Dear Sir/Madam,
I Sh Ajit Kumar Majhi, a ICICI Pru life insurance policy holder, writing you this letter in
the hope of getting justice. Please find the details below to understand my situation.
The details of the Incidence are as below;
I had received a call from ICICI Prudential Representative during the month of
February 2012 from the Number : +919213719202, stating that ICICI Prudential is
offering bonus amount on my previous policy with ICICI Prudential ( Policy name :
Life Time Gold, Policy Number: 09752212)which was already closed by me in last
year. But to claim the bonus amount (Rs 84000/-), I have to take another policy of Rs
25000/- from ICICI Prudential. During that time I got many calls from her explaining
why ICICI Prudential is issuing the bonus and she had told that not to give any details
or entertain any agents.
As I also wanted to do some investment, I agreed to take a policy. I took “ICICI Pru
Guaranteed Savings Insurance Plan (Policy # 16434529)”. The said policy was issued
to me on 29.02.2012 for which I paid Rs 25000 /- (Annual premium). But after
deduction of education cess, Service tax the premium amount become Rs 24600/-.
ICICI Prudential representative was in continuous touch with me and was informing
me the status of my policy. After few days the ICICI Prudential representative again
told that there is some issue and I have to take another policy and the bonus amount is
coming Rs 185000/- . I told about my inability to take another policy due to financial
constraints and told the ICICI Prudential representative to give whatever amount is
coming as bonus. The ICICI Prudential representative discussed this with her superiors
and informed me that they will be unable to do that and I have to take another policy.
With lots of persuasion the ICICI Prudential representative suggested me to take some
amount from my friends and take a policy if Rs 25000/- , as the bonus amount is going
to come anyway. I trusted the ICICI Prudential representative and did the same and
took another policy: ICICI Pru Guaranteed Savings Insurance Plan (Policy # 16604120,
issued date: 28.04.2012) in my wife name.
After few days the ICICI Prudential representative informed that due to some tax issue
and delay, the payment will be credited to my account on 25th June 2012. Almost every
week the ICICI Prudential representative was in touch with me and providing the
status, which never brings any doubt to me. Last time I had spoken with the ICICI
Prudential representative on 22st -22nd June 2012 and the ICICI Prudential
representative had informed that the amount is already processed and will be credited
by 26th June 2012 and regarding this I will receive a confirmation call. But till now there
is no confirmation about the same nor any amount in this regard is credited to my bank
account. I am tried to contact the ICICI Prudential representative, since 28th June 2012,
but the number provided by her is continuously coming as switched off.
Now I am losing my faith and trust on ICICI Prudential and the ICICI brand, and
discussed with my colleagues and fried circle regarding this. I searched in google and
found in many places there are comments on “ICICI PRUDENTIAL AS A FRAUD” , as
if there are many victims around.
It seems it was a well planned Fraud going on by some ICICI Prudential representative
with many people who just Trusted the brand ICICI. I had never any doubt on ICICI
brand and the organization.
I had put my complaint to ICICI Prudential in this regard.
On 2nd July 2012 , I received a call around at 05:17 PM from a ICICI Prudential (Ph no:
+911166480700). Though I was expecting a call in a positive tone from ICICI
Prudential, I found it was more of a convincing to me for continuing with this policy
and keep quite. Following discussion was held during the communication though
not in the same order.
-
Why didn’t I ever had any doubt while taking policy?
My answer: I never had a doubt on ICICI Prudential for its brand value.
Though the ICICI Prudential representative was in continuous touch with me,
there were also other ICICI Prudential representatives giving call for updation
of status. Almost everything was managed by her as a Trusted ICICI Prudential
advisor. So the commitment made was never in doubt.
-
Why dint I returned the policy during freelook period?
My answer: As per the advisor the amount was supposed to get credited to my
account on 26th June 2012, which was after the freelook period. As I never had a
doubt on ICICI, I never thought of returning the policy.
-
ICICI Prudential cannot return the amount paid for the policy as the
surrender amount will be high and so it is advised to continue with the
policy.
