ICICI CHEATED

POSTED BY bidisha Dutta ON May 1, 2013 1:46 pm COMMENTS (41)

I was fooled by icici banker…I went in for FD AND THEY forced me to my money in ICICI pru life life stage  wealth plan II  which was an ULIP..but they never mentioned it as a ULIP and told that this another form of FD with guranteed return…immediately they deducted the amount 50000Rs and on the same day when I got a mail from icici prudential saying my request is under processing and policy will get generated after verification..I called up the banker and asked her to cancel the request and refund my amount…

My question is 

1.My application is under processing- can cancellation of the request happen?

2. If the application is cancelled within how many days can I get back my refund?

41 replies on this article “ICICI CHEATED”

  1. Naresh says:

    ICICI Bankers in tune with Pru cheated me by selling me ICICI PRU Wealth II under the guise of fixed deposit. I was in hospital when they came and took my signatures without me knowing anything and even the courier was purposely send late after a month so that i will not get the free look cancellation. I am now going to file a case.

    1. Hi Naresh

      I think you should reach to banking and insurance ombudsman on this issue

  2. chalapathirao says:

    Hello,

    I also took ulip health buider 2 and I paid two premiums, i want to exit from this plan, what about the cancellation charges?
    or shall i continue this plan please advise me.

    1. CHeck your brochure. Its all written there !

  3. Nikhil says:

    Welcome Kit for Policy Number 20126650 was delivered on 27 July 2016, but do not know to who? I did not receive it, it was some Nag Mohan who received it (Blue Dart AWB 33491802540). It is nexus of ICICI and courier to avoid cancellation during free-look period. It is a mega scam in the smartest way possible.

    1. Hi Nikhil

      It might be the case. What did you do after that ?

  4. Nikhil says:

    Chanda Kochchar and her team practice fradulent activities by hiding some of the key disadvantages of the policy. Please stop purchasing anything from ICICI.

    1. Thanks for your comment Nikhil

  5. Chetan says:

    ICICI did the same thing to me, I had brought ICICI Elite 5 investment plan and cancelled it within the free look up period. ICICI deducted 4% of amount paid and justified it as market was down and returns were low , that is loss to be born by customer. How can i get details that ICICI employee is telling the truth? what documents that i can ask to get the tally of amount deducted.
    Thanks,
    Chetan.B

    1. Hi Chetan

      ASk them to give everything in writing on companies letter head and stamp

  6. AtinderSingh says:

    They also cheated with me. I have applied for Home loan and they attached the policy without any intimation to me.
    And manager told me it is not possible to cancel the policy while it is being processed. My policy number is 19744576.
    Please cancel my policy as soon as possible.

    1. Bidisha says:

      Hi Atinder,
      That is HORRIBLE.
      But I can ensure you can always cancel your policy within 14days.
      Please read the cancellation procedure for the type of policy they signed u up on google.
      For me it was easy as I cancelled it very next day.They get a very high commission on ULIP like 80% of what u pay as premium for the first 3years thats why they always try to sale it anyway.

  7. ICICI Prudential says:

    Dear Mr. Thrushanth,

    We wish to inform you that the concern highlighted by you has been reviewed. Accordingly, a communication has been sent to your registered email address with the details of the resolution offered.

    In case of any further clarification, please contact us on our Customer Care number 1860 266 7766 or write to us at lifeline@iciciprulife.com.

    Regards,
    ICICI Prudential Life Insurance

  8. ICICI Prudential says:

    Dear Mr. Thrushanth,

    We regret the inconvenience caused. Our representative will get in touch with you in the next 4 hours to assist you with your concern.

    We appreciate your patience.

    Regards,
    ICICI Prudential Life Insurance

    1. thrushanth says:

      ICICI Prudential Life Insurance ,

      This is thrushanth i got a call on Dec 10th and the person told me that i am going to receive some documents soon and i need to carry those to the icici pru office for further processing but as of today that is 19th dec i didnt receive any document when i called the customer care again they are saying they dont see any information in theor systems. can you please check and let me know the current status.

