ICICI Prudential Life Insurance — mis sell of policy by agent

Address:

Ranchi, Jharkhand, 834008

Icicipru life - in the month of aug, 2012, i got a call from mr. Amit arora, mob. No. [protected], landline no.[protected] from icicipru delhi head office at jhandewalan that due to non deposit of two premium @ rs. 60, 000.00/yr, my policy may get terminated. Besides this, due to some mischief by my agent, commission amount of rs. 5.66 lakhs from my above policy and some savings in mutual fund schemes of icici have been diverted into agents account. As per his advice, one policy nos.17002998 dtd.14.9.12 of rs.1, 96, 283.00 (Rs.!.20 lakhs on account of two balance premiums+ rs. 76283.00 for release of commission) was executed on the assurance that (1) rs.!.20 lakhs on account of two balance premiums will be deposited in my running policy (2) rs. 76283.00 for release of commission will be converted in one policy for one year term and the same will be surrender for payment of base amount with about 25% interest and (3) whole processing for release of commission amount of rs.5.66 lakhs will be completed within three months.

In the month of dec'12, i got a call from mr. Rajat, mob no.[protected] from icicipru bombay head office that due to complaint from agent side, i have to take one more policy for rs 1, 43 lakhs in addition to above policy of rs. 1.96 lakhs (Ie total of rs.3.39 lakhs being 60% of the claim amount of rs. 5.66 lakhs) for release of commission + one policy for rs. 1.20 lakhs towards balance two premium. He along with mr. Amit arora insisted to deposit the balance premium through one new policy, in place of directly depositing, because agent commission @ 20% will be deducted by them. Accordingly, policy nos. 17256508/14.12.12 for rs.1.20 lakhs towards balance premium and 17257568 r/14.12.12 for 1.44 lakhs towards release of commission were executed on the assurance that (1) rs.!.20 lakhs in policy no17256508/14.12.12 will be deposited in my running policy no.11619825 on account of two balance premiums (2) one policy no17002998 dtd.14.9.12 of rs.1.96 lakhs + one policy no17257568 r/14.12.12 of rs. 1.44 lakhs are towards release of commission and these policies will be converted into one year term with about 25% interest after release of commission and (3) whole processing for release of commission amount of rs.5.66 lakhs will be completed within three months.
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Mr. Rajat from bombay office informed on 11.2.13 that processing has been completed and fund transfer letter will be issued within 25 days. This letter will include release of commission amount of rs.5.66 lakhs+ conversion of policy nos. 17002998 and 17257568 for one year term only. Also, amount of rs. 1.20 lakhs will be deposited in my main policy no.11619825 towards balance premium. This was confirmed by mr. Arora also the same day and he gave me fund transfer letter no. Also.

In the meantime, it was unfortunately learnt that mr. Arora passed away in a road accident. Since then i made several attempts to get the position of my case from delhi office but whosoever came on line, they did not give any information rather beggar like treatment i got.

Talked to mr. Rajat (Mentioned above) on 21/5/13 when he informed that everything has been cleared and file sent to his delhi office for release of fund transfer letter shortly. Talked to madam taruna bansal, iciciprulife, delhi head office in last week of may’13 on landline nos. Given above when she mentioned that some problem has been raised by agent department due to which irda is not releasing commission. Since then, i had been regularly pursuing on the mobile/landline nos. Of delhi head office as well as bombay head office, but they are either not responding or not giving any satisfactory reply.

While on the subject, in the month of april"13, i got termination amount draft from icici being about only 30% of my deposits. I took up the matter and deposited rs. 1.80 lakhs directly in the main policy no. 11619825 to keep it alive.
Had contacted insurance co for either refund of premium amount or convert these policies into one time deposit with lock in period of few years but they are simply regretting quoting policy term but ours is not normal case.
Kindly look into favorably for suitable resolution to help 70 yrs old poor citizen.
Rgds,