Here is an example of how ICICI prudential has forgotten all business ethics and don’t miss a single chance to trap innocent customers with it’s completely false promises.
HOW I WAS LURED TO TAKE THE FIRST POLICY:
*01.I had received a call from ICICI Prudential Life Insurance, Delhi in the month of July 09(date was perhaps 13/07/09). Name of the person calling was Ms Priya.
02.Ms Priya offered me a insurance plan over phone which was apparently quite lucrative. The features of the plan explained to me over phone were as under:
a.I have to pay premium of Rs.20000/- per annum for a period of 3 Years.
b.I will get a bonus of 180% on the first premium which I pay for the proposed policy. Not only this, but bonus will be on double of the premium amount i.e. on Rs.40000/-.
c.At the same time, I will also get a bonus of 270% on my existing policy(I have one more policy of ICICI Prudential – Policy Name-“LifeStage RP”, Policy No. 10759499, Annual Premium – Rs.30000/-, Policy Commencement date – 27/12/2008)
d.Total bonus of Rs. 1.53 Lacs(400001.8+ 300002.7) will be deposited in your bank account within a month or two.
03.Ms Priya also made me talk to two more personnel of ICICI Prudential named Mr. Rohit Mehta and Mr. Karan Mehta. Both of them, in addition to the above mentioned features of the plan, also informed the following:
a.The policy is being offered to selected number of persons and that’s why such higher returns are being given to them.
b.They will send a local ICICI Prudential officer at my home to collect the cheque of Rs.20000/- and other necessary documents. However, I am not suppose to disclose to him the details of Bonus as he may misuse it. This kind of incidents of misuse have taken place in past.
c.I was also told that whenever I receive a verification call from ICICI Prudential, I must tell that policy amount to be Rs.20000/- half yearly for 10 years.(Although I was suppose to pay premium of Rs.20000/- annually).
d.I was also given an alfa numeric Code to be mentioned on the Photo ID proof so that they can identify the policy on which bonus as promised above is to be paid.
04.Subsequently, I had kept the document ready and the local agent of ICICI Prudential collected the necessary documents from my home in my absence. It is pertinent to note here that no Policy application form was signed by me.
- cc Then after a couple of days, I received an SMS from ICICI Prudential that your policy documents have been dispatched and YOU HAVE OPTED FOR HALF YEARLY PAYMENT OF PERMIUM OF RS.20000/-.(Although I was suppose to pay premium of Rs.20000/- annually as per telephonic conversation mentioned above).
06.I immediately called Mr. Karan Mehta that it was wrong and as discussed over phone, I was required to pay a sum of Rs.20000/- per annum. At that time, I was told, it may be due to some mistake and I was assured that you are required to pay Rs.20000/- annually only.
07.Then I received the physical policy documents and checked the terms. In the policy also, it was mentioned to pay half yearly premium of Rs.20000/-. I also find a scanned copy of a policy application form on which my signature was forged. Nothing was mentioned in the policy about bonus as promised over phone.
08.I again called Mr. Rohit Mehta about this. This time he told me that these policy documents have been issued by Mumbai office of ICICI Prudential and once, your bonus is approved by competent authority, these policy documents would be replaced with final policy documents, which will be issued by Delhi Office of ICICI Prudential. About my false signature on the policy application form, I was told that as the scheme was closing on the very day and I was not available at home to sign the form, many such things have to be done for the benefit of the client.*
*HOW I WAS LURED TO TAKE THE SECOND POLICY:
01.While I was eagerly waiting for the bonus amount, I received a call from Ms Priya that for the purpose of payment of bonus, I have to deposit Rs.20000/- as security for one year.
02.This amount will also be collected by the local ICICI Prudential person in the form of a policy premium alongwith identity and address proof and he will also get a policy document signed by me. However, I am required to mention an alfa numeric code on the documents by which it will be identified that this amount of Rs.20000/- is not towards any policy but towards the requisite security.
03.This time the policy application document was signed by me.
04.Subsequently, I received one more policy document which also contained the premium payment term as Rs.20000/- half yearly.
05.I again called Mr. Rohit Mehta & Mr Karan Mehta and I was told not to worry as my bonus has been approved and these policy documents will be revised accordingly as promised over phone.
THE BOUNS PROMISE:
After Deepawali, I called Mr. Mehta and asked about the bonus which was promised to me. He told me that your bonus has been approved and now it is not Rs.1.53 lacs but Rs.2.00 Lacs. But for some reasons, it will be deposited to your account in the first week of November only.
During his talks, he also offered me one more plan whereby the amount of bonus could increase substantially. I however, denied this time.*
*THE THIRD POLICY OFFER:
01.Today(on 29.10.2009), I received a call from Mr. Singhania who introduced me as personnel of IRDA. He told me that your bonus amount of Rs.2.15 Lacs(amount now further increased) is ready. Payment of this bonus is done through IRDA. However, before that, I am required to pay Rs.20000/- as security.
02.I told him that I have already deposited the security amount.
03.He told me that the security earlier deposited was for getting the bonus amount approved. For payment of the approved bonus, another security is now required.
04.I told him that I was not told about such conditions earlier at the time of taking the policy. Such terms should be made clear at the beginning.
05.He said he is sorry for it but this is the requirement.
06.I asked him okay I will deposit the security but you just fax me a letter in this regard mentioning whatever has been discussed between us.
07.On this he told me that these details are pertaining to IRDA and confidential and cannot be faxed to you.
08.In that case, I told him, I will not be in a position to pay any further amount towards security.
09.He, then simply told that it is upto you. He has simply doing his duty to convey the requirement. He then put the phone.
This third call has raised so many doubts in my mind and I am forced to write the above facts to you. Now, I feel that all the promises done about the hefty bonus are false and I have been cheated.
Finally, after lodging complaints with ICICI Prudential Life(Through website as well as in writing) and with no results(though in the beginning they behaved as if they are really going to take immediate action to resolve my grievance but eventually sending me a routine type final reply showing their inability to do anything about it), I had chosen not to make any further payment of premium to one of the policies and now it is foreclosed and I am also feeling relived.
I have also chosen to close my another policy with ICICI because it is better to stay away from such a company.