      Thanks
      Thrushanth.

  9. thrushanth says:

    HI ICICI Prudential Life Insurance

    I am facing an issue i sent out a mail to cancel my policy no: 18156614 on Nov 19th which was under free look up period (Query num: 63642924) i got a reply saying it will be reviewed and replied back in 72hours i waited for 4 days and didnt receive any response.I called the customer care on Nov 25th as this is the last day of my free lookup period they asked me to wait for another 2 days. I called the customer care again on Nov 27th and explained the issue then they told me to contact the nearest branch. I approached the branch on Nov28th and gave all the details they said they cannot help as the freelook up period is completed. I am still following up with the branch i submitted a grievience letter too. My concern is why the lifeline@ is not responding to the mails. I raised my concern way before the freelook up period. Still i havent got any response and money is blocked with icici prudential life.

    please help me to figure out the process to be followed to cancel and get back my money.

    Queries Numbers: 63642924, 63877101, 63877334

    Thanks
    Thrushanth.

  10. Karthik says:

    I was trapped in a same way. They said it will give 15% guaranteed returns (Return guaranteed fund) compared to 9% in FD.
    The catch was – the 15% was for a period of 5 years and the FD was offering me 9% per year.
    I sincerely thank ICICI for that, because it was an eye opener for me. then, I joined JI forum.

    1. ICICI Prudential says:

      Dear Mr. Karthik,

      Please share your policy no. to assist with your concern.

      Alternatively, Request you to pls. write from your registered email id to lifeline@iciciprulife.com with your concern. Pls. quote reference number 036890_aaat2 whilst sharing the details. Post receiving the mail, our representative will get in touch with you shortly.

      Regards,
      ICICI Prudential Life Insurance

  11. Dear Mr. Pal,

    Please share your policy no. to assist with your concern.

    Alternatively, Request you to pls. write from your registered email id to lifeline@iciciprulife.com with your concern. Pls. quote reference number 036890_aaat whilst sharing the details. Post receiving the mail, our representative will get in touch with you shortly.

    Regards,
    ICICI Prudential Life Insurance

  12. shubhadip pal says:

    I had submitted “free look” form, I was yet to receive policy documents (though I had policy number) and got a receipt on the 3rd day of my issuing policy.

    Rs. 50,000 deducted from my account for policy, not sure when I will get back my money.

  13. Dear Mr. Pal,

    Sorry for the inconvenience caused.

    Request you to pls. write from your registered email id to lifeline@iciciprulife.com with your concern. Pls. quote reference number 036890_aaat whilst sharing the details. Post receiving the mail, our representative will get in touch with you shortly.

    Regards,
    ICICI Prudential Life Insurance

  14. shubhadip pal says:

    I have faced similar issue…

    Dear Bidisha,

    May I ask you did u receive the entire money or dey deduct any charges ? and in how many days ?

  15. bidisha Dutta says:

    ICICI returned back my amount after I submitted the request with the branch

  16. Dear Ms. Dutta,

    We understand our representative has contacted you and resolved your concern to your satisfaction. Is there anything else we may assist you with?

    In case of any clarification, please contact us on our Customer Care number 1860 266 7766 or write to us at lifeline@iciciprulife.com.

    Regards,
    ICICI Prudential Life Insurance

    1. vipin says:

      Your Customer care number nobody picks. I tried calling dm at least 10 times and every time more than 30 mins and also it is chargeable. It looks like it is just a drama to trape ppl.

  17. Dear Bidisha, please do not waste your time in contacting over e-mail or phone. Please visit the IPru office & do needful.

    thanks

    Ashal

  18. Dear Ms. Dutta,

    Sorry for the inconvenience caused.

    Request you to pls. write from your registered email id to lifeline@iciciprulife.com with your concern. Pls. quote reference number 036890 whilst sharing the details. Post receiving the mail, our representative will get in touch with you shortly.

