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ICICI Prudential / fraud marketting by wrong information & severely cheated by icici prudential : need urgent assistance

1 India Review updated:

By May 2009, I was holding 1 policy with ICICI Prudential. That is Life Stage Pension
(Policy no 08905343) with annual premium of 40000. I had taken
LifeStage Pension policy around May 2008, in which I had paid the
premium of 40000 before 17th May 2009. Suddenly at the beginning of
May 2009 before the 3rd premium for my LifeStage Pension policy was
deducted, a person from ICICI Prudential (most probably from marketing
of kolkata) named Anaita Mukherjee called me and suggested me that
my ongoing policy Lifestage Pension policy is not in a good position &
the fund is going to be in loss in future, so it is better to transfer
all my previously invested premium of LifeStage Pension into another
policy i.e. LifeStage Assure (policy no 11922532). Also she said that
my 3rd premium for LifeStage Pension that was supposed to be paid
through ECS, will be paid to the LifeStage Assure. She also said that
she is going to block my LifeStage Pension policy & total 40000 that
was already paid to Lifestage pension will be considered to be the 1st
year premium for LifeStage Assure. If I do that then I will be
benefited more & can get a better return. Also she stated that she is
going to link my Lifestage Pension policy with Lifestage Assure &
going forward I have to pay 40000 annual premium only for Lifestage
Assure & for LifeStage Pension I have not to pay any single money. I
aske her many times whether it is at all possible or not & she started
convincing me that yes it is absolutely possible & this is an offer
from ICICI Prudential. Then I called up customer care & they told me
that no it is not possible. Then I told her that I am not going to do
it at all. Then she told me that she is the manager in ICICI
Prudential & she knows much better than customer care guys & she is
absolutely sure that it is possible. In the mean time on 17th May 2009
my 3rd premium for LifeStage Pension got deducted by ECS. I asked her
that what will happen to my 3rd premium that was payed to LifeStage
Pension. She told me it is not a problem because she is going to
adjust this amount with Life Stage Assure for next premium i.e.
November 2009.

From various sources I came to know that fund transfer & linking from
one policy to other is not at all possible. Now I am looking for some suggestion so that I don't loose my money. It seems that I am going to loose my money because now I have to continue 2 policies with 80000 annually, which is not at all affordable for me. As per the rules of the policy papers I came to
know that if I stop paying premium in any of the policies (Life Stage
Pension or Life Stage Assure) then I won't get my invested money back
at all.

I would like to lodge this complaint as a fraud case against ICICI Prudential for doing marketing by means of unethical & fraudulent way. This things should be stopped as soon as possible. Also I would request you to tell me how can I get this money back. I really can not withstand this kinds of fraud things happening with the normal people by a reputed financial institution of India. It apparently seems that India is not having any laws & private financial institutions could not be reliable at all.

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Comments

  • Dr
      25th of Oct, 2009
    0 Votes

    Almost the same thing has happened to me. I approached ICICI Direct for transferring the demat account of my deceased father in the name of my mother. Instead of doing what was requested - they pressurised me to sign up for a so called 10 year mainly growth oriented fund with inbuilt hedging component in which I could do partial withdrawal after 7 years. On looking at the document - I found it was for an insurance policy called Assure. When I protested that it is an insurance policy & not a pure growth oriented fund, I was told that insurance is just an incidental feature offered by the company so that I could get maximum benefits of the bull market along with tax benefits. My medical examination got delayed as I was tied up with a lot of emergencies during Diwali. When some lady from customer relations rang up from Bombay - I came to know that it is an outright insurance policy for 15 years with no question of getting my money back after 10 years. Also, it is not market linked at all. The agent is continuing to pressurise me to get my medical done saying the people from Bombay always mislead customers. I have insisted that I am not getting my medical done till I read the policy document. Also she should categorically state whether it is for 10 or 15 years. There is pin drop silence from their side till now. I found out from customer care that I can apply to ICICI Prudential asking to stop all further proceedings and ask them to return my cheque for Rs 1.5 lakhs which was given along with the application.

    Beware of all dealings with ICICI. They mislead & defraud honest hardworking people like you and me by concealing facts. Underpaid, unethical, ill educated and temporary employees of this bank have been let loose on the unsuspecting janta of India. You can appeal to no one except a disembodied voice in some godforsaken call centre. There is no progress on the demat account front till date.
    Dr. Meera Arora

  • 30
      31st of Oct, 2009
    0 Votes

    ICICI is a fraud and fake company, this is not a new thing now. There are thousnds or more victims of ICICI : THE FRAUD today. ICICI takes advantage of two things of the investors. 1. investors are innocent about the massive nationwide fraud of ICICI and such fake companies, They are not capable to understand the crooks in the deliberately complicated policy document. 2. Fraud companies like ICICI are very well confident that GOVT. OF INDIA. is not going to take any action againt them .
    Today, ICICI has literally looted billions of rupees of innocent investors. They have spoiled hard earned money of the investors. I am myself a victim of fraud of ICICI . I have lost most of my money invested in the pension ULIP plan. ICICI is the MOST CURSED COMPANY in India.
    MAY be only god can save india against this "NATIONWIDE MASSIVE FINANCIAL CONSPIRACY AGAINST COMMON INDIAN MAN". Why not to create a forum against such fraud financial institutions under false big banners and false reputation?????? Create a forum called "ICICI VICTIMS"
    and lots of victims will join . After which a petition/fraud case can be filed against ICICI.

