I had taken a home loan from ABN AMRO Bank and opted for loan insurance. As ABN AMro is tied up with ICICI Lombard for loan insurance, I had taken their insurance loan, branded as "loan protect".
As I had taken construction linked home loan from bank, ICICI Lombard had tailored their insurance accordingly. Like one have to pay the whole premium amount, and as construction takes place there are provisions that some of the premium amount will be refunded. They gave print out of presentation, which elaborates percentage of premium to be returned if the loan reimbursement happens under certain time frame.
After completion of construction, I found I should be entitled for some pay back. When I raise the matter to ABN AMro bank, they referred to ICICI Lombard’s concern person Mr Mahesh of Richmond Road br, Bangalore. He called me up and asked for all the document and presentation copy, he said since the product always goes under change, there is no standard terms or rules.
After I couriered all those documents, he suddenly disappeared from picture. I had mailed several times, logged complaint ticket but all those ticket are closed without giving and reason.
Totally frustrated with their business ethics, decided will never take any insurance from ICICI Lombard. And I found their premium is quite high as HDFC Standard Life offered much less premium for the same amount of loan just after taking insurance from them.
Regards
Nirmalya
Loan Protect Policy No 4043/0000001/ABN-HL/001454
Bangalore