My answer:
Is it the way ICICI Prudential is selling its product. If this is the
way they reply that means it is all a planned game and there will be many
victims.
-
ICICI Prudential is conducting the enquiry and will punish the person
involved.
My answer: How does it will matter to me? I have already lost my money and
every year it is going to be a burden on me ( i.e to put 50000/- for this policy
year on year). There are so many cases I found in internet , without any action
from ICICI Prudential. How can I trust now?
-
ICICI Prudential will communicate to me their decision as per their policy
and guidelines.
-
My answer: I dint find any response after asking what is the policy of ICICI
Prudential in such cases.
Is it the way ICICI Prudential is selling its product. If this is the way they reply
that means it is all a planned game and there will be many victims.
Please note that the I had taken two policy ;
1-
ICICI Pru Guaranteed Savings Insurance Plan (Policy # 16434529) dated
29.02.2012 for which I paid Rs 25000 /- (Annual premium). But after deduction
of education cess , Service tax the premium amount become Rs 24600/-.
2-
ICICI Pru Guaranteed Savings Insurance Plan (Policy # 16604120, issued
date: 28.04.2012) in my wife name
Though I didn’t have much issue while taking the first policy as I never had any
issue with ICICI Prudential and I trusted. But for second policy I had told ICICI
Prudential advisor about my inability to take another policy due to financial constraints
and told her to give whatever amount is coming as bonus.
the ICICI Prudential
representative discussed this with her superiors and informed me that she will be
unable to do that and I have to take another policy. With lots of persuasion the ICICI
Prudential representative suggested me to take some amount from my friends and take
apolicy if Rs 25000/- , as the bonus amount is going to come anyway. It was a tough
decision but I never had a doubt on ICICI Prudential.
FURTHER ACTION BY ICICI PRUDENTIAL:
One of the Customer Relation manager Mr Hemant looked in to this matter and
conducted some investigation. As per his e-mail reply to me;
1. REPLIED RECEIVED FROM ICICI PRUDENTIAL AFTER THEIR ENQUIRY :
On Mon, Jul 9, 2012 at 7:45 PM, Hemant Pawar
<hemantashok.pawar@iciciprulife.com> wrote:
Dear Mr. Ajit Kumar Majhi,
I refer your concern pertaining to your ICICI Pru Guaranteed Savings Insurance Plan
(UIN: 105N114V01) policy number 16604120 and ICICI Pru LifeTime Gold (UIN:
105L077V01) policy number 09752212.
I refer to your concern pertaining to the promotional call received by you.
In reference to the same, I wish to state that, we have investigated the matter
internally however the numbers shared by you are not registered with the Company.
During our investigation, the numbers were traced to be that of individuals and
therefore we were unable to trace the callers.
The Company strongly protests against such calls made to our policy holders. We
assure you that necessary disciplinary actions will be taken against the caller incase
s/he is found to be associated with the Company or its intermediaries.
Further, I understand your concern is regarding the policies sold by promising
incorrect benefits.
In this regards, please be informed that the above mentioned policies were issued
basis the dully signed application form and the policy documents were delivered at the
policy holder’s registered mailing address.
Please note, every policy document sent by the Company is accompanied by a
forwarding letter which clearly mentions that in case the Policyholder is not satisfied
with the features or the terms and conditions of the policy he can withdraw/ return
the policy within 15 days i.e. under the “Free Look period” provision. We state that the
policy document was retained by you and you did not raise any concern on the
signature discrepancy during the FreeLook period. This clearly implied that you were
agreeable to all the policy terms and conditions.
Also, your contact details are correctly updated in our records and the policy details
including policy term, premium frequency, premium amount, policy Sum assured and
the freelook period were communicated to you via Short Message Sending (SMS)
however we have not received any concern regarding the above mentioned policies at
that time.
Considering the above and keeping with the policy terms and conditions, we are not
able to comply with your request for cancellation of above mentioned policies and
refund of premium paid under the same.
In case of any clarification required, please contact me on +91 (022) 4205 8512 or
you may write to me at hemantashok.pawar@iciciprulife.com .
