Complaint Details

Status	:	Closed
Complaint No	:	0002991/2013
Category	:	Insurance
Date	:	23-01-2013
Subject Line	:	Eating out our money without revealing the negative factors of policy
Complainant	:	Senthilkumar
Address	:	379, Venkatasamy road, New Siddhapudur, Coimbatore
Complainee	:	ICICI Prudential
Address	:

Complaint Details
Hi,

I have taken a Policy for my two kids thinking about saving some amount for their future. I am a priveleged customer for ICICI bank and when I went to ICICI bank branch for depositing some cash in my account, the counter staff and marketing guy canvassed about investing in ICICI prudential for the welfare of my kids. As shown in one of the TV program advertisement, they said about the positive things on policy and they didnt tell that i have to pay the premium continuously for three years otherwise i will get back only the 30% of fund value. I was aware of this only when i raised request for taking back my money after two years.

I have taken policy (ICICI Pru Smartkid maxima) no. 13586109 for premium Rs 15,000 per year in my name (P Senthilkumar) and my younger son Abhinesh.
I have taken another one same policy - 13586104 for premium Rs 15,000 per year in my wife's name S priya and my elder son Guruprasad. I paid first premium in 1 Jun 2010.

When i checked the fund value after two years, it was less than what i have invested and I thought of taking the amount back. I raised a request in ICICI prudential to refund my policy amount. The fund value for 13586109 is Rs. 26842 in Jan 2013 but the ICICI pru staff told me that they will refund only 30% of it which is not fair at all when my investment is showing as 26843 in their website. fund value for 13586104 is Rs 27,243 on Jan 22, 2013. attached the screenshots from ICICI prudential website for the same

For God's sake, please dont invest in ICICI prudential and give the money which u saved by cutting down so much of ur expenses to a cheating company like this. It is better to donate it to some orphanage which will give atleast 30% of ur income tax savings.

If the fund value is showing as 26,842, I should get the same ...how come the company can come out with this kind of condition to eat out my money. It is like culprits stealing the money belonging to yours without your knowledge.

with Hurted Heart
Senthil

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