ICICI Prudential Life Insurance Complaints & Reviews

Hi,

I have taken a Policy for my two kids thinking about saving some amount for their future. I am a priveleged customer for ICICI bank and when I went to ICICI bank branch for depositing some cash in my account, the counter staff and marketing guy canvassed about investing in ICICI prudential for the welfare of my kids. As shown in one of the TV program advertisement, they said about the positive things on policy and they didnt tell that i have to pay the premium continuously for three years otherwise i will get back only the 30% of fund value. I was aware of this only when i raised request for taking back my money after two years.

I have taken policy (ICICI Pru Smartkid maxima) no. 13586109 for premium Rs 15,000 per year in my name (P Senthilkumar) and my younger son Abhinesh.
I have taken another one same policy[protected] for premium Rs 15,000 per year in my wife's name S priya and my elder son Guruprasad. I paid first premium in 1 Jun 2010.

When i checked the fund value after two years, it was less than what i have invested and I thought of taking the amount back. I raised a request in ICICI prudential to refund my policy amount. The fund value for 13586109 is Rs. 26842 in Jan 2013 but the ICICI pru staff told me that they will refund only 30% of it which is not fair at all when my investment is showing as 26843 in their website. fund value for 13586104 is Rs 27,243 on Jan 22, 2013. attached the screenshots from ICICI prudential website for the same

For God's sake, please dont invest in ICICI prudential and give the money which u saved by cutting down so much o[censored]r expenses to a cheating company like this. It is better to donate it to some orphanage which will give atleast 30% o[censored]r income tax savings.

If the fund value is showing as 26,842, I should get the same ...how come the company can come out with this kind of condition to eat out my money. It is like culprits stealing the money belonging to yours without your knowledge.

with Hurted Heart
Senthil

Sir/Madam,

An exemplary case of mis-selling & duping through serving falsehood by the executives of ICICI Prudential is brought to your kind notice for taking necessary action.

The facts of the case in brief are that I and my wife (senior citizens) were holding two different policies with ICICI Prudential. We were told by ICICI Prudential executives that both these policies were not performing well and if we go in for another policy worth Rs. 50,000/-, we would get a bonus and enhanced sum value on the earlier existing policies in 2013. I never intended to buy any fresh policy but was induced, rather compelled to go in for the above said new policy of Rs. 50,000/- premium per year. Blank forms were given to us and we were made to sign the blank forms without anything filled in. No terms and conditions and other details of he policy were told or explained to us.

We were told that an RGF would be opened for us. Believing the employees of the company in good faith, I reluctantly paid a cheque of Rs. 50,000/- and was told that the policy document would follow. We received the policy document after some days and immediately on receipt of these papers, the same were taken away from us on the pretext of calculating bonus etc. on the old two policies. After keeping the documents with them for more than a month, the same was returned to us without any correction/RGF. We got suspicious and enquired from a local branch and to our shock, we came to know that no such scheme existed and we were duped by the falsehood of the employees.

I am in a state of deep shock and repentance on account of this fraudulent sale of the policy by the company. I never expected this type of behavior and attitude from the employees of a reputed company such as ICICI Prudential. I lodged a complaint at the company’s branch office on 09th November 2012 and subsequently but no positive reply has been received from them.

I am in a state of mental agony and trauma for this mis-sale of the above policy and request you to kindly use your good office for the cancellation of this policy. The entire sale of the policy is based on deception from the very beginning, therefore is illegal, unenforceable and void ab initio.

I look forward to your reply and hope of a positive action from your office in cancelling the above mentioned policy mis-sold to me.

Thanking You,
Hari Chand Saluja
(Proposer of Policy No.[protected]
Phone: +91 [protected],[protected]

Sir, after my first complaint via your forum the company employee commited to me for shifting my funds from ordinary funds to govt funds and they will send post with details of removing agent contribution from my policy as well fund shifting but still they not taken any action against the commitment and sending messges to me your policy will lapse in nest 5 days . now sir what i can do this is really from this company i need to withdraw my money imidiate coz i will not trust this type of companies.
sir please help me....


thanks


s.shinde
[protected]

dear sir
i have not receved premium policy recept till date ,my policy num is 03461215.

