Location/place: Kolkata, West Bengal, India
Name of company/service: ICICI Prudential Life Insurance Co. Ltd
Sub : Clarification require for deduction of INR 2,000/- showing as Premium discontinuance charge for the policy no : 14894513
I wrote several times to ICICI about the mentioned matter, but their answer was not satisfactory.
It is true that I have stopped to pay the premium for the policy no : 14894513 because the policy is running in loss. ICICI had already deducted so much amount as and when require according their rules. Now they have stopped all the benefits available under this policy including life coverage, which is acceptable, as I have stopped to pay premium. But why this deduction of INR 2,000/- !!!. ICICI have already done their business capitalizing my hard earned money and will do their business capitalizing my hard earned money for next 4 years and will not give me any monetary benefit. This is a investment plan not a charity plan. There may be so many rules set by each company for their different policies. It is very hard so check all the rules before doing any policy, moreover agents also not gives us chance to view them nor disclose us. These are all hidden terms and conditions. ICICI should trained properly to their agents so that they can guide us properly, otherwise ICICI can not do their business for a long term. Moreover it is beyond my expectation and imagination that there should be any additional deduction rule like this. Because this is a investment plan not a charity plan. If ICICI feel that they are facing any lose for this policy (though they have already done there business capitalizing my hard earned money and make my principle amount INR 24,000/- to INR 19,206.73/- in just one year, I don’t know who is the loser) after doing their business capitalizing my hard earned money, then it is request to them please to return my current fund amount money. I will invest it as a Bank Fixed deposit which is now more than 9% pa with no additional deduction, where ICICI will give me only 3.5% interest (less than saving bank interest) along with deduction of 0.5% p.a. as fund management charge and other charges as permitted by the Regulator after doing their business capitalizing my hard earned money next four year.
ICICI have already deducted lot of money showing fund management and others for the last one year. I don’t know how you are managing the funds. Capital amount INR 24,000/- becomes around INR 19,000/- just after one year. It was better to invest in shares directly not investing money to the middleman Investment Company like you. At least for this case we can withdraw our money at any time according to our wish.
This is a earnest request to this forum to take the necessary steps to save our hard earned money as well as to prevent cheating middle-class people like me.
For details please follow the content of the attached .PDF file which already I sent to ICICI.
Thanks & Best Regards