ICICI Prudential Life Insurance — gsip policy no[protected] surrender issue
I have raised a query regarding surrendering my policy on feb 20th. I am yet to get reply for that in spite of continuous followup with life line customer care[protected] and nearest branch office (Salem, tamil nadu). Customer care keep on telling that it is getting delayed and 'll take another 48hrs for the past 25 days.
Gsip policy details:
Premium paying term - 7 years
Maturity - 15 yrs
Policy taken 2011
Half yearly premium
No of premiums paid - 13 out of 14
Policy in force
So far i have paid 13 premiums out 14 to be paid so far. I would like to surrender my policy.
As per terms and conditions, if i surrender my policy i 'll be getting higher of either gsv or ngsv
Guaranteed surrender value:
35% of premium paid - first year premium
Non guaranteed surrender value:
Equal to present value of pusa, discounted at gry at the review date immediately preceding the date of surrender (As per t&c 4 brochure), plus 2% per annum
Pusa = gmb × (Total no of premium paid/total no. Of premium payable)
Gmb = 195000 + 51240
Pusa = 246240 × (13/14)
Pusa = 228651
Ngsv = 228651 discounted at gry + 2% per annum
Assuming gry 8% + 2%
228651 discounted at 10% = rs.205785.9
Assuming gry 8%
228651 discounted at 8% = 208558.92
Discounting at 2% per annum
6.5 yrs = 13%
Discounting 208558.92 @ 13%
Around 2 lak approx to be received
But icici prudential trying to loot my money by giving just rs.1.08 lakh where as i have paid 1.95lakh so far.
The query is regarding requirement of ngsv derivation!.
K vinoth kumar
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[Mar 14, 2018] ICICI Prudential Life Insurance customer support has been notified about the posted complaint.
+1 860 266 7766
1089, ICICI Prudential Life Tower, Appasaheb Marathe Marg, Prabhadevi, Mumbai, Maharashtra, India - 400025