We having complaint against ICICI Prudential Company ltd. We owned 2 policy with this company. on the name of
Name Policy No.
1) Krunal Kanakbhai Raichura 10703714
2) Khyati Krunalbhai Raichura 10690107

Above 2 policy cannot be surrender unless and until you personally visit company office for the signature. as such we are not able to to visit office anyhow.

Meanwhile, at the time of policy issue we didn't told about the policy that we have to visit company office at the time of surrender. They fraud with us and cheat us to get policies.

Now they are asking us to visit at office and then only policy can surrender.

Please help in this matter.

Dear Sir/Madam,
I am Ranjay Kumar and my Emp. no. is 599538.I have resined on 31st May 2012 an i have appied PF withdrawal form on 26th November 2012 and i have recieved a mail from HR dept "Your form recieved on 29th November 2012 and your PF will be credit within 21 days". But today is 22nd December 2012 and my PF not recieved till Date.I have many times sended mail and call on HR helpdesk but nobody give the right reply.Every time they told me , your form process.
Kindly help me.

Thanks & Regds
Ranjay Kumar
Emp. no-599538
Mob-[protected]

Dear Sir,

We have an ICICI Policy No. 10703714 as name Krunal K Raichura and Policy No. 10690107 as name Khyati K Raichura we have both policy since Dec-2008 and now we have to surrender both policy but they refuse to accept at time of policy they don't tell us that policy holder have to come personally at there branch, so we request to please help us in this matter

Thanking You,

Krunal Raichura
[protected]

I visited ICICI Bank for getting a FD for Tax benefits on 17/12/2012. The executive there are very eager to sell ICICI Prudential Policies to anyone that comes for Tax saving needs and they coax you and give you false information about the policies to make you buy one. The same happened to me too. I applied for the policy there and when I checked the policy documents online later, I found several clause that differed from what was promised to me. Though it was my mistake to sign anything before I read complete document, I however realized this and on next day i.e. 18/12/2012, I checked status of my application on their tracker. It was still under Proposal status. I called up customer care to get my application cancelled and refund me the money. Instead, customer care executive told me to write an email to make my request for cancellation. I immediately wrote up an email and got response within one hour that my request has been received. I was at peace that now I could get my money back. But the next day on 19/12/2012, I again checked if the status showed cancelled or not, and was surprised to find that the status has changed to "in force" in spite of my request for cancellation, I wrote an email to customer care again stating the matter and I received reply that policy has been generated and when I receive the documents, I have 15 days to run to nearest branch to get it cancelled after deduction of certain charges. What the hell!! what was the result of my telling them to cancel the policy when it was still not processed?? Totally freaked up now and getting harassed to get my own money back. This is very unprofessional attitude of ICICI Prudential and has left me very unsatisfied. I am pasting the email communication below for more insight into the matter.
[protected][protected][protected][protected][protected][protected][protected][pr...⇄
From: Javed Alam
Date: 19 December 2012 13:01:16 GMT+05:30
To: "ICICI Prudential Life Insurance Co. Ltd" <[protected]@iciciprulife.com>, [protected]@iciciprulife.com
Subject: Re: Cancellation of application for policy OL00456332 Call ID # 53139270
Hello

This is just ridiculus! I had requested you not to generate my policy and you did just the opposite. If you would check your records, my request to cancel the policy came to you when the application was still in proposal phase. But you took no action and let the policy to come in effect. Now you want me to wait for the document and then run around your offices to get it cancelled.

Definitely this is going to leave me as a very unsatisfied customer. When it is time for you to get money, you act super speedy and when customer is asking for something then you just relax and let customer run around to get his own money back.

Nice work you guys are doing!

Javed.

On 19-Dec-2012, at 11:42, "ICICI Prudential Life Insurance Co. Ltd" <[protected]@iciciprulife.com> wrote:
Dear Mr. Javed Alam,

We appreciate your time and patience.

