How to surrender policy under free lookin time

POSTED BY Javed Khan ON April 29, 2013 10:11 pm COMMENTS (6)


My dad reired last year. He went to ICIC bank for some work in March and the smart guys sold a ULIP policy to him.The policy document came on 23rd April, it was sent on 19th April from the insurance provider, so technically the 15 days period finishes on 4th May.

My dad went to the bank for surrendering the policy, they were really resisting this however after little persuausion they said u need to go to ICICI pru office this is bank. Today he went to the ICICI pru office same story, they talked amongst themselves called the bank manager and then said it needs soem approvals from the bank manager (sinature), the bank manager called and said he would send someone tto our house in a couple of hrs, the guy didnt showed up.

My mom dad are alone at house and its little difficult to go to places, and at this age they are unable to counter these peoples. Please help whats the way out?




6 replies on this article “How to surrender policy under free lookin time”

  1. Dear Mr. Khan,

    We’d be glad to assist you with your concern but haven’t received any response yet.
    Could you please share the details so that we can process your request.

    ICICI Prudential Life Insurance

  2. Dear Bidisha, the refund process may take anywhere from 20 to 60 days.



  3. Prasanna Kottapalli says:

    Dear Javed,

    If you have to freelook, there is no way that ICICI PRU can stop. this is a right given to the customer. This is a mere mis selling which happened from the Bank. How can they give a ULIP to a retired man?

    You may also wish to write to the IRDA Ombudsman about their approach towards their customers needs. CObrapost has already raised other issues, you may raise this too. I am sure, they will learn a lesson.

  4. Dear Javed,

    Sorry for the inconvenience caused. Could you please write your concern along with your policy/contact details at Request you to quote the reference number 036575 whilst sharing the details. Post receiving the mail, our representative will get in touch with you shortly.

    Also, can you provide us with the branch details you are coordinating with to have the policy surrendered?

    ICICI Prudential Life Insurance

    1. bidisha Dutta says:

      Can I cancel the application request of ICICI Pru life stage wealth II ?
      Within how many days will I get my refund back?

  5. Dear Javed, in simple words the staff at both places is making fool of your father. Please ask your father, to go again to IPru office & ask him to submit the policy & demand a counter receipt of the same that he has submit the policy for cancellation under the freelook period.

    The so called smart guys are passing the time to close the window of free look period. Ask your father to surrender rigidly. Just for his information, no counter signatures are required for cancellation of the policy.

    At the same time, please lodge a complaint with the customer-care of ICICI bank as well as IPru life on both phone as well as E-mail. Nike – Just Do it & see the wonders.



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