By May I was holding 1 policy with ICICI Prudential. That is Life Stage Pension
(Policy no 08905343) with annual premium of 40000. I had taken
LifeStage Pension policy around May in which I had paid the
premium of 40000 before 17th May. Suddenly at the beginning of
May before the 3rd premium for my LifeStage Pension policy was
deducted, a person from ICICI Prudential (most probably from marketing
of kolkata) named Anaita Mukherjee called me and suggested me that
my ongoing policy Lifestage Pension policy is not in a good position &
the fund is going to be in loss in future, so it is better to transfer
all my previously invested premium of LifeStage Pension into another
policy i.e. LifeStage Assure (policy no 11922532). Also she said that
my 3rd premium for LifeStage Pension that was supposed to be paid
through ECS, will be paid to the LifeStage Assure. She also said that
she is going to block my LifeStage Pension policy & total 40000 that
was already paid to Lifestage pension will be considered to be the 1st
year premium for LifeStage Assure. If I do that then I will be
benefited more & can get a better return. Also she stated that she is
going to link my Lifestage Pension policy with Lifestage Assure &
going forward I have to pay 40000 annual premium only for Lifestage
Assure & for LifeStage Pension I have not to pay any single money. I
aske her many times whether it is at all possible or not & she started
convincing me that yes it is absolutely possible & this is an offer
from ICICI Prudential. Then I called up customer care & they told me
that no it is not possible. Then I told her that I am not going to do
it at all. Then she told me that she is the manager in ICICI
Prudential & she knows much better than customer care guys & she is
absolutely sure that it is possible. In the mean time on 17th May
my 3rd premium for LifeStage Pension got deducted by ECS. I asked her
that what will happen to my 3rd premium that was payed to LifeStage
Pension. She told me it is not a problem because she is going to
adjust this amount with Life Stage Assure for next premium i.e.
November.
From various sources I came to know that fund transfer & linking from
one policy to other is not at all possible. Now I am looking for some suggestion so that I don't loose my money. It seems that I am going to loose my money because now I have to continue 2 policies with 80000 annually, which is not at all affordable for me. As per the rules of the policy papers I came to
know that if I stop paying premium in any of the policies (Life Stage
Pension or Life Stage Assure) then I won't get my invested money back
at all.
I would like to lodge this complaint as a fraud case against ICICI Prudential for doing marketing by means of unethical & fraudulent way. This things should be stopped as soon as possible. Also I would request you to tell me how can I get this money back. I really can not withstand this kinds of fraud things happening with the normal people by a reputed financial institution of India. It apparently seems that India is not having any laws & private financial institutions could not be reliable at all.
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