We refer to your email dated 18th December, 2012.
This is with reference to your request pertaining to policy cancellation and refund for application number OL00456332.

We wish to inform you that the application number OL00456332 has been processed and a ICICI Pru Wealth Builder 17266786 has been issued on 18th December, 2012.

The policy documents will be dispatched to your registered mailing address mentioned below by 23rd December, 2012:

FLAT ...,BLOCK....,
...................,,
KOLKATA
West Bengal- 700132

Further , The policy holder is provided with the flexibility to review the policy terms and conditions, under the Free Look period (15 days from the date the policy document has been received by the policy holder).

*Refer the policy document for details on applicable freelook period

In order to cancel your policy, kindly submit the below mentioned documents at the nearest ICICI Prudential branch :

1. Duly filled Payout form,
2. A copy of self attested photo id.
3. Original policy certificate
4. A duly signed cancelled cheque of the account where you want the freelook amount to be credit.

Please note that the documents to be submitted by the Owner of the policy or any of his blood relative. In case of documents submitted by blood relative, the same needs to be authorized by the owner on a letter or the format available with the company.

To locate the nearest ICICI Prudential branch, kindly visit our website http://www.iciciprulife.com/ and click on branch locator.

You may locate the nearest branch by clicking on the branch locator link under "I want to get in touch" on our ICICI Prudential website home page: http://203.27.235.9/public/default.htm

Following is the list of documents that can be collected as valid KYC documents:

Passport
PAN Card
Voter''s Identity Card
Driving License
Ration card with photo
Once the said documents are received by us, your request will be processed within 6 days along with the payout TAT as per the mode chosen by you.

Disbursal TAT’s are as below:
? Direct Credit: 1 working day
? NEFT [less then 2 lakh]: 2 working days
? NEFT [greater then equal to 2 lakh]: 1 working days
? ECS: Minimum 7 working days
? Cheque: 7 days from date of dispatch
? Credit Card: 7 working days
? Web Reversal [EFT]: 10 working days

If the policy is cancelled within the freelook period, following deductions are made before refund of the first premium deposit:

1. Stamp duty charges
2. Unit fluctuations: Since Net Asset Value (NAV) is subject to fluctuation depending upon market performance, units will be repurchased by us at the unit value determined on the Valuation Date. For the purpose of NA V calculation, applicable day would be receipt of FL request

The fluctuation in the NAV will be borne by the policy which will be adjusted from the first premium refund that will be paid.

Please contact us for further clarifications, if any.

***Customer Alert*** : E-Statements at a Single Click...!! Click on below link :
https://www.iciciprulife.com/customer/ppcdetailsprelogin.jsp
With this you can now get your Premium Paid Certificate (to file your tax returns), Premium Receipt and Premium Notice at the click of a button in 3 Simple steps...!!

Yours Sincerely,

Dimple A.
Manager - Customer Service
ICICI Prudential Life Insurance Co. Ltd.
[protected][protected][protected][protected][protected][protected][protected][pr...⇄
ICICI Pru ICICI Pru Wealth Builder,UIN (Unique Identification Number as per IRDA):, Policy Number 17266786.
© 2012, ICICI Prudential Life Insurance Co. Ltd. Registered Address: - ICICI Prulife Tower, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025. Reg No: 105. Insurance is the subject matter of the solicitation.




[protected]Original Message[protected]
Hello

I noticed in application tracker that you have issued me the policy inspite of my request to cancel the application.

This kind of action is highly unprofessional and I did not expect this from reputable institution like ICICI Prudential.

I demand to know whether you are going to do any action in this regard or not?