For any other assistance in future, please contact us on our toll free number 1860 266
7766 or write to us lifeline@iciciprulife.com
Warm Regards,
Hemant Pawar
Manager – Customer Relations
Corporate Office
© 2010, ICICI Prudential Life Insurance Co. Ltd* II Direct: +91 (022) 4205 8512 II
Fax: +91 (022) 6710 0805
Vinod Silk Mills Compound, Chakravarthy Ashok Nagar, Ashok Road, Kandivali ( E ),
Mumbai – 400 101 India
MY REPLY TO THIS ANSWER IS BELOW;
As asked by Mr Hemant , why didn’t i return the policy within Freelook period?
Hope the answer given by me earlier was read by him.
Further i want to ask the question.
Who is going to benefit by selling the Policy? Both the Agent and the company. Have the
person conducting Investigation ever asked this question before conducting the enquiry?
I know, now there is no proof by me to justify that i have been cheated . May be it is due to my
blind belief in ICICI Prudential. But it seems ICICI Prudential doesn’t want to trust me or may
be doesnot want to initiate any action against the agent, who offcourse is behind this cheat. May
be ICICI Prudential doesnot want to loose their business. Is it the business plan?
Anyway i dont know how ICICI Prudential conducted the enquiry. Cant you find out who gave a
call to me and who arranged to send someone to collect the documents from my address. Even
though the number is not registered with ICICI Prudential, cant you find out from your
broker/agent i.e SMC in my case to give you the details of who was contacting me? I don’t think
someone was doing this for free.
I dont think that this information not available with ICICI Prudential or with SMC (the insurance
broker). I don’t think it is difficult if you actually want to know who was the advisor i.e who
was the ICICI Prudential representative who was communicating with me.
May be ICICI Prudential wants to see the written documents. But do you think there will be any
written document for doing such thing. Either you have to listen and believe your customer, or
you have to believe your agent. I think in this case you have conducted enquiry with a belief that
your agents/brokers can never do such thing. I dont think during the time you have taken for
enquiry, it is difficult to find out who sold this policy. Can you please provide atleast those
details to me ? I know you will not as it is against your company Policy.
I know in some part of this complete scam, i am also responsible because of my ignorance. But
cant you provide some extended support to your customer in such case , so that atleast the
customer wont suffer for long time. During this follow up process with ICICI Prudential, i got
few calls from different groups providing a guaranteed support to me with a condition that I have
to pay the fee for it. As per those groups, they are having relation/dealings with ICICI Prudential
in such cases they can provide following solutions;
-
They can put pressure on ICICI Prudential to take a prompt action on it and arrange to
convert the amount paid for insurance as a onetime investment so that the customer
doesn’t have to bear the cost on year on year.
-
They can make ICICI Prudential to change the plan and invest the amount in some good
policies
-
They can make ICICI Prudential to return 80% of amount paid for the policy.
Do I go with those groups to help me out? What they can do that I can’t by discussing with
ICICI Prudential. Why ICICI Prudential is not ready to believe me but they can believe these
guys?
Considering all the factor above I find there is something fishy with all these parties involved.
May be that is why after 5 days of enquiry , I am hearing the same answer from ICICI Prudential
as it was told during day 1.
Follow the details in
http://ajit-majhi.blogspot.in/2012/07/how-to-sell-policy-story-fromicici.html?showComment=1342026936932
CURRENT STATUS
Few days back I had received a call from one of the ICICI Prudential representative mentioning
the inability of ICICI prudential to do anything.
I request the ICICI Prudential and the concern person please look in to the matter and understand
my situation.
I request ICICI Prudential to atleast consider to “ Convert the Premium amount paid for Policy #
16434529 and Policy # 16604120 as a Onetime investment so that It should not become a burden on
me year on year basis.”
Or else atleast convert one of the Premium paid for a policy as a onetime investment.
I am working as a Mid level HR manager in a PSU and we had a good relation with ICICI and
its business family like ICICI Prudential. I request your officials to look in to this matter and
reply.
Regards,
Ajit Kumar Majhi