ICICI Prudential Insurance company Ltd
Selling policy by misrepresentation and rejection by the company of option of cancellation by the policy holder within free look period

To,

ICICI Prudential Insurance company Ltd

Re: Complaint against ICICI Prudential Insurance company Ltd

Wrong rejection by the company of policy holders availing cancellation action within free look period- Policy No. 12686657- ICICI Pru Assure Life (UIN:105L093V01)

Sir,

I took the abovementioned policy. The company’s agents Vinay Kathuria & Himanshu misled me regarding terms and conditions of the policy so in effect they sold the policy by playing deception on me. I was told that the premium will be paid just for 5 years though policy will cover 15 years period but in fact the premium is to be paid for 15 years. I was told that policy will cover medical facility for Rs 2 lakh but there is no such provision in the given policy.

Finding the policy papers on 11th Oct 09 and finding the terms and condition quite different from enumerated by the agents I opted for the cancellation of the policy and sent the company the cancellation letter dt 21st Oct 09 on 23rd Oct 09 through speed post which reached the company on 27th Oct 09. The company rejected the cancellation letter just because it reached the company on 27th Oct 10 instead of 26th Oct (within 16 days of the receipt of policy instead of prescribed 15 days from the date of the receipt of policy papers) though the cancellation letter had been posted with 12 days of the receipt of the policy,

By rejecting the request for the cancellation on filmsy ground that the mail reached the company on 16th day instead of 15th the company has flouted the regulations imposed on the companies by IRDI giving right to the policy holder to cancel the policy within free look period. The company seems to be in cahoots with the agents indulging in fraudulent practice of enticing the customer by presenting the non existent attractive terms.

R. Kumar

505, Kuchapati Ram

Bazar Sita Ram

Delhi- 110006

Mobile 09899215159

Company: ICICI Prudential Insurance company Ltd
Country: India
State: Delhi

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