Thanks
Javed Alam



On 18-Dec-2012, at 15:07, Javed Alam wrote:

>
> Thank you Dimple
>
> Please make sure that you do not issue the policy in the meantime.
>
> Thanks
> Javed Alam
>
> On 18-Dec-2012, at 13:32, "ICICI Prudential Life Insurance Co. Ltd" wrote:
>
>> Dear Mr. Javed Alam,
>>
>> We refer to your email dated 18th December, 2012.
>>
>> This is with reference to your request pertaining to policy cancellation and refund for application number OL00456332.
>>
>> Your concern pertaining to the policy cancellation and refund has been noted by us. We are looking into the matter and shall revert to you by 25th December, 2012.
>>
>> Please contact us for further clarifications, if any.
>>
>>
>> ***Customer Alert*** : E-Statements at a Single Click...!! Click on below link :
>> https://www.iciciprulife.com/customer/ppcdetailsprelogin.jsp
>> With this you can now get your Premium Paid Certificate (to file your tax returns), Premium Receipt and Premium Notice at the click of a button in 3 Simple steps...!!
>>
>> Yours Sincerely,
>>
>> Dimple A.
>> Manager - Customer Service
>> ICICI Prudential Life Insurance Co. Ltd.
>>[protected][protected][protected][protected][protected][protected][prote...⇄
>> ICICI Pru ,UIN (Unique Identification Number as per IRDA):, Policy Number 00000000.
>>
>>
>>
>>[protected]Original Message[protected]
>> Hello
>>
>> I had applied for an ICICI prudential policy Wealth Builder with application number OL00456332 on 17/12/2012. I would like you to cancel the application and refund my money as I have changed my mind about the policy. Kindly acknowledge this email and update me on the cancellation status.
>>
>> Thanks
>> Javed Alam
>>

I hold a policy Assure Life , policy No.12340284 which I opted in 11/08/2009 with a Rs.20000 premium every year. The adviser/agent Anil told me that the first premium Rs.20000 will be kept safe to give good returns by the company so to give good return on withdrawal and locking period is 3 years after which you want you can continue or withdraw and this fund will be managed by fund manager and will never go in loss. I never received any mail regarding fund performance form ICICI prudential any time in 3 years.After seeing worst performance after 3 years I decided to withdraw my money, till now I have paid Rs60000, when I called the agent he already left the company when discussed with other agent about withdrawal I was very shocked to hear that I will get only Rs 36000 something that is the fund value. when I said that I have paid Rs.60000 till now and I dispute.he told me that someone will call you.

After 2-3 days a lady called from Mumbai that your first premium Rs.20000 is locked and will not be refunded as its in Guaranteed Maturity addition (GMA) which is term of 15 years.so with remaining Rs.40000 which comes out is around Rs.36000 something as of the day fund value. I said that why was it not informed and not mentioned in the broucher that the GMA will not be refund if policy withdrawn. she had no answers. she kept on saying on registration of policy you have first 30 day to withdraw. I said when will I get my blocked Rs.20000( for so called GMA) she said when the policy will complete after 15 years. I asked her that you fund performance is worst, you say that you have fund manager how will invest money on safe place but I never saw any fund switching and noticed loss in the fund value how and why should I continue for 15 years. she said the you will not get the GMA (Rs.20000).

This is total fraudulent activity by ICICI life insurance company. I want to dispute this case and would ask help from consumer court/forums to help me in getting my hard earned money back.

Sir, Before 3 year i have taken policy from this company they commit me you just pay amount for 3 years after 3 years your money will double and after 3 years you can withdraw your amount. pls support me i am in big trouble. now they are saying this is not our responsibility. if you could not continue to pay your money should be lossed.

plss sir do something . otherwise i will make suicide.

Thanks.

S.Shinde

[protected]

salary is hold by your boss. icici prudential is the most bust place to work. every higher manager is very good in abused his team. they all are feel proud to humiliate direct sales manager. its a company who is never follow any rules and regulation of employee welfare working hours 8am to 10 pm. they officially call meeting at 8 am . labour depto f delhi goverment is never take any action against this company

Lot of time i have raise the complaint against ICICI bank employee for wrong information provide to me during time of selling policy.

But till now we are not getting any revert call from ICICI prudential life insureance.

Kindly suggest to me in that case what type of action i can take against to ICICI Prudential Life Insurance Co. Ltd.

