ICICI Prudential Life Insurance co.ltd
Policy redemption/ termination

From: Subramanyam. Kotharu@relianceada.com

Date: Fri, 1 Jun 12:37:56 0530

Subject: termination of pension policy no.00086830

To: lifeline@iciciprulife.com

Cc: ravinder.kukutlapally@iciciprulife.com, mani.kotharu@gmail.com

Dear Sirs,

With reference to the above policy termination and surrender I wish to

inform you as under :

1. I have approached your local ICICI Pru Insurance co. office in Banjara

Hills, Hyd during 1st/ 2nd week of March''12. and enquired regarding

redemption of deferred pension RP policy no. 00086830 at customer care

/ front office desk.

2. I was informed by your customer care executive in the front office that

all the payments due on the policy for 10 years has been paid by me

and that I can either surrender the policy or opt for monthly pension

amount of around Rs. 3000/-. I was told that I will get a lumsum payment

of around Rs.115000/- if I do not wish to opt for monthly pension

payment.

3. I was told that I have to opt for whatever option before 31.03.2012

otherwise it will be converted into monthly pension payment type.

4. As per the policy the due date for last premium payment is 05.03.2014

and the vesting date is 5.03.2015

5.Here I find that I was not given proper communication and advice /

guidance on the benefits in continuing the policy upto the maturity date.

6. Since I did not want to have a monthly pension of a meager amount of

Rs. 3000/- p.m. I have opted for lump sum payment and accordingly

submitted the policy documents for redemption on the advice of your cc

executive and I was told that I will get a ECS credit to my Bank

account in 10 days time.

7. I did not get any retention call from your retention team explaining

the maturity benefits I would get if I continue and an amount of around

Rs. 115000/- was credited to my account after 10-12 days.

8. I have changed my residence during Sept'' 2012 and incidentally I have

traced out a letter dt. 23.09.2009 (scanned copy sent here) and

noted the benefits explained therein which I would have got on

maturity. Surprisingly these details were not explained to me during my

interaction with your customer care executive at the time of my

submission of the policy for redemption either deliberately or the

executive

was not aware of the information.

9. Here there is gross negligence indifferent attitude on the part of the

executive in suppressing the facts and information about policy maturity

benefits and not briefing a long standing customer like me who is

also a privileged customer of ICICI Bank and who has been regularly

investing in various schemes of ICICI mutual funds and life policies.

10.Currently I am also holding the following additional policies for your

information:

1. Policy no. 03618692 Smart Kid- new unit linked RP - sum Assured

Rs. 250, 000/-

2. Policy no. 11621713 Life stage pension Premium Rs. 25000/- p.a.

11. I have met Mr. K.Ravinder Kumar, customer Services Manager- Priority

Circle, ICICI Prudential Life Insuarance co. ltd., Hyderabad last

week of April''12 after I traced out the above letter (copy enclosed

) and explained him all the above facts and he is also of the opinion that

I was wrongly informed.

12. I could not revert to you immediately on the subject and represent my

case as I was sick for about 10 days and was pre occupied with

my official tours later.

In the light of above now I request you to restore me the policy

continuation benefits as I was wrongly informed and coerced to submit my

policy for pre- mature surrender/ termination.

Iam not a fool or idiot to miss the substantial benefits I would be

getting in case of maturity if properly explained during my visit to your

local offices and during the retention call which was not done at all. I

was not paid the guaranteed additions and bonus as explained in the letter

dt. 23.09.2009 which was misplaced and not noticed by me. This information

of guaranteed additions and bonus was also not disclosed to me during my

interaction with your CC executive.

Had I seen this letter before surrender of the policy I would have never

opted for the pre-mature surrender / redemption.

Iam sending herewith the scanned copies of the letter and my policy

document.

My mobile is registered with you as 9392881555.

I now humbly request you to restore me the benefits and the loss I have

incurred without my mistake and knowledge failing which I would have to

resort to necessary steps to get justice.

Pl. revert urgently on this.

Thanking you

Best Regards.

CA. K.Subramanyam

AGM & Business Commercial Head- AP

Reliance communications Ltd

5 th Floor, '' Reliance ADA House ''

Plot No. 38, Phase II, Hitech city

Madhapur

Hyderabad 500 019

Andhra Pradesh

Mobile : 9392881555

LL: 040 30332176

Enjoy the widest reach of 3G services across India only On Reliance

www.rcom.co.in/3G

The information contained in this electronic message (email) and any

attachments to this email are intended for the exclusive use of the

addressee (s) and access to this email by any one else is unauthorised.

The email may contain proprietary, confidential or privileged

information or information relating to Reliance Group. If you are not

the intended recipient, please notify the sender by telephone, fax, or

return email and delete this communication and any attachments

thereto, immediately from your computer. Any dissemination,

distribution, or copying of this communication and the attachments

thereto (in whole or part), in any manner, is strictly prohibited and

actionable at law. The recipient acknowledges that emails are

susceptible to alteration and their integrity can not be guaranteed

and that Company does not guarantee that any e-mail is virus-free and

accept no liability for any damage caused by any virus transmitted by

this email.

Company: ICICI Prudential Life Insurance co.ltd
Country: India
State: Andhra Pradesh
City: Hyderabad

  <     >