    Regards,
    ICICI Prudential Life Insurance

    1. bidisha Dutta says:

      Dear ICICI Prudential,
      My policy no. is : 17723466

      I tried to reach lifeline@iciciprulife.com multiple times from my mail id but each time getting Auto Reply saying my email id is not registered as below:

      “You seem to have written to us from an email ID which is not registered in our records.

      We request you to write to us from your registered email ID as that is a standard process that we follow, in order to verify the identity of the person writing to us. This process has been put in place to protect the confidentiality of our customers’ policy details.”

      Neither I am able to reach the customer care-18602667766.Its saying my DOB entered is invalid !

      Please look into this and register my mail id ASAP.

      1. Dear Ms. Dutta,

        Thank you for sharing your policy number. We’ll have someone assist you on priority.

        Regards,
        ICICI Prudential Life Insurance

    2. Mustafizur Rahaman says:

      Dear ICICI Prudential.

      I would request you to please go through people’s concern/check with your internal dept whether they have received any concern from the same person & what is the current status before responding here. And the response message looks nothing but “Copy-paste” without actually understanding the concern.

      Also, Bidisha applied for the policy & it was in processing state, then how can her email be registered. To me it looks obvious that her email id would not be recognized & expectedly it got solved as soon as she visited the branch.

      Therefore, my sincere request, please go through people’s concern, do your homework instead of routine response!!!

  19. Dear Bkidisha, yes you w’d have to sign the surrendering form. So your presence is required. Actually you need to go to IPru Life office not ICICI bank for cancellation/surrender of this policy.

    Thanks

    Ashal

  20. bidisha Dutta says:

    Is my presence important while canceling the policy?
    Do I need to sign anywhere while surrendering it?

  21. Genoa says:

    As per IRDA regulations, all policies have 15 day free look period. If you’re not satisfied, you can claim full money back. No questions asked.

    http://articles.economictimes.indiatimes.com/2012-03-19/news/31210648_1_free-look-period-policy-irda

  22. Dear Bidisha, to save your loss even for this Stamp Duty, I’m asking you to surrender now. For exact %age of applicable Stamp duty, please contact IPRU people.

    Thanks

    Ashal

    1. bidisha Dutta says:

      Yes I shall try to surrender it tomorrow with the ICICI Bank which sold me this policy…but I doubt if they will allow that instead they might tell that policy shud get generated first and blah blah..so that they can make some money from it.

  23. Dear Bidisha, even during your processing stage, you can very much apply for cancellation os wrongly sold policy. Please do inform the Insurer regarding your choice, immediately. it may take anywhere from 20-25 to 60 days to get back your money.

    thanks

    Ashal

    1. bidisha Dutta says:

      Thanks for your response.
      Can u tell me how many days it will take for the application to get processed?

    2. Syamantak says:

      thanks for clarifying it Ashal 🙂
      when I tried to do same with ICICI Pru once, they said it can only be cancelled after issued, since they had initiated process for underwriting etc.

  24. Syamantak says:

    1.My application is under processing- can cancellation of the request happen?

    — Since you have ‘signed’ the documents, its deemed to be the request from you towards ICICI Pru to insure you. Hence you can not cancel the processing and you need to wait till the policy is generated. every insurance policy has a 15 days of free look up period (15 days from the date of receipt of policy document). You may cancel the policy within the free look up period. ICICI Pru will deduct some charges for processing etc, but major chunk of your premium would be returned back to you

    2. If the application is cancelled within how many days can I get back my refund?

    –You would have inquire with ICICI Pru Customer care/branch office when you go for cancellation

    1. bidisha Dutta says:

      Thanks for your response.
      ICICI will deduct stamp duty on the premium amt if I cancel it after the policy is generated.
      Do u know the stamp duty percentage that they deduct?

    2. bidisha Dutta says:

      Is my presence important while canceling the policy?
      Do I need to sign anywhere while surrendering it?

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