Dear Sir,
I have the following unit linked policies from ICICI Prudential; details of the same are given below.
Policy No : 01223056 dated 27/12/04; Annual Premium Rs 25000/-
Policy No : 02844644 dated 25/05/06; Annual Premium Rs 36000/-
It took me to surprise as all of a sudden huge amounts have deducted from my policies towards PAYOR Waiver Charges.
These charges are almost equal to 33% of my annual premium and the total Annual charges are in tune of 50% annual Charges.
First of all No one has told me about such charges & nothing is mentioned in the policy documents about such huge charges. I was told that I will be getting the 15 days free lock in period & if I am unsatisfied with terms & condition/charges of policies, same can be cancelled without any charge. However no thing was mentioned in policy document. These huge charges were kept hidden from me /customers.
As you can see within 2 years of policy commencement & payor waiver charges are going up at a very high rate, 2nd year, it is 7 times, 3rd year it is again gone up 1.5 times of previous year & almost 12 times of first year.
I approached to ICICI Prudential Office, there I was told that these are in built riders, but they have no answer why such charges are kept hidden from me at the time issuing the policies. Even the First statement, which has come along with the policy, the payor waiver charges were just Rs 34/- & Rs 76/-. Now this figure has gone into TEN THOUSANDS. If these charges are correct why these charges are not charged in first statement.
I am afraid, if this continues, I my annual premium contribution may not be sufficient to take care of these charges. This is a total mistrust & they have kept me in dark & that is the reason nothing is mentioned in policy document.
In view of the same, request you to kindly take up with ICICI Prudential to resolve the issue. Pl confirms.
Parvez Khan
Mobile: 92256 24930
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