ICICI Bank automatically deducted 50, 000 INR from my account towards premium payment for one of my ICICI Lifetime Gold policy. I had never opted for an automatic deduction and was not in a position to pay the premium this time, in such a scenario this is totally illegal for the bank to automatically pay the premium. Moreover, I wasn't informed about the same for two months and once the minimum amount due was not paid then I was told that 50, 000 Rs. are due to be paid. This is totally unprofessional behavior from the bank. I would prefer if the bank keeps it's banking activities separate from it's other activities like Life Insurance and should not take actions like premium payment at it's own will. Otherwise tomorrow bank will deduct any arbitrary amount from my account for one of my mutual funds which I won't be interested in investing any further.
Moreover, when bank people can call numerous times for selling various services can't they even call or contact me by mail even once before paying the premium? On top of that lots of late fine and few other charges have been levied on me. I have suffered severe inconvenience because of this surprising act by the bank and somehow arranged for the money to do this credit card repayment. Therefore I request you to look into this issue and take appropriate action.
Thanks & regards,
Dev Priya
[email protected]
Other account and phone details could be furnished over email.
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