  • Ka
      16th of Mar, 2010
    0 Votes

    Same thing happened to me. It cheated me by saying fraud marketing. They called me a day and said that fund of one of my existing policy is doing good & suggested me to a new fund. They told me for the new fund to switch I will be given a new policy number. For that they had taken Rs 20000 from me & made a policy of annual premium of Rs 40000. After all this things are done & new policy have been created I came to know that what they did is totally wrong & earlier what they told me is absolutely fake. It was nothing but making a new policy not any fund transfer. Now I am having 2 policies with Annual premium of 40000 each. After when I came to all this things I complained to them there was no action taken. I decided not to give any money to them as a premium of any of the policies because after all for a service person like me it is not possible to give Rs 80000 annually for ULIP. In this way my 60000 (already paid premium for existing policy)+ 20000 (fraudly made policy) is in hang condition. I also earnestly request Govt of India to take some action against them & please please return my money back. These moneys are not free money for us. We work day & night to earn money. Earning a single rupee is difficult too. What ICICI Prudential is doing is nothing but a theft. I think police or Govt must take some action as early as possible against them.

  • Ta
      31st of Jul, 2010
    0 Votes

    I have gone through your complaints, if your complaints are still pending or have any questions or queries related to ICICI Prudentials Policies, please write to tauryan2000@yahoo.co.in

  • Ab
      17th of Nov, 2010
    0 Votes

    I have complaint on the similar lines, I have taken ICICI life stage pension plan in March 2008. I have got a call from ICICI saying that the all the benefits on the unit linked plan are going to be cancelled they also told me that withdraw this ammount which will talke around 45-60 working day. But if I want to withdraw thwn I will have to show investment of around 30K which I really dont want to do. I asked the person on the line if I dont want to invest anything and want to withdraw the amount then he said you will face heavy deduction but refused to tell how much precentage will be deducted. I asked him many times he did not told me. Now I really dont understand what to do I will visit ICICI pru office once. IF any one has some useful info please share with me. If possible drop me an email abhjeet.saoji@gmail.com

  • Bv
      25th of Jan, 2011
    0 Votes

    ICICI is the number one cheating company. I have posted one -bvnkt, USA. If anybody interested in filing something against ICICI, please e mail -bvnkt@hotmail.com

  • Vi
      1st of Jul, 2011
    0 Votes

    I faced a similar issue... ICICI Prudential is fraud company who has no control on mis-selling ...they suck

    https://www.complaintsboard.com/complaints/mis-selling-c472566.html

  • Um
      27th of Sep, 2012
    0 Votes

    This is my list of complaints for this policy as well. I hope that someone that someone takes strict action against them as they are destroying the life-savings of old people...
    1. Mobile number changed - The mobile number on my policy at the time of taking the policy was my number. However, this was changed within a week, to an unknown number. I am unable to receive updates, OTP and transact on my policy
    2. Policy Charges - I was not told that I will have to pay charges (these will be deducted from my units) even if I stop paying premium after 5 years
    3. Clarification request - on 17 September when i called the agent for clarification on the charges deducted in my 1 Jul 2011 to 31 Jul 2012 statement of 7210 no explanation was provided. i was told that this is just a one-time charge and I will not have to pay any other charges for the rest of the policy. When I asked for a breakdown of the charges the agent was rude. When I read out the Policy Administration charge from the policy document I was told that it does not apply to me since mine is a 3 year premium policy. He made fun of me when I said that the policy document says that charges will be deducted from my units even if I am not paying any premium. He again said these do not apply to me since mine is a 3 year policy.
    4. Term of policy - the premium payment term of policy was wrongly explained to me as 3 years when it is a 10 year policy and I will have paid the maximum in terms of policy charges in this period
    5. Current value - On 17 Sept the agent instead of responding to my queries on the policy charge told me that I should not worry since my current fund value has increased from my premium of 1.5L to 1.75L since the stock market has been performing well. This is wrong since the value as communicated to me on a statement taken on the same date is only 1.39L

    All these are serious offences and should be looked into immediately.

  • Pr
      27th of Dec, 2012
    0 Votes

    Me also faced the same situation. The total fraud company. Now I am telling each of my friend to not go for ICICI. How India govt still approve this type of companies policy I coukdn't understand.

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