I visited ICICI Bank for getting a FD for Tax benefits on 17/12/2012. The executive there are very eager to sell ICICI Prudential Policies to anyone that comes for Tax saving needs and they coax you and give you false information about the policies to make you buy one. The same happened to me too. I applied for the policy there and when I checked the policy documents online later, I found several clause that differed from what was promised to me. Though it was my mistake to sign anything before I read complete document, I however realized this and on next day i.e. 18/12/2012, I checked status of my application on their tracker. It was still under Proposal status. I called up customer care to get my application cancelled and refund me the money. Instead, customer care executive told me to write an email to make my request for cancellation. I immediately wrote up an email and got response within one hour that my request has been received. I was at peace that now I could get my money back. But the next day on 19/12/2012, I again checked if the status showed cancelled or not, and was surprised to find that the status has changed to "in force" in spite of my request for cancellation, I wrote an email to customer care again stating the matter and I received reply that policy has been generated and when I receive the documents, I have 15 days to run to nearest branch to get it cancelled after deduction of certain charges. What the hell!! what was the result of my telling them to cancel the policy when it was still not processed?? Totally freaked up now and getting harassed to get my own money back. This is very unprofessional attitude of ICICI Prudential and has left me very unsatisfied. I am pasting the email communication below for more insight into the matter.
From: Javed Alam
Date: 19 December 2012 13:01:16 GMT 05:30
To: "ICICI Prudential Life Insurance Co. Ltd", firstname.lastname@example.org
Subject: Re: Cancellation of application for policy OL00456332 Call ID # 53139270
This is just ridiculus! I had requested you not to generate my policy and you did just the opposite. If you would check your records, my request to cancel the policy came to you when the application was still in proposal phase. But you took no action and let the policy to come in effect. Now you want me to wait for the document and then run around your offices to get it cancelled.
Definitely this is going to leave me as a very unsatisfied customer. When it is time for you to get money, you act super speedy and when customer is asking for something then you just relax and let customer run around to get his own money back.
Nice work you guys are doing!
On 19-Dec-2012, at 11:42, "ICICI Prudential Life Insurance Co. Ltd" wrote:
Dear Mr. Javed Alam,
We appreciate your time and patience.
We refer to your email dated 18th December, 2012.
This is with reference to your request pertaining to policy cancellation and refund for application number OL00456332.
We wish to inform you that the application number OL00456332 has been processed and a ICICI Pru Wealth Builder 17266786 has been issued on 18th December, 2012.
The policy documents will be dispatched to your registered mailing address mentioned below by 23rd December, 2012:
FLAT ..., BLOCK....,
West Bengal- 700132
Further, The policy holder is provided with the flexibility to review the policy terms and conditions, under the Free Look period (15 days from the date the policy document has been received by the policy holder).
*Refer the policy document for details on applicable freelook period
In order to cancel your policy, kindly submit the below mentioned documents at the nearest ICICI Prudential branch :
1. Duly filled Payout form,
2. A copy of self attested photo id.
3. Original policy certificate
4. A duly signed cancelled cheque of the account where you want the freelook amount to be credit.
Please note that the documents to be submitted by the Owner of the policy or any of his blood relative. In case of documents submitted by blood relative, the same needs to be authorized by the owner on a letter or the format available with the company.
To locate the nearest ICICI Prudential branch, kindly visit our website http://www.iciciprulife.com/ and click on branch locator.
You may locate the nearest branch by clicking on the branch locator link under "I want to get in touch" on our ICICI Prudential website home page: http://188.8.131.52/public/default.htm
Following is the list of documents that can be collected as valid KYC documents:
Voter''s Identity Card
Ration card with photo
Once the said documents are received by us, your request will be processed within 6 days along with the payout TAT as per the mode chosen by you.
Disbursal TAT’s are as below:
? Direct Credit: 1 working day
? NEFT [less then 2 lakh]: 2 working days
? NEFT [greater then equal to 2 lakh]: 1 working days
? ECS: Minimum 7 working days
? Cheque: 7 days from date of dispatch
? Credit Card: 7 working days
? Web Reversal [EFT]: 10 working days
If the policy is cancelled within the freelook period, following deductions are made before refund of the first premium deposit:
1. Stamp duty charges
2. Unit fluctuations: Since Net Asset Value (NAV) is subject to fluctuation depending upon market performance, units will be repurchased by us at the unit value determined on the Valuation Date. For the purpose of NA V calculation, applicable day would be receipt of FL request
The fluctuation in the NAV will be borne by the policy which will be adjusted from the first premium refund that will be paid.
Please contact us for further clarifications, if any.
***Customer Alert*** : E-Statements at a Single Click...!! Click on below link :
With this you can now get your Premium Paid Certificate (to file your tax returns), Premium Receipt and Premium Notice at the click of a button in 3 Simple steps...!!
Manager - Customer Service
ICICI Prudential Life Insurance Co. Ltd.
ICICI Pru ICICI Pru Wealth Builder, UIN (Unique Identification Number as per IRDA):, Policy Number 17266786.
© 2012, ICICI Prudential Life Insurance Co. Ltd. Registered Address: - ICICI Prulife Tower, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025. Reg No: 105. Insurance is the subject matter of the solicitation.
I noticed in application tracker that you have issued me the policy inspite of my request to cancel the application.
This kind of action is highly unprofessional and I did not expect this from reputable institution like ICICI Prudential.
I demand to know whether you are going to do any action in this regard or not?
On 18-Dec-2012, at 15:07, Javed Alam wrote:
> Thank you Dimple
> Please make sure that you do not issue the policy in the meantime.
> Javed Alam
> On 18-Dec-2012, at 13:32, "ICICI Prudential Life Insurance Co. Ltd" wrote:
>> Dear Mr. Javed Alam,
>> We refer to your email dated 18th December, 2012.
>> This is with reference to your request pertaining to policy cancellation and refund for application number OL00456332.
>> Your concern pertaining to the policy cancellation and refund has been noted by us. We are looking into the matter and shall revert to you by 25th December, 2012.
>> Please contact us for further clarifications, if any.
>> ***Customer Alert*** : E-Statements at a Single Click...!! Click on below link :
>> With this you can now get your Premium Paid Certificate (to file your tax returns), Premium Receipt and Premium Notice at the click of a button in 3 Simple steps...!!
>> Yours Sincerely,
>> Dimple A.
>> Manager - Customer Service
>> ICICI Prudential Life Insurance Co. Ltd.
>> ICICI Pru, UIN (Unique Identification Number as per IRDA):, Policy Number 00000000.
>> &&&&&Original Message&&&&&&
>> I had applied for an ICICI prudential policy Wealth Builder with application number OL00456332 on 17/12/2012. I would like you to cancel the application and refund my money as I have changed my mind about the policy. Kindly acknowledge this email and update me on the cancellation status.
>> Javed Alam