Thanks

Regards
Sushant Kumar Singh
+[protected]
Policy No. 10911146

Respected Sir,

My self Aribalakrishnan holding a life insurance policy in ICICI Prudential from 08/06/2009 . I am paying my dues on time using online banking. During last payment i used HDFC bank credit card. And my next due data is this month. Today i got a message from ICICI that the amount will credit from your credit card. Its quite shock for me since i never register this featured with them. I have called them and enquired about that they are saying that it will be automatically enable for the customer who are paying their premium through credit card. I have asked them is there any check box are anything like that .. they told that it will done automatically.

I asked them how to disable this feature .. they told that i need to walk to nearest ICICI Prudential bank to submit a hard form..

Its very hard for me to walk to the bank for the things which i wont make any mistake . Its happening for many consumer.

Could you please assist me on this .. So that it wont affect any one in future

Contact info : [protected]
mail id : [protected]@rediffmail.com

Hello Team,

I purchased one ICICI Pru LifeLink Wealth SP Policy on 07/03/2011.

Policy No.: 15179959

The Lock Period is 5 Years....

Now due to some personal reasons, I want to surrender this Policy and the Customer Care guys and Branch people are telling me that before 5 years i can't even surrender this policy.

Well what kind of rule is this..I need this money on an urgent basis. I even asked them to deduct some percentage of the final value.

I lost the hope. Now i request you guys to please help me in getting my money back. I need it on an urgent basis..There is no other benifit on this policy...I can't even take loan on this policy..Pleaseeeeee consider my case.. Thanks in advance.... :(

Completely Cheated & misleaded by ICICI Pru life insurance. Dealt with one Mr. Somshekhar in Bangalore. Took a Smart Kid plan 3 yrs back. Wanted to discontinue it after reading their reviews... coz don’t knw wht will be the fund value after 18 yrs. After 3 yrs of investing @ Rs. 5K every month i.e. Rs.1.8 lakhs, whn I went to surrender the policy (though they again tried to convince me its a bad decision), the fund value as on 19th nov 2012 was Rs.1,52,000. No reasons provided. Everythin is in verbal. There was a penalty of 4% on the fund value too in addition to that. Thus the final amount to be refunded to me stands at Rs.1,46,000 as told by Somshekhar & his accomplice. But after a week, the money that was transferred to my account is Rs.1,41,000.
After constant calls, it took them 2 days for somshekhar to cook a new story tht the person who was at the system surrendering the policy, had assumed the fund would have been Rs.5,000 more the next day and the amount Rs.1,52,000 was an assumption.
BEWARE. Nothing was given to me in writing. Don’t know even the fund value disclosed to me was actually true or not.
Mr. Somshekar pretended to be customer friendly. But finally he & his organisation showed their true colours.

I purchased Icici Pru Assure Life UIN 105L093V01 through representative Mr Anuj Kumar [protected] from ICICI prudential life insurance company at Noida Branch.At the time of deal it was committed to me that i have to invest only for 5 years 20000 premium annually after that period i will be getting return amount of 200000.
At that time my wife delivered baby and it was very hard to read the documents of the policy.In policy documents it is clearly mentioned it is for 15 years.

Find the policy details:

Policy no 13085668
policy term 15
due date of last premium 19/12/2023
Date of commencement of policy 19/12/2009
Category Non Medical

Now two months back i contacted them through mail they said u need to check within 15 days after issuing the policy.
So after came to know about this policy i already paid 60,000 for 3 years and from this year onwards i am not interested to continue this policy.So please help me to revert back my premium money which was paid by cheated commitment.

I hope you will try to understand my condition and revert me soon on the given mail id [protected]@gmail.com.

I want to be alert everybody please go through all the policy documents before purchasing that.

I have taken 2 life Policies as below in the name of
P, J Pradhan , Policy No 12839495 2) Shubhangee Pradhan Policy No. 12804753 Commencing 30/10/2009
The said policies were canvassed by ICICI Bank, while taking the policy I was not told that the said policy is equity based. Premiun payable is yearly, Rs. 25000/- each policy. I have paid 3 instalments under each policy total Rs. 1.5 lacs both the policies put to gather. Since last 2-3 months I am receiving frequent calls from " Customer Care Centre" New Delhi that I have to pay additional premium since the stock market has gone down . Why I am supposed to pay additional premium other than yearly instalment.

