Ever had ICICI bank representatives harass you whenever you walk into the nearest branch with the line that they would put your money to better use, giving you better yields, why let it lie in the bank (by the way it’s their own bank they are declaring to be inadequate)?
The rep takes you into a bank manager’s office (if you look like a big goat, ie, the amount they can relieve you of is greater) or into a separate room (if you look like a small goat) and you get this whole rigmarole about how wonderful ICICI Prudential Life Insurance schemes are. Both a friend of mine and I got cheated when the bank manager told us about this fantastic, moderate-risk, mutual fund. Risk would be minimized, the returns would be fantastic. My bank manager was a young chap who couldn’t produce any business cards and didn’t have a placard with his name on his desk--claimed he had just joined the branch from another city.
Gave me his mobile number though. Turned out it was 100% equity (hardly moderate risk) AND ICICI Prudential takes their own sweet time sending the policy documents so that the fifteen day period in which you can change your mind elapses before you get the damn documents. On top of this, ICICI Prudential doesn’t even respond to emailed questions in ten days (I had to call them) though there is an automated response that says they will get back to you in 24 hours. Stay clear of this partnership and tell any bank manager (probably elsewhere also) to get lost if they try to get you to give your money over.