Went to make a fixed deposit, like I have been doing since last 10 years, but this time was taken for a ride by Suraj Bhat, branch manager, Gold Souk Branch, Sushant Lok, Gurgaon.
Under the pretext of a fixed deposit, he cajoled me to sign for a ULIP(UNIT LINKED INSURANCE POLICY).
BEWARE: ULIP means you will LOOSE upto 30% of your hard earned money towards COMMISSION/INSURANCE CHARGES. And the balance will be invested in equity/shares.
They are supposed to clearly mention that THIS IS NOT A FIXED DEPOSIT, but SURAJ BHAT Failed to tell the TRUTH. ICICI Bank also FAILED to inform that this insurance policy has DEDUCTION upto 30% towards COMMISSION/INSURANCE CHARGES.
Fortunately, I took the help of a lawyer, who advised that LAW ALLOWS CANCELLATION(with Full Refund) OF ANY INSURANCE POLICY WITHIN 15 DAYS!
BEWARE: ICICI Bank Sells Insurance BUT for Cancellation, YOU ARE FORCED TO VISIT ANOTHER COMPANY!
Also, Cancellation takes 10 DAYS!
This is cheating, at present we are not pressing charges.