I have never asked for such policy, which is based on stock market ups & down. After 3 yrs I came to know & felt that I am cheated by the Bank.
More over the policy is booked in the agency code of the Bank Manager. Is he suppose to do Life Insurance business ? ( This information was givem to me by ICICI Customer Care Centre, Delhi. ) Agent has taken heafty commission on my policy.

I am toatally disappointed & feeling cheated by ICICI Bank. I am Premium Customer of the ICICI Bank, still they have payed mischief with me

Register my strong complaint & I do not to continue with such Insurance co who has defrauded me. I want to cancell my both the policies & I want my Rs. 1.5 Lacs premium paid + Interest thereon. Otherwise I will be complalled to approach IRDA for justic.

Hope to receive reply asap.
P J Pradhan
Cell : [protected]
Mail : [protected]@gmail.com

Fraud done by ICICI Prudential to sell their
policies by False Promises & Commitments-:*

I wanted to inform you that I have been cheated by ICICI
Prudential to sell their policy No – 16120289 by false commitments.
I have received a call from ICICI Pru. In Sep 2011 that they have launched new plan wherein my previous policy money will get adjusted in my new policy by just investing 25,000 yearly and after one
year I can withdraw my complete amount included my previous policy amount with dealer commission
as well. I received this call from some Pratibha Jain from Delhi
I have launched this complain so many time & will be continuing this matter till the time I get proper solution.
The commitment done by ICICI Executive -:
1. I will get the complete value adjusted of my previous Policy Number – 13409877, in my new policy by new financial year.
2. I can withdraw both the policy amount after 1 year duration. ICICI Prudential Office.

After purchasing new policy no – 16120289, I could not understood the fraud
at beginning, As there were no clarity in policy document, but when I
started chasing Pratibha Jain for the details and statement of policy then
she started lying I will send you the statement & all, When I called ICICI
customer care that came to know the reality.

Please find the phone numbers below of Pratibha Jain -:

[protected] & [protected]

I have recording of the call in which ICICI Prudential agent do false
promises to sell their policy.....

Now I decided that I am not going to be quite & I will be taking this
matter to consumer court & media so that in future no one will face these
types of fraud & how unethically ICICI Prudential people are building their
customer base is really embarrassing & cheating with a common man.

Every time I received this feedback of 15 days locking period, I will be continuing this policy but please fulfill the commitment ICICI has done before selling this policy.

Regards,
Charan
[protected]

My name is falgun patel,

I have invested in the ICICI- Prudencial PENSION plan , they are claiming 15% of return annually of invested amount,

Here is the fact:

I have invested ( Policy number :[protected] : Total Rs. 107000/- in three years and today after almost four years my Net unit value is rs. 103000/-, they are giving false promises and charging (15% ) ....

Adminstrative charge : 13% annually ( what is this ?... telll me .. they have written 1.1% monthly ) - this is big cheating ....
Fund management charges : 1.75% annually -- this will be ok if it is higher nubmer ... but fund needs to be well managed
Unit allocation charge : 1% annually

it is frustrating to see the return number...

with this pace, how can i assured that my pension will be at good level .. to comform my retirment..

so, pls. do not invest in pension plan - and from ICICI- Prudencial....they are cheaters... Playing with your money

Falgun Patel

my policy number is 16845788, i have given the written application to cancel my policy because i am unable to pay the premium monthly its very difficult for me to pay 2000 rs.actually i took the policy in the month of june and after that for 3 months they had not deducted the money from my account so i told the agent to cancel my policy and after that for 3 months my money was not deducted but suddenly from my account they had deducted the sum of 8000 rs from my account which is very wrong and without my prior permission so please return my 8000 rs within 24 hours and cancel my policy immediately i had already given written application on 6th of november is santacruz branch but no response and cancel my ecs immediately .i am requesting you ,if you will not cancel than i have to take the help of consumer court.