I am a PIO with Australian citizenship. I approached ICICI Bank with whom I have a NRO Savings Account asking about investment opportunities for better returns than a savings account such as Fixed Deposits, mutual funds. It was ICICI Prudential who first approached me with their proposal for investing in their Life Stage Pension Plan. There must be some collusion between ICICI Bank and ICICI Prudential and may I dare to suggest that there could be financial incentives being offered by ICICI Prudential to ICICI Bank Managers for passing on bank customers names to them.

In spite of my informing them in writing to their initial proposal that I was not interested in a pension or an insurance policy in India as I was not an Indian resident and had no intention of returning to India, ICICI Prudential employees sent me the Application Form for the Life Stage Pension Plan and also constantly called me by phone at my home in Australia convincing me that this Life Stage Pension Plan was just a name for the policy, but this was the best investment for me for better returns. I was very busy with my work at the time with constant travel involved and did not peruse the application form in detail and having been badgered by their constant phone calls I signed and returned the form after which they withdrew Rs 7 lakhs from my savings account with ICICI Bank. They were also aware that I only wished to invest Rs 7 lakhs and yet they put forward a policy which required two additional premium payments of Rs 7 lakhs each making a total investment of Rs 21 lakhs. I believe this Pension Plan is not meant for a PIO who is a non Indian citizen, more so when I have informed them in writing that I was not an Indian resident and had no intention of returning to India. This policy should never have been sold to me and now they are relying on the 15 day Pre-look option as their excuse for not redressing my situation. I believe they cannot rely on this excuse on account of their deceptive conduct in proposing this policy to me in the first instance in spite of my written warning to them.

Regards
aland000@hotmail