ICICI Bank insisted on insuring my car loan of Rs. 8 lacs against the risk of repayment owing to my being above 58 yrs and self employed with no assurance of regular income and stated that the one time premium for covering the risk of inability to repay or death of Rs. 8 lacs is Rs. 8, 117/- which the bank got collected by the car dealer. Later this bank in connivance with the car dealer and its group company ICICI PRUDENTIAL INSURANCE which does not have such a product to offer whereas ICICI LOMBARD INSURANCE has such a product, mocked the process of issuing the insurance certificate while fabricating, wrongly using the KYC of co-applicant to the loan, attempting to insure a wrong person for the said policy, employed forgery of signature, and is manipulating further to tamper / destroy evidence. Normally such a policy is issued within ten days but these companies did not care to issue correct policy even for FIVE MONTHS despite my regular follow up with them. And in an arbitrary manner finally communicated cancellation of the proposal. In this manner this bank, its group insurance company and the car dealer conspired, criminally breached the trust, criminally breached the contract and are harassing month after month. The legal department of the bank when I met agreed orally that the entire matter is going against the bank but the bank has dodged rectifying the errors and has opted for illegal methods and acts to evade the insurance benefit and harass me. Let every one know that credit assurance is a group policy generally employed by the bank which feels its advanced amount could be at risk of repayment and the premium is normally paid by the bank and is not collected from the yed five customer. In this case the premium was collected from me and at the same time employed five months to fabricate, forge, manipulate data to incorporate false data to avoid passing on the benefit of insurance to the customer.. This bank and its group companies are employing unfair and restrictive trade practices apart from other criminal offences which general public is required to be protected from.
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