ICICI Prudential / Pru Guaranteed Saving Insurance Plan / false promise amounting to cheating

India Review updated:

In january 2011 i was approached by one mr.vijayraj shirivastva a senior employee of icici on phone and told that since i am alrady holding two icici investments viz icici pru lifetime super-policy no:-[protected] and icici life stage assure-policy no:-[protected], i could invest in a new policy-icici pru guaranteed savings insurance plan-policy no:-[protected] and i will get bonus dividents in cash upto rs 70, 00.00 against the policy already held by me, within three months of taking the policy.besides i was told that i will be required to pay a single/one time premium of rs.20, taking mr.shirivastva on word i purchased the above policy no:-[protected] in january 2011.since i was not in town when the policy was received, i could not avail of the free look on detailed reading of the policy i understand that i have been cheated by icici as the premium has to be paid ever year for atleast seven(7) years and it is not one time as was informed by mr.shrivastva.besides i have not till date received any divident cheques as i was told by[protected], ll-[protected].i am sure the company will clarify its action and also ask mr.shrivastva to explain.

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  • Ka
      Jul 30, 2011

    it appears that insurance advisors intentionally or out of ignorance mislead customers. The checking period/facility is a boon; however, the insurance advisors appear to have some loopholes in it also. one of my friends, did not receive the original policy.
    on request, they gave true copy of the policy. some key documents were missing in it; THE GOVERNMENT OR NON GOVERNMENT ORGANIZATIONS should educate customers;

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  •   Aug 03, 2011


    We are sorry to hear your experience. We have taken a note of your issue. Someone from ICICI Prudential will get in touch with you within the next four hours.

    - ICICI Prudential Life Customer Service

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  • Ka
      Aug 03, 2011

    thanks for the response

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  •   Aug 23, 2011


    We understand our representative has contacted you and sent the resolution to your registered email address. If you have any further queries, please feel free to contact us at

    - ICICI Prudential Life

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  • Ka
      Aug 23, 2011

    since the case was presented in a public forum, can the resolution also not published, at least by the complianant; so that general public can know whether the insurance company is fair!!

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  • Ra
      Aug 24, 2011

    The complaint was acknowledged by the ICICI prudential and the first premium paid by me was refunded.

    0 Votes
  • If your problem is not resolved join Friends forum for financial Facilations or mail us at [protected] Not sure but may be we can help you.

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  • Sa
      Feb 20, 2012

    Even if insurance advisors intentionally or out of ignorance mislead the customer still ICICI tries to protect them by all means to safeguard their interest and will not accept their fault. Even I am facing problem with ICICI Prudential and they are trying to convince me with their wrong ethics and un professional business policy. They will run after you till the time payment goes in their hand and after that they will make you run from pillar to post. See what I have sent them after getting frustated with them:


    Date: February 9th 2012

    The ICICI Prudential,
    K-3, Brahm Dutt Tower,
    6th Floor, Sector-18, Noida

    3. IRDA TOKEN NO: 01-12-036863
    4. YOUR E-MAIL DTD FEB 7TH 2012

    SUB: 1. PROPOSAL / POLICY NO: 15105511 / 15698404 / 15103638 FOR ISSUANCE OF POLICY

    Dear Sir / Madam,

    I am in receipt of your E-mail dated February 7th 2012 and will wish to ask you as to why ICICI is taking unilateral decision by:

    1. Not allowing their own ICICI employees to receive and acknowledge the grievance letter hand carried by the customer to your office. This is just because a customer once trapped by ICICI is treated as an outsider and that too after the check gets honored and goes to ICICI account?
    2. Why for so many months your representative R. K Singh (Mobile: 9312571719) kept on keeping the customer in dark and why the second check Number 693217 (cleared on 06-07-2011) for Rs. 4188/- drawn on IDBI bank Account No: 901104000096885 was again personally collected by R. K Singh if ICICI had any difficulty in getting the issue resolved?
    3. Till the time Check was honored, everything was fine at ICICI end and as on date ICICI is not able to locate their own representative. This is what you said on phone.
    4. Also it is not the question of ICICI digesting 29188/- of a customer, your business and professional ethics has a question mark now?

    Don’t you consider above approach as unethical and unprofessional. And, even after that ICICI is trying to convince the customer that ICICI is correct and customer is wrong.

