Icici prudential policy not transparent.

ihad a pension plan of 60k per year and after paying for three years and waiting for 8 years whenever I wanted to redeem they told me to wait and at last when I forcibly asked them to close they told me that asper nav I can get 3laks and 14 thousand and asked me to do all the formalities and they sent me a cheque for 3.laks and 9 thousand only. I had another policy of 50k for 5 years lock in period and the value is depreciated instead of growing. I am very much disappointed and feel cheated as it is our hard earned money and we are retired senior citizens. more  

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No ULIP ends in profit more  
Friends , most of the insurance plans which claim to also invest your money and pay handsome returns are all mis-selling.I do not know why the authorities allow this open fraud to take place. Insurance should be separated from investment.Go for term insurance only and invest in mutual funds,FDs depending upon the risk profile and appetite. more  
why should one pay any so called administrative charges to any insurance company which allures you of profits, let alone ICICI Prudential Life Insurance company, a group company of ICICI where ICICI Bank is the dominant player? This ICICI Prudential Life or the ICICI Group has now commenced a new company by name ICICI PRU MUTUAL FUNDS and to what end if not fooling the public to devour their money? Will any of the member herein trust me with their money and pay administrative charges to manage their funds and by the end of 3 years, will they accept if the principle amount is drained under the pretext of administrative charges or fee? These are a clever ploy for the bank enjoying the benefits of a 'group' to float insurance companies and/or mutual funds companies so that the corpus lured from the investors go to the dominant bank and thus the bank can show a healthy account funds of its account holders who are essentially off-shoots of this 'group' where the investing clients or account holders get paltry or no returns? Is it not breach of trust and conspiracy to cheat the account holders under the pretext of providing service? more  
In the past I had written to IRDA but they maintain complete silence more  
Such case should be put to IRDA in brief. You will get justice. more  
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