I hold a policy Assure Life, policy No.12340284 which I opted in 11/08 with a Rs.20000 premium every year. The adviser/agent Anil told me that the first premium Rs.20000 will be kept safe to give good returns by the company so to give good return on withdrawal and locking period is 3 years after which you want you can continue or withdraw and this fund will be managed by fund manager and will never go in loss. I never received any mail regarding fund performance form ICICI prudential any time in 3 years. After seeing worst performance after 3 years I decided to withdraw my money, till now I have paid Rs60000, when I called the agent he already left the company when discussed with other agent about withdrawal I was very shocked to hear that I will get only Rs 36000 something that is the fund value. when I said that I have paid Rs.60000 till now and I dispute.he told me that someone will call you.
After 2-3 days a lady called from Mumbai that your first premium Rs.20000 is locked and will not be refunded as its in Guaranteed Maturity addition (GMA) which is term of 15 years.so with remaining Rs.40000 which comes out is around Rs.36000 something as of the day fund value. I said that why was it not informed and not mentioned in the broucher that the GMA will not be refund if policy withdrawn. she had no answers. she kept on saying on registration of policy you have first 30 day to withdraw. I said when will I get my blocked Rs.20000 (for so called GMA) she said when the policy will complete after 15 years. I asked her that you fund performance is worst, you say that you have fund manager how will invest money on safe place but I never saw any fund switching and noticed loss in the fund value how and why should I continue for 15 years. she said the you will not get the GMA (Rs.20000).
This is total fraudulent activity by ICICI life insurance company. I want to dispute this case and would ask help from consumer court/forums to help me in getting my hard earned money back.
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