ICICI Prudential Life Insurance — significant brokerage and other charges by the bank [and wrong info by agents / managers]

Address:

Chennai, Tamil Nadu, 600126

I have taken an icici pru life insurance (Ulip) from the icici bank last year. I later realized that icici bank and icici prudential behave like two different companies - if you take a policy from prulife via icici, that is a blunder as the bank charges heavy brokerage in terms of allocation charges, service charge, etc. They are anyway brokers!

Before i renewed my policy this year, i spoke to the original agent who got me the policy and he assured there will be no charges this year (2nd year). I got an email confirmation from him as well. However, to my surprise they have charged me even more this year. I paid 200, 000 as my premium, and what i actually see in my statement is less than 1, 79, 000 invested – that means 21, 000 has been taken from my account their brokerage / other charges. This is ridiculous!!!