It seems they have a nexus in ICICI Direct branches and sell their products faking as ICICI Direct agents.
Policy No: 16882676
I request ICICI Prudential to cancel my policy and return me money. This is my hard earned money. You cannot grow cheating people and gulping their money. You should face a strong action or lawsuit against you and your agents.
I really do not know what training ICICI gives to its agents - to cheat them or what?
ICICI Prudential Insurance agents are cheaters. When I went to ICICI Direct branch in Abhimanashree Society to submit KYC documents for my demat account, there was this person (Mayur Kabra - [protected]) who claimed to be an employee (which I believed then but I doubt now). He told me that there is a very good investment opportunity and explained all false promises as below:
1. You have to pay Rs. 50, 000/- only once.
2. After 5 years of mandated period, I will get a good money back depending on returns from market.
3. I asked if this is a mutual fund, but he said, it is a bit different than mutual fund and they do invest in Gold and others in addition to shares.
4. I did not get any letter / welcome kit from ICICI Prudential.
5. I went to the same branch after some days and gave him my name and number and he gave me a print out of policy. That is when i realized it is a Insurance policy.
6. I tried to attach the policy to my icici account. It took around 25 days to get it linked.
7. That is when I saw online that my next premium for Rs. 50, 000/- is pending. I was not told at all that I will have to pay the amount every year.
8. I called customer care and he asked me to go to branch and cancel the policy. He also submitted a request for welcome kit.
9. But when I read these complaints from other people, I realize I have done a BIG BIG mistake. I am not sure if I would get my money back.
Please do not take any product from ICICI . it seems they are all cheaters waiting there to gulp your money. Bad part is, when I called helpdesk, I realized he had updated my address, phone number and email id all wrong. This must be intentional to not let me know that I have been cheated by ICICI Prudential. I never received any email or kit. PLease do not take any product from ICICI agents. It seems they have a nexus in ICICI Direct branches and sell their products faking as ICICI Direct agents.
Policy No: 16882676
I request ICICI Prudential to cancel my policy and return me money. This is my hard earned money. You cannot grow cheating people and gulping their money. You should face a strong action or lawsuit against you and your agents.
I really do not know what training ICICI gives to its agents - to cheat them or what?
Dear Sir(Rahul),
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 Sir(Rahul),
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
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
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