Sumanta Sarkar 08 January 2016

Need lawyer for icici prudential insurance fraud

REF: https://www.iciciprulife.com/public/Brochures/GSIP_brochure_FINAL.pdf
and https://www.iciciprulife.com/public/Life-plans/GSIP/work_GSIP.htm

Hi ,

One of the insurance agent faked and cheated me to "ICICI Pru Guaranteed Savings Insurance Plan" on 2012 telling me that this a one time policy. He was sent by my friend so trusted on his words. I invested RS 4 lakh. Later I found that I have to pay RS 4 Lakh for 7 years and policy will mature after 15 years.

With repated pressure and assurance from ICICI Prudentail customer agents I paid premium for 3 years (12 Lakh Plus tax) till today hoping I can get back something with loss after 3 years.

The Policy wordings says as follows -
from https://www.iciciprulife.com/public/Brochures/GSIP_brochure_FINAL.pdf

"The NGSV will be equal to the present value of PUSA, discounted at the Gross
Redemption Yield at the Review Date t&c4 immediately preceding the date of
surrender, plus 2% per annum"

I calculated this amount and comes to be around INR 10.5 lakh (although paid premium of 12.5 lakh with tax)
However ICICI Pru is saying I can only get RS 4 Lakh and not disclosing the formula by which they came up with reduced value.

I will like Take Legal proceedings on this matter and go to court if needed as I feel heavily cheated and defeated.

Please can any lawyer take my case and represent me in this legal web.

I am ready to pay the appropiate fees and expenses. I am sure I am being victmised wrongly by ICICI here.

Please advise or share your phone. My email - sumanta.sr@gmail.com

Reply Follow

4 Replies

Kumar Doab (FIN) 08 January 2016

You may show all docs/communications/call recordings etc on record to an able counsel specialzing in consumer matters and well versed with insurance matters.

The lawyer that has examined all record and inputs can advise you the best.

Hope you have the full record of your representations.

Sumanta Sarkar 08 January 2016

Thanks very much for your reply. Yes I have all the evidences in form of email communications from icici prudential. Can you please suggest any lawyer who will be familar to similar cases. Preferrably ncr but any other place will do. Many thanks in advance.

m.kameswaran (student) 08 January 2016

u cannot go to the court witout surrender of policy. first u go to icici ins office.get the details by showing ur documents. get clarified ur doubts and ask about below calculation.They cannot say as ur words. minimum three premium.u can surrender very well.u can get ur money as per this calculation.Paid-up Sum Assured (PUSA) = GMB X (Total number of premiums paid /Total number of premiums payable. so u can get nearly ur paidup amount of 12 lakhs. Then u go with ur poicy and all paidup premium documents to a lawyer and consult.