23.05.2009
President,
District Consumer Forum
1st Floor, Sector 12,
Mini Secretariat ,Faridabad

Sub : Request for Alteration/conversion of Life Time Super Pension Policy into a single premium of Rs.2
Lacs already paid initially to ICICI Prudential Life Insurance Appasaheb Marathe Marg,Prabhadevi
Mumbai 400 025

Hon’ble President Saheb,

I would like to bring to your kind notice my genuine grievance for immediate intervention and redressal:-

I superannuated from private sector on 30th Sep,07 and approached ICICI Bank Ltd, Sector 16 Faridabad on 22nd Nov’ 2007 and met with a team comprising following members:-

1) Mr Ankur Garg
2) Mr Sahil Malhotra
3) Mr N Jain
4) Mr Yogesh
5)including their Top Executive name I don’t remember.

I requested them to suggest me a suitable plan to invest my hard earned life saving so that I could be able to get regular income on monthly basis to survive my family since there is no income source after my retirement.

These members emphasized me to take LIFE TIME SUPER PENSION Policy of Rs.2 lacs under ICICI Prudential Life Insurance as they explained that this is a most appropriate policy keeping in view of my requirement. I asked for the required brochure or leaflet, which they deliberately avoided, stating that whatever they explained in a hand written scrap note is defined in the brochure.

Thus I trusted on them since my salary account was with them and ICICI being a most prestigious financial sector I signed the proposal form on a good faith and a sum of Rs.2 lacs were debited from ICICI Saving accounts in the said policy. In fact, the proposal form will filled by them later on after obtaining relevant inputs from me.

Unfortunately, when the policy bond came to me, when my old age mother sustained severe heart attack and was immediately rushed to Escorts Forties Research Hospital and was under constant monitoring under the team of cardiologists and was put on complete bed rest. Thus, under such circumstances I could not go through the policy bond and the privilege of free look period of 15 days since I devoted maximum time to take care of her welfare. I had only just glanced the cover page of the bond and there was a discrepancy in my name which I requested for correction and the same was carried out after putting my written request.

After few days when I had gone thru the policy bond, I was stunned to find that 14% i.e. Rs.28000 towards the Premium allocation charges deducted from my premium amount of Rs.2 lacs and similarly 9% in 2nd and 1% in 3rd year are liable to be deducted. These charges have been deducted arbitrarily without my consent or concurrence that had never been explained to me by ICICI members listed above. The another shocking news was this that I had to pay subsequent premiums for 3 consecutive years of 2 lacs per year which they explained me that this will automatically accrue on the yield as this is connected to stock market I need not to pay subsequent premiums from my pocket.

Had I known these facts initially, I would have never opted for this policy. This is clear-cut case of breach of trust and suppression of vital information/facts from the clients attracting unfair, un-ethics trade practices by giving mis-leading and incomplete information which I wrote to them repeatedly and requested for policy alteration for single premium already paid initially.

Sir, I am now retired person besides family liabilities as my son is pursuing studies apart from my ailing mother who is heart patient I requested for alteration/conversion of my Life Time Super Pension Policy into a single premium already paid initially at the time of taking policy since there is a provision in the policy bond —

“While referring to the policy document at page 12 under General Conditions — kindly refer clause 6 at page-12 regarding—-PolicyAlterations-which clearly defines –
” Policy alterations would be allowed after payment of at least one full year’s premium subject to the rule of the company and IRDA guidelines at that point in time”

Contd….2

: 2 :

Sir, my case certainly fit and appropriate since I already paid one full year’s premium and as per laid down conditions in policy bond and certainly deserve for policy alteration right. Thus, this right can not be over-ruled/overlooked which constitutes a substantial evidence and as an integral part of the policy document.

In this context, I had exchanged huge number of e-mails, letters and protracted correspondence with ICICI Prudential Insurance Company , Mumbai with their all concerned month after month and still the case is under doll drum but nothing substantial has been done in this direction. Sir, I am now retired person besides a family liabilities having no income source except a petty amount of Rs.4500/- per month from my FD and a school going child to support them financially for his further studies. There is no other bread earning family member to support. These expenses would have helped me to support my child in his education and my monthly expenses.

All this put me into a terrible mental agony and mental torture the way ICICI Prudential and their entire staff is behaving with me over the last one and half year by not paying any heed to my request for altering my policy into a single premium has aggravated my mental state of affairs to such an extent that I got severe heart attack on 28th of April,09 and finally rushed to Central Hospital & Research Centre Limited, Faridabad with severe CARDIAC ARREST and chest pain (feeling of constriction) associated with ghabrahat. I was immediately rushed & subsequent admitted in CCU and undergone coronary angiography on 29.04.09 which was subsequently performed by primary PTCA with stenting to RCA & simultaneously PTCA with stenting to proximal/mid LAD, distal LAD prosimal large ramus was done under the Cardilogy team comprising Dr. Rishi Gupta, Dr, Simmi Manocha & Dr. Subrat Akhoury. I was discharged from the Central Heart Institute on 1st of May,2009 incuring a huge expenses of Rs.2.97 lacs which I got debt from my relatives and now under bed rest with under close monitoring. I can produce all the relevant records as and when required by you.

Sir, ICICI Prudential and their staff me into a terrible stress by not reviewing my case and I am afraid if any thing goes wrong, the entire responsibility will lies on their institution /organisation and and concerned persons involved in this episode. Sir, I am totally under heavy debt and retired person and now heart patient and can not even afford to bear the expenses of medicines even. I can not afford to sustain any further shocks by their harsh mails and the callous and high handedness which they reciprocate to my requests.

In the light of above I urge you to kindly intervene in my case and use your good offices to review my case by altering my policy to single premium already paid to them initially in view of the reasons explained in my previous mails and letters and sort out this issue once for all.

Yours truly,

Gurbachan Singh Arora
House No. 1J-89
N I T Faridabad 121 001
PHONE NO. 0129-4014454

Policy details are reflected below:-

Policy : LIFE TIME SUPER PENSION
Policy No. : 06757132
Policy Term : 10 years
Proposal Form Nmo. : 0972746
LOB ZONE : 00151827
BANK B 204 OERV
FBM/FSC CODE : 00284142
LIM/CSR CODE : 7170368