I am cautioning the circle members and the general public at large that the insurance policies issued by ICICI are to be taken with a pinch of salt. The agents of ICICI who sell their policies as well as the company are interested only to make up their targets and in order to achieve this, they give a rosy picture about the policy and induce you to make the premium payments. ICICI take about a month to issue their details policy document and in the meantime they would have encashed your cheque. If you have the patience to go through the very small print in the policy document, you will definitely miss some of the important conditions which will be later quoted in cse of a problem. While the agent informs you that the policy payment is in several installments per year and three years after the total payment, you will start receiving a sum every month. But if you see the policy ,there it will state that the maturity date will be 20 years or 25 years from the date of payment of the first installment. It will also threaten you that failing to pay your installment your policy will lapse automatically without any benefits to you.

It happened to me that believing the word of the agent of ICICI, I took three policies and paid the installments religiously on due dates for seven years. In total I paid about Rs. 31 lakhs. Since I am 75 now and wanted to close the policies and asked ICICI to pay me back the money I paid, I was shocked to be informed that it is not possible for me to close the policies and I have to wait till the maturity of the polices which are in the years 2028 and 2033 !!! If I want to still close the policy as in one case, for a total payment of Rs. 14 lakhs, I will be paid only Rs. 8.5 lakhs !!!. (A cool Rs. 5.5 laks steal from me). ICICI also suggested that in case I need the funds immediately, I can apply for a loan against my payment and in this case I will be paid 80% of my payment and I will be charged an interest. What a situation. A loan which is paid out of my investment with ICICI, they are magnanimous to offer my own money and that to at a price !!! I am being a senior citizen, I invested in this investment for my survival at my old age, my hard earned money is being stolen in broad day light in front of me, by these so called corporate companies. At my age how many people can fight these heartless corporate s in a court of law with our pathetic judicial system!!!. Where is justice in this country? While the government in day in day out promise to take care of the elderly people who have served for so may years for the welfare of our country, we are actually left in the lurch to fend for ourselves. Does not the government consider these insurance policies are one sided and loaded in favour of the corporate? Do not any agency in the government check these kind of day robberies and see that these contracts are fairly framed?

Is there any circle member experienced such harassment with such insurance companies? Can our circle take up with proper authorities to have a level playing field? more  

View all 13 comments Below 13 comments
yes the agents do fraudulent act and deceive us to achieve the target, and the company does nothing to help the customer. more  
Why Policies even ICICI Bank, way back, Cheque issued was Informned "Got Dishonoured for Insufficient Balance" - which was incorrect & False.
Over and above being on tour - Paid / Deposited CASH in ICICI Branch.

Surprisingly, after couple of days the VERY cheque also was encashed even after request.

Hight is - The Complaint lodged NEVER EVER got any response NOR did Payments/Money - TWICELY - made.

All BANK BABUS well enjoyed at th cost of Customers.

Rs. 3200 Crors fraud at highest level is already under way of Charge sheet. However the very frauduster NOW claiming RETAIRMENT BENIFITS in the Court of Law, convineantly furgatting INJUSTICE made to thousands of Customers, while holding the Pawer. more  
Do not take the face value of the agents, mostly they .at be known to you or relative. First and foremost is that the policy documents to be read on receipt. PL keep the cover of the document, to have a record of the date of delivery. If it is handed over to you personally by the agent don't accept. Ask for it to be delivered by post or courier directly from the company or from local insurance Office with the stamp a d date.
Read it thoroughly whether all informations are .arching with what has been told to you. If not satisfied, one can return the policy within 15 days of reciept to the office and ask for the acknowledgement immediately. Don't trust anyone.
All the premium paid will be returned, but for minimum charges.
When you take insurance, be clear what for you are taking. It can be for financial risk coverage or for Investment !!!???
PL understand, the insurance is for risk coverage. If you are on the highest tax bracket, and satisfied with @ 5+. % face free income one can go for.
Many presume that intermediaries are 100% correct. The fact is that most agents / advisors including the company officials. Too glad to clear your doubts. 9443309840 more  
Thank you for your comments and advise. more  
ICICI and Other private insuraers present a rosy picture, issue the policy with so many riders defeating the very purpose of insurance. Where is our KRDA which is supposed to approve the test and conditions of the policies? It appears they also join hands with such bogus insurers. more  
Thanks for your comment and agreeing with mine. more  
Sales gimmicks are played by all salesmen, only you have to be alert and cautious.
Incidentally, have you paid premium on the policy purchased from ICICI? And, at what rate? more  
Thanks for your comments. I paid for full seven years as per policy requirement. Can you explain "at what rate?" more  
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