I’m holding a credit card of ICICI Bank. 2 months back I have received a call from ICICI Bank credit cards division offering me an Insurance Policy from their sibling company ICICI Lombard.
This policy will be linked with my credit card. They told me that they are sending the Insurance documents. Once I send the signed document accepting the terms and conditions, then only they charge against credit card for the policy.
They have asked a pre approval over phone to block the credit balance for the insurance. With this approval they have directly issued a policy and started taking EMI against the card.
Now when I have asked the credit cards division to block the transaction, they are saying you have to cancel the policy then the Insurance will pay back the money directly to me.
The insurance company gave me one surprising news, saying without taking a payment we can’t issue the insurance. That is why we charged your credit card issued a policy. Now if you have to cancel the policy, we will charge the cancellation fee.
The credit cards division gave me all the false information, made me bare the charges of Insurance policy, and they are not stopping the transaction at all.
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