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.

Hi

We understand our representative has contacted you and sent the resolution to your registered email address / communication address. If you have any further queries, please feel free to contact us athttp://www.iciciprulife.com/ipru/GrievanceRedressal.jsp

- ICICI Prudential Life

Hi

I have experienced the same thing. I have been mistold about the policy and no one told(ICICI rep) me about the 15 year aspect of the policy. Just wanted to know if you did find some solution out of this. I have paid 2 years premium and want to get out of this policy. Suggest?

Originally Posted by chaya123

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.