While purchasing new home, I took a home loan from ICICI bank in Oct 2005 and as per the executivehe insisted to buy an ICICI lombard general insurance policy no. – 1001/0023793 which would make my file / case stronger. The clause covered the following clause : cover A – Death n permanent Total Disability and sum assured would be principal outstanding at the time of death. Cover B – Loss of employment which would clearly state that they would reimburse 3 EMI’s in case of termination, temporary suspension, retirement. Cover C – Critial Illness Hospitalisation – Applicable during critical illness like End stage liver disease, heart valve replacement surgery, paralysis, major organ transplant including the hospitalisation cost and 12 EMI’s

I lost my job in JPMorgan Chase due to termination and I claimed for the insuarance with ICICI lombard for 3 EMI’s but after filling the claim form the same got rejected from ICICI lombard, at that time the EMI was Rs. 9609 in Jan 2009 at the rate of 11.5%. Hence I had to pay the EMI with penalties imposed by the bank, taken leave, mobile bills for their non respondant customer care IVR.

I had take the insurance in the home loan and Premium Rs. 23169 was included in floating rate of interest and dusirng the job loss the ROI jumped to a hopping 11.5% in 27 months. After which I cancelled my policy and they adjusted Rs. 7119 in my Loan outstanding, with no justification. I now want all my 3 EMIS @ 9609 = Rs. 28827/- plus the interest @ the rate of minimum 12% p.a. and the other cost i.e. leave taken, travelling allowances, telephone bills and mental harrasement.

Complainant Information
name- Deepak Panchal