Dear Sir,
My father approached ICICI bank to buy a mutual fund on my hard earned money. Somehow their marketing misled my
father to make him believe that ICICI Pru LIfe is like mutual fund but it s a insurance fund. Secondly, they did not
clearly explain the terms and conditions and simply took oursavings money Rs. 2 lak h and invested in the fund.
I did not realize the mistake until two year later at which point my father asked me for another Rs. 2-4 lakh as it
seems like every year I had to pay Rs. 2 lakh according to terms and conditions which was never explained clearly.
When I read the terms & conditions in 2010 it was a total rip-off which was never explained before to my father. I
read about ICICI compliants and asked my father not to pay the second & remaining premium as only now I was able to
review the complete terms & conditions and I was shocked to see so many rip-offs.
My only fear is hard earned 2 lakh rupees as soon as it was depoisted become 1.72 lakhs and if I don t pay premium
for continuous three years they are saying that they will deduct another 75% fees which leaves just around Rs.
20000/- and it s a major disappointment. My father would have never deposited if we had known that they deduct so
high fees for running this program on every premium we pay.
Since my father had bypass surgery during 2008 he wasn t able tofollowing-up on this topic for more than two years
and I was kind of stuck here in USA and wasn t able to proceed further on this matter.
Then earlier this year during my quick trip to India, my father and I followed-up, the person who sold the policy to
my father had left ICICI itself and based on the follow-up with ICICI Branch Manager, he s suggested us to go ahead
and pay the remaining premium.which is what we are trying to avoid due to the above mentioned scam. Due to these
facts, and I ve already missed paying additional premium s, I m not sure what s going to happen at the end such as
Rs. 2 lakhs of my hard earned money becomes just Rs.20000/- after 3 years and thinking of this itself I m stressed
out and not sure what to do further.
Please kindly let me know how to proceed further on this matter.
Thanks,
Padmanabhan
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