    1. Above complaint letter dated January 28th 2012 was hand carried to your Noida office (Token No: 013) which was refused to be received and acknowledged by one of your ICICI representative Kunal Sharma, who pretended to be as acting Branch Manager in the absence of the real branch manager, who was not available till 11:30 AM in the morning. The plea given by Kunal Sharma was very simple that no one in ICICI is authorized to receive and acknowledge any document personally carried by any customer. This pretext is not understood since ICICI, when has its own interest deputes their representative from door to door to trap the customer and when the customer knocks the door of ICICI, is treated as outsider and made to move from pillar to post.
    2. Check Number 649984 dated (cleared on 18-02-2011) for Rs. 25000/- drawn on IDBI bank Account No: 901104000096885 was personally collected by R. K Singh (Mobile: 9312571719), who pretended himself as ICICI Manager.
    3. Other formalities like various test and examination was carried out at the specified lab located in Lajpat Nagar at New Delhi However, results were not made available by the lab to us. Immediately after the exam at the lab, this was communicated to R. K Singh.
    4. After considerable time, ICICI issued a Check for Rs. 4188.00 with a pretext that some formalities were not completed at our end but not clarifying the details of pending formalities. Also I confirm that, neither the check, issued by ICICI, has been got encashed by me or going to encash the same at any point of time.
    5. R. K Singh, when contacted, was absconding and not receiving the calls at his Mobile: 9312571719 however, one fine morning somehow, he was caught when he received a call from me, dialed from a different number altogether.
    6. R. K Singh was then made aware of the above development by the time validity of Check, issued by ICICI got expired and another Check for the same value was personally got collected by R. K Singh to get the other formalities completed for issuance of policy.
    7. On the same day, Check Number 693217 (cleared on 06-07-2011) for Rs. 4188/- drawn on IDBI bank Account No: 901104000096885 was again personally collected by R. K Singh on the same day
    8. Thereafter R. K Singh is again absconding and not receiving the calls at his Mobile: 9312571719 and looks like dead number
    9. Call was received from Kavita Tandon on February 3rd 2012 afternoon and the concerns were explained to her regarding refusal of acknowledging the complaint letter hand carried on January 28th 2012 and unethical practices followed by ICICI Prudential both by Kunal Sharma and R. K Singh.
    10. It has also been requested to her not to force a customer to get convinced to the unethical practices being adopted by ICICI Prudential.

    In the light of the above facts, I shall again request you to refund me the total amount paid to ICICI amounting to 29188 (Rs. Twenty Nine Thousand One Hundred Eighty Eight only) with interest with no convincing reply to accept part payment or sign further document, if any, and close this on as is where is basis without further discussion in this matter on such unethical business practice.

    Account Payee Check must be issued in the name of SADHNA KUMARI or may be got transferred directly to IDBI Bank Account No: Account No: 901104000096885.

    NOTE: In case ICICI has any reservation in paying the interest and amount incurred in follow-up and submitting complaint by speed post, I am ready to forgo under duress and you may just pay the principal amount and close the matter.

    In the end, thank you for dealing with a customer with unethical and unprofessional approach.

    Thanking you,

    Sadhna Kumari
    SFS Flat No: 15-F, Sector-7,
    Jasola Vihar, New Delhi – 110 025
    E-Mail: [protected]

    Ph: 011-29944705 / 901-344-2610 (Primary Cell)
    996-826-3659 (Alternative Cell)

    Encl: Photocopy of IDBI Passbook indicating realization of Check for Rs. 25000.00 and Rs. 4188.00

    Copy to: Kavita Tandon (E-Mail: kavita.[protected] / Phone: 022-42058436)
    Vinod Silk Mills Compound, Chakravarthy Ashok Nagar, Ashok Road, Kandivali(E), Mumbai–400 101, India
    Jaspreet Singh Bedi (E-Mail: [protected] / Phone: 011-43750555)

    0 Votes
  •   Feb 24, 2012

    Dear Ma'am (Sadhna),

    We understand our representative has contacted you and resolved your concerns to your satisfaction. Accordingly an email communication has been sent to your registered email address.

    In case of any further assistance, please contact us on our toll free number 1860 266 7766 or write to us at [protected]

    ICICI Prudential Life Insurance

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  • Se
      Mar 26, 2012

    Hi, Few days back, a rep from icici pru called and told that i can reinstate my lifestage pension policy as it is eventhough i had delayed the second premium for few years. He had promised that same exact policy would continue and with the same policy number even after i poked with several questions. He also told that 3 premiums(not 3 years) including the already paid premium is the only necessity to fulfill locking period. To my shock, during my conversation with the risk investigator, i heard that they're using my cheque for some other plan called Guaranteed savings. I had never heard about it until then and it apparently has an insurance portion also which i dont need as i had better ones. Also, i was completely not aware of the structure of Guaranteed savings. And the locking period is something like 7 years, which i am completely unhappy about. This pushed the trust limit. I cannot trust the words of reps anymore.

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  •   Mar 27, 2012

    Dear Sir(Sekhar_e),

    We are sorry to hear your experience. Request you to share your policy details with us.

    Alternatively you may also post your concern along with your policy details on

    Request you to quote the reference number 003579_ j whilst sharing the details. Post receipt of the requirement, our representative will get in touch with you within 48 hours.

    ICICI Prudential Life Insurance

    0 Votes

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