[Resolved]  ICICI Prudential Life Insurance — Lifetime Policy showing lapsed and money is forcely forfeited.

Address:	Surat, Gujarat, 395005
Website:	www.iciciprulife.com

I, (Mayur. N. Bajaj ) my father had taken Three life insurance policy from ICICI Prudential against policy number
[protected]/ 02727802 /[protected]
on ( 24/04/2006 )for 3 childerns, when we were minor. policy holder name (Mayur/ Menka / Poonam). The nominee/Proposer of the policy is my mother, ( Mrs. Khimya. N. Bajaj ).
With deep regret this is to inform you that my father passed away on ( 08/12/2014 ) due to a massive car accident. I have attached a copy of the death certificate for your reference. Even though nothing can repair our loss but since my mother was dependent on him and she was the nominee of the policy, I went to file this claim to one of your ICICI prudential branch in Parle Point branch, Surat . Gujarat and I was shocked to hear all the stories about my policy.
This letter is for the purpose of lodging a Formal Complaint regarding great unfairness meted out to me by your insurance company. ICICI prudential Insurance Company claims to have fair policies and professionalism. But my experience with your company has led me to believe the opposite.
I was informed by your customer service personnel on june18, 2017, that my policy has lapsed/foreclosed in year 2013 and the money is forfeited. My father has paid around 1, 40, 000/- premium for 28 months for each policy. So for total 3 policies he paid around 4, 20, 000/- which he supposed to finish 36 months to get all benefits instead of paying 28 months. I do understand that but he couldn't pay the remaining amount because of some unwanted problems comes up in business and he forget to pay the remaining premiums. Otherwise until then he was paying all the premiums on or before time.
Even in year 2013 and again in 2014 I visited one of your branch in Adajan to inquire about my policy, at that time they inform me to pay remaining premiums of about 4, 80, 000/- in total for the remaining months to close my each policy and they also advice me to pay this amount and surrender all three policies and I will get money in one year. They also said because it's a life time policy if we want to close it any time just pay the remaining premiums and we can close it anytime. We were agreed to pay on that term and started arranging the money to surrender policies. But unluckily our family met to an car accident and my father passed away. This is again one more reason we were not able to close our policy that time by paying remaining premiums. But now this is very unfortunate to hear that my policies are lapsed and we can't claim our hard earn money.

My Questions are :
1. Why there was no contact from ICICI prudential officers or mails or reminder before foreclosure of my policy, normally they contact a lot to sell their policy, even they visit house to take documents and for signatures. But why in my case no one inform us or visited our house if we were not reachable . In case there was such an exercise done, please do send me a copy. This is clearly against the guidelines of the IRDAI and the RBI and this also violates my right to information. Or was this done to deliberately forfeit my investment and increase your turnover (Considering similar treatment meted out to thousands of other clients).
2. Why did no one from ICICI prudential get back to me when i repeatedly visited their branches requesting for the closing of policy? Instead of forfeiting my money and give us false benefits until 2013 . Why company waited until 2013 and used all our money to give us benefits, instead company should have closed our policies in 2009 due to not maintaining of premiums and should have issued us a cheque of our paid amount of 1, 40, 000/-. It was so simple. But no- company failed to do so and let us suffer until this condition comes up. I have lost my money because of negligence on company's part and it's poor service.
3. why should i suffer, both mentally, physically and economically due to negligence on the ICICI prudential's part and there employees? When it says the policies are for Life Time and we can claim our money anytime then why in my case company has lapsed my policies without prior informing me or any of our family member. Why no one from company came to us personally if we were not reachable by any other means. Why company failed to contact us and forcibly forfeit our money ?
My further points :
1. I would like to ask you to restore my policy and allow me to continue with policy by paying the rest of the premiums, without any pre-set conditions, since this is a gross negligence on Company's part. I am ready to pay all the remaining premiums and continue with it.
2. I would like to receive a communication from your end at earliest and would like to resolve everything as soon as possible. I have been tweeting and posting my grievances in IRDAI, CPGRAMS, consumer voice, Insurance Ombudsman, complaint Board, facebook and other online portals, including quite a popular blog that i manage. Would also like to mention that i would not hesitate to post about your horrible service and ill-intentions of forfeiting people's hard-earned money in all possible social media platforms.Unfortunately most of the people in India can not properly use social media to lodge their grievances, and i do not know how they would feel or do with this kind of service.
Attaching all the necessary documents for your reference.
Feel free to contact me anytime if you need any other information or document.
Would appreciate a quick and pro-active response.
Thanks and regards,