I am Suchita P Warerkar w/o Parag M Warerkar r/o N-13/11, DLF City Ph – 2, Gurgaon – 122002, Haryana. I, along with my family, am holding more than 10 policies of ICICI Prudential Life Insurance for over a decade. I had always firm belief in your company and its plans and always trusted them with my hard earned money. But in last 1 year this trust has been taken for granted and been shattered into pieces due to some short sightedness and selfishness of your representatives.

I had started with ICICI Pru Lifetime (policy no. – 1110924) in 2004 with monthly premium of Rs. 5000/-, with clear objective of not touching the money until my retirement in 2025. it was going all fine until Mr. Anand from ICICI Prudential Life Insurance, Pitampura, New delhi contacted me and requested a meeting to discuss the matters in the above mentioned policy. The meeting was held in March’09. Mr. Anand made us understand that the equity markets had appreciated much since our first investment in 2004 in above policy and therefore, we should book some profit and put the profit in the debt fund of the company (though, after that the equity market has appreciated by over 50%!!!!!!!!). The amount for the switch into the debt fund was decided as Rs. 1,00,000/- and it was clearly told to us that this ECS of Rs. 5,000/- per month would also stop which we had demanded as we had the commitment of our son’s education abroad. As Mr. Anand had told us that he was designated as our relationship Manager and would look after our funds with ICICIC Pru, I trusted him and signed the forms he had made me to. At that moment I had demanded the photocopies of the papers that I was signing but I haven’t got them till date. In April’09 my father had passed away and I was with my mother in Mumbai for 5 months and had totally forgotten about the meeting.

But Mr. Anand had some other plans for our funds. In Feb’10 I got an SMS informing me about the premium payment for the ICICI Prudential Lifestage plan Policy No – 11714881 for Rs. 1,00,000/- which was due on 31.03.10. I was shocked to see the message and called up the customer care to find out. To our amazement they told us that this was a new policy the first premium of which was paid by us by transferring the funds from our existing policy no. – 1110924 amounting to Rs. 1,00,000/- and the remaining 9 premium for next 9 years were to paid by us. Moreover the ECS of Rs.5,000/- for our policy no. – 1110924 had not stopped is still continuing. I then visited the nearest ICICI Pru office and demanded a full explanation. They told the same thing that a new policy had been carved out using the funds from the already existing policy and that too with regular premium paying commitment for next 10 years. Also, we were told that the agent advisor in this policy is – Ms. Rashmi Bhatnagar.

This is a case of clear and gross misguidance by your representatives with clear motive for some quick monetary gains. I was never told that a new policy would be issued using the funds that have already been invested in your policy which has unnecessarily burdened us with Rs. 1,00,000 of premium which I am in no position to pay and that too for next 10 years!!!!! Mr. Anand also didn’t took steps to stop the Rs.5,000/- monthly premium into policy no. – 1110924 which we had requested him to do. Also, I declare that I have never met Ms. Rashmi Bhatnagar who claims to be “my agent advisor”. According to me, there must have been some monetary settlement between Mr. Anand and Ms Bhatnagar regarding my case.

I contacted Mr. Rajat Garg in your Pitampura, New Delhi office, who is Mr. Anand’s senior and I was given his number and reference by your Sector – 29, Gurgaon office. I accordingly contacted Mr. Rajat Garg and he suggested that I go ahead with the formal complaint on the e-mail to the concerned authorities and he would provide any help he could.

I hereby register a formal complaint in this regard and request that my funds which were transferred a year back from policy no. – 1110924 to new policy – 11714881 amounting to Rs. 1,00,000/- be either transferred back to original policy as it is or be given back to me. I also, demand that a legal as well as a disciplinary action be taken against the representatives involved.

I once again, declare that already have the commitment of my son’s and daughter’s education with limited sources of income and I am in no shape to pay the policy premium which I have been unnecessarily been duped into.

I firmly believe that whole organization can not be blamed for the selfish act of some representatives but I also believe and I think that you will agree, that it is the individual representatives who we, the customers meet and develop faith in the company on the basis of the interaction. I am sure that corrective measures would be taken and once again the faith and trust would be instilled.

Awaiting for prompt and swift action.