Icici Lombard — The amount deducted for cancellation of policy is too much

Address:

Hyderabad

I have paid 48000 for three policies in 30-dec-2019 as part of house loan process where there's three policies are said mandatory. Now the construction is still pending and I don't do t want to buy the property anymore. I did cancelled the loan and asked icici lambord to cancel my policies. They cancelled my policies and refunded 24000 which is half of what I paid to them. The police's are for five years and I cancelled them after 14 months approximately. I have asked them for explanation for the calculation behind policy which refunds only half amount for 14 months. I sent multiple mails to them asking for explanation of the policy and the answer is always it is as per policy

Please do the needful to get my money back. I am a middle class person who is dependent purely on salary and I need the money very necessary to run my family.

Thanks & Regards,
Pavan Bonthu