Sep 28, 2010 12:53 PM
5000 Views
I received a call from ICICI Pru agent in the month of March. He said that the company has launched a promotional investment plan. I asked him repeated is it a ULIP? he said no... it is a P/E linked plan, guaranteeing 14% return compounded annually, with 100% bonus on 1st premium i.e. 180% of Rs 20, 000. plus with a Rs 1 lakh limit credit card.
I asked him, will it be given on paper as you said. Ye said yes. Upon receipt of papers I discovered it was nothing new but their old Assure Wealth Plan ..i.e. ULIP. And nothing was guaranteed on the papers. I declined the policy on next day of receipt of the papers & here is my email Dated Apr 26:
To my disappoint nothing is given on bond papers as per the commitment by your representatives Mr. Sagar/ Mr. Aryan at the time of offer.
I was told that there will be no mortality charge for sum assured 2.5 lakh and I opted that.
FMC charge was told as Rs 95 per year.
Admin. charge- Rs 98 per year after 2nd year.
There will be no allocation charge for 1st yr.
Guaranteed return of 14% compounded was committed.
Bonus- 100% of 1st premium.
1 credit card of limit 1 lakh.
Fund will be Dynamic P/E- policy papers do not say in which fund the allocation is done.
These figures are not confirmed in policy papers as I was told that everything will be mentioned on the papers.
So in view of above either you provide me all the committed terms on paper or cancel my policy and return the premium amount at the earliest.
This was there reply:
We wish to inform you that we had received the proposal for insurance from you on March 26, 2010 along with first premium deposit of Rs.20, 000/- (Rupees Twenty Thousand Only) and a duly signed Electronic Benefit Illustration (EBI). Accordingly, the policy was issued on March 27, 2010 and the policy document was dispatched to your registered address on April 22, 2010.
As per our records, we have not received any communication from you regarding cancellation or alteration of your above mentioned policy within the said free-look period, thereby implying that you agreed to the Policy terms and conditions and that the same was in consonance with the said application form.
My next reply was: Such a fraud company you are.
Check your records. I did requested for cancellation on 26 April 2010.
After that your representative Mr. Rahul convinced me to wait for actual bond papers.
And he said that bond papers have 45 days free look period. I asked him repeatedly that there should be no problem of 15 days free look period. And he said no there will not be.
I request all of you not opt for life insurance from any company except LIC. Better to invest in a Term Plan +PPF & other govt. sec. yourself. Learn to trade yourself.
ICICI is truely fraud. Earlier they cheated me with my RD account & now with insurance.
