[Resolved]  Prudential ICICI life Insurance Policy No. 08942259 — Allotted wrong plan

Sub: Prudential ICICI Life Insurance POLICY NO 08942259
Complain Ref.No.17973604
Cheated by ICICI representatives Mr.Rajat Johri and Mr. Amit Sharma
While filling the form and allotted me yearly premium plan having yearly premium
Premium of Rs.70, 000/- for 10 years instead of One time investment.
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Sir,

I am a senior citizen of more than 70 years old became a victim of two representatives of Prudential ICICI Life Insurance Co. Ltd. Mr. Rajat Johri and Mr.Amit
Sharma who have also cheated many other customers of Bank of India. They cheated me while filling the application form and allotted me yearly plan instead of One time plan for their own benefit.

I would like to put my grievances before you with an expectation to get justice.

Sir, I am a retired senior citizen of 70 plus. My monthly income is hardly Rs.4000/- and that also from my investment in fixed deposits with nationalized banks.

I had a matured fixed deposit receipt of Rs.70000/- of Bank of India, Jacob Circle Braanch, Mumbai 400011. I approached the concerned Bank Officer Mr.Adam E Shaikh
(Who later transferred from the branch to Cumbala Hill Branch) and requested him to renew the said fixed deposit receipt. Mr. Adam Shaikh was then Incharge of fixed deposit department of Bank of India, Jacob Circle Branch. Unfortunately during those days there was a tie up of Bank of India with Prudential ICICI Insurance company and Bank’s staff were marketing for ICICI products. Mr. Adam Shaikh convinced me to allow them to transfer my F.D proceeds to Prudential ICICI Insurance One time Plan.He introduced me to ICICI representatives Mr.Rajat Johri and Mr. Amit Sharma. They assured me that they will directly transfer my F.D proceeds to One Time Investment of Prudential ICICI Insuracne plan and assured me that I would be much benefited. I confirmed from both Mr.Adam Shaikh and representatives of Prudential ICICI that whether it was an one time Investment as I could not afford regular investment as I am retired and having very low income from my investment. They assured me and took my signatures on blank Prudential ICICI application form. I relied on them as they were on their responsible chairs. But they cheated me while filling my application form and allotted me an Insurance Plan not covering the risk having premium of Rs.70000/-pa for 10 years which I could not afford at all as I have a poor monthly income. The Company dispatched me a policy but unfortunately that time I was at my native place and I returned only after 6 months and shocked to see the policy as it was a plan having yearly premium of Rs.70000/- for 10 years.

A seventy plus person will never buy a plan of 10 years and that also without covering risk having such a huge premium.

I immidiately approached the Bank of India and spoak to Mr Adam Shaikh who assured me that it was indeed a mistake deliberately done by Mr.Rajat Johri and Amit Sharma for their own benefit and also told me that there are number of customers of Bank of India who were victims of these persons. He and then Bank Manager assured me that their bank will solve my problem as I was invested in said plan on the request of bank’s staff.They assured me that they will manage to convert my yearly plan to One time investment plan. They took an application from me and requested me to come back after 15 days. Unfortunatly during this period both Manager and Mr Adam Shaikh transferred from the Branch and Bank’s tie up with Insurcance Company also ended. Since then I am visiting pillar to post but getting no response. Neither bank nor Insurance company is solving my problem. Even Prudential ICICI Insurance company has issued me a letter of decline and denied my request of conversion of existing plan to One time Investment plan.

Sir, it is a mandatory for Insurance Company to get Income proof from his customers while allotting such a big premium plan but they never did ask for income proof from me.
Secondly a 70 plus person having poor income will never get such a big premium plan for 10 years and that also without covering the risk. It proves that ICICI staff had cheated me for their own benefit.

Sir, I beg for justice. Please do some thing for me considering my age. For your ready reference I mention below Address and mobile number of Mr.Adam E Shaikh who is witness in my case.

Mr. Adam E Shaikh, (Relation Manager, Bank of India, Cumballa Hill Branch)
Res.Address: B/15 Vaishali Nagar Coop.Hsg.Scty., S.V.Road, Jogeshwari(W),
Mumbai 400102. MOBILE NO. [protected].

Mobile No. of Mr. Amit Sharma (Prudential ICICI Life Insurance staff) [protected].
Thanking you, Yours faithfully,

E