What to do with ULIP which was missold to my father and policy document never reached us ?

POSTED BY Vaibhav ON January 20, 2014 1:27 pm COMMENTS (5)

Hi All. My father is a retired government service official who was misled into buying ICICI Pru’s  Life Stage Wealth II ULIP policy in my name in July,2013 .To add to this, the policy itself was never delivered at the registered address so there was no question of a free look in.

How do I terminated/ surrender this policy and get the premium (INR 50,000/-) back ASAP ? The policy has a 5 year lock-in.

5 replies on this article “What to do with ULIP which was missold to my father and policy document never reached us ?”

  1. ICICI Prudential says:

    Dear Mr. Negi,

    We understand our representative has contacted you and acknowledged your concern. Please be assured that the concern highlighted by you is currently being reviewed. We will keep you posted on the further development of the case.

    Regards,
    ICICI Prudential Life Insurance

  2. Vaibhav says:

    @ ICICI Prudential : I haven’t been contacted by any representative of ICICI Prudential yet. I have provided your social media team my contact details yesterday (20th Jan,2014)
    My contention is that I have been made the policy holder without my consent and knowledge and my father is named as the proposer. This is distressing to say the least.

  3. ICICI Prudential says:

    Dear Mr. Negi,

    We regret the inconvenience caused. We understand our representative has contacted you and acknowledged your concern. Please be assured that the concern highlighted by you is currently being reviewed and we shall keep you posted on the further development of the case.

    Regards,
    ICICI Prudential Life Insurance

  4. ashalanshu says:

    Dear Vaibhav, first of all please ask for the policy document. Please do note, the free look period ‘ll start only from the date you receive. So you still have time to cancel it.

    Thanks

    Ashal

  5. Sibin says:

    Hi Vaibhav,
    Do you know the policy number, or the receipt number? If yes contact the customer care and get the details

    You are in First year of policy, I dont think there will be any option to surrender before 3 years.

    If you are able to contact customer care and request to send the policy document, you may be able to return it in free look up period.

    Thanks
    Sibin

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