i purchased a ULIP ICICI Pru Life Kid Assure on 17 /6/ 2010 with a annual premium of rs 25000/- i recently checked my total value after paying the second premium and was shocked to see that for my first premium the insurer has charged me 100% allocation charge. Is it justified? Can i file a petition based on this to the irda? please advise.

Hi,

We are sorry to hear your experience. Please post your complaint, along with your policy details, on :: ICICI PRUDENTIAL- Grievance Redressal :: and we will get in touch with you within next 48 hours

- ICICI Prudential Life

Always this kind of situation held with many peoples so you have take care of them you know very well what you have to do ............So please get the information from your agent that what they do from their clients.
Pat Swisher

To whomsoever it my concern

I am sujit jadhav filing complaint against icici prudential insurance company.
It is regarding insurance policies taken by my wife.

1st policy was- Life stage RP (policy no. 10972512) taken with premium of 30000 rupees per 6 months in 2009.

Then she got the call from icici prudential insurance Delhi head office. The agent had given offer that, she can renew the same policy with 20000 more and accordingly she will get more returns and more benefits and total premium will become 50000 rupees. She agreed and then one icici agent came and she had given a cheque of 20000 rupees to him. Ideally the policy should be now of rupees 50000 premium per 6 months.

After some days she had received a new policy (no. 12110502 ) of rupees 20000 from icici. This was totally wrong hand hence she had filed a complaint against it to icici.

At the same time the first policies premium was due but as she had filed a complaint already she had not paid the next premium for first policy 10972512.

After several complaint emails and online chat with icici representative on internet website the icici representative told her to file a written complaint against this to regional office. Accordingly she had filed a complaint to pune JM road branch.

After some days she got a call from icici prudential Delhi office and the company representative told her that ‘there was a mistake done and a miscommunication happened so they were cancelling the second policy 10972512 and they had send a cheque of rupees 20000 back to her’

Thus the company had accepted that it was companies’ mistake and due to miscommunication wrong policy was given.

But actually complaint was launched against both the policies
1) Policy no. 10972512 (30000/-)
2) policy no. 12110502 (20000/-)

Regarding main policy no. 10972512 (30000/-) no proper decision was taken.

She had filed complaint against both of above policies and hence both should get cancel.
Icici prudential is not agreeing on this. They are not accepting complaint against the first policy which according to me they had already accepted their mistake and hence company should return back Rupees 30000.

We together had filed so many complaints regarding this via Email, chat, also given written complaint again to pune JM road offie but no proper replay from them.
Finally we had also filed a written complaint to icici prudential Mumbai head office Grievance Redressal Committee but no proper answer was received till date.

The company had cheated with us and looted our 30000 rupees
Regards: sujitgr8@gmail.com

This is in regard to my policy enrolled with icici pru-life prulife Assure Wealth Super back in last year (Aug 2010) policy # 14286446.

To brief in detail last year i walked into ICICI bank branch (Benz circle, Vijayawada) for a query on my existing home loan.
Mean while one of the bank executive took our attention to a teazer/scheme that was prevailing for a exiting home loan customers. According to him we have to do an Fixed Deposit of Rs 50k for 3 years and the maturity of the same can be drawn at the end of 5 years.
Since our idea was to do partial payment of the loan, we thought it was a decent option and immediatley joined the scheme by paying 50k at the spot.
Now i was out of country the next 3 week's and couldn't go thru follow up documents they have sent. Well i never suspected the bank executive when i joined the policy.
And to be frank it wouldn't effect in any way as i would have understand by reading policy documents.

Now after an year when the premium is due for second payment, i realised that i had been mis-sold the policy (while checking with ICICI agent) and
according to the ICICI pru-life, i would enjoy full benefits only after 15 yrs to name one out of many surprises on this policy.

Now i think this is a case of mis-selling policy. My basic idea of saving money towards paying part-payment of our house loan is not met and top of it i have this burden of paying this policy premium every year.
Upon raising the concern for the same (grievence # 36969110 and two more as well)), The ICICI simply sends a letter saying that there is no option other to continue paying the remaining premium amount. What is shocking to me is offline they (ICICI) admit that i had been mis-sold but they never educate me of any other alternatives to look (like.. 1) can i switch to some other policy, 2) can i reduce the premium amount... etc).

Well to any financial expert my complaint would look silly as obviuosly i should have read the policy documents.But hey except for those expert(s) for most of others i believe there is a case of policy being mis-sold. If we expect the life insurence companies to be ethical on these issues they certainly cant do the business.
May be IRDA should re-look the existing regulations to benefit the consumer more.

I dont know if my case will get resolved but i thought i would share this experience to readers.