[Resolved]  Icici Lombard — surrender value of insurance policies taken in respect of housing loan

Address:

H.NO.L-15, SRINIWASPURI, NEW DELHI, New Delhi, Delhi, 110065

Sir/mam
The complaint is in respect of surrender of 2 insurance policies which were earlier taken at the time of taking housing loan from icici bank.
I repaid the housing loan from the icici bank and accordingly was issued a no objection letter (Noc) from the icici bank dtd. 09.07.2019 that the loan has been repaid by me and there are no further dues outstanding.

On 23.07.2019, i officially communicated to icici lombard that as the loan has been repaid in full my 2 insurance policies be surrendered after informing me of the surrender value that i will realize after the surrender of both the policies.

After a lot of follow up mr. Mohammad aftab khan, sales manager, banc faridabad office, i finally got the surrender value from him on 07.08.2019 as per details below:
Policy no surrender value
4148/gsg/[protected]/00/000 1, 22, 112
4118/icicisy/[protected]/00/000 41, 378
Total 1, 63, 490
Though, the value realized was very less compared to the policy premium paid, but as it was not required, i had no option but to surrender it.

Again after a lot of follow up mr. Mohammad aftab khan, sales manager, banc faridabad office, i finally realized the amount on 12.09.2019 amounting to rs.96, 171 in my bank account as against the stipulated amount of rs.1, 63, 490, resulting in short payment receipt of rs.18, 935.
Immediately (12.09.2019), i brought the shocking fact to the notice of mr. Mohammad aftab khan, sales manager, banc faridabad office and asked him to expedite the reason of this short payment. He confirmed me that the icici lomabard wants a proof of the short payment received and accordingly on 16.10.2019 i provided him the copy of my bank statement reflecting the amount received.
Since then, despite lot of followup, i have not till date able to realize my short payment of rs.18, 935.
Request your kind help and co-operation in getting the short payment