ICICI Prudential Life Insurance — Duration of the life insurance policy

Address:

Mumbai

I am an nri and went to india for a visit. I wanted to invest money in a fixed deposit. I went to karvenagar pune branch of icici and wanted to open a fixed deposit so that my parents in india can withdraw when deposit matures.

Two icici agents named - vatsal bhatt /rclg/ibank/pne; kshity munde /rclg/ibank/pn showed up at my apartment and told me that there are some really good investment options. They told me that i can get really good returns on my fixed deposit.

What i realized was that they were trying to sell me an insurance policy from icici. When i resisted, they told me that the the policy is only for 3 years and after that i can withdraw. First they tried to get a premium of 4 lakhs per year. I resisted and brought down the premium to 2.5 lakhs. They told me that average returns from the policy are 15%
Later it turned out that the insurance policy had a locking period of 5 years. They invested my money in a fund called maximiser v.
I have paid three preimiums so far and my investment of 7.5 lakhs is now reduced to 6.45 lakhs. The policy lost money from the beginining.

I stopped paying the premiums as i am sure that my money will be lost. I am quite desperate to withdraw my investment so far.

Whenever i complained to icici prudential to reduce the preimum or locking period, they did not respond for atleast 3 weeks. After 3 weeks they never answered my questions but told me that i have signed the agreements and they will not help me.

A good organization always looks out for its customers and never traps them. A good company tries to make money for its customers and never makes them suffer. Business ethics of icici prudential are deplorable.
I would like a way out