Please refer to the below case, where prudential has mislead me into buying insurance and misleading me into taking 3 lacs loan from ICICI Bank and buying home loan insurance.
I closed and shifted the home loan to another bank in 1 year. They now mention, they will give me 2 lacs refund and I will REPAY 1 LAC HOME LOAN FOR 20 YEARS!
PATHETIC PRUDENTIAL , dont EVER BUY INSURANCE FOR HOME LOAN FROM THESE PEOPLE
TILL DATE THERE IS NO REPLY FROM THEM ON CLOSURE OF CASE !!!
08-Apr-2013
Subject: ICICI PRUDENTIAL wants to drink my SWEAT & BLOOD for 20 years! Drop by Drop in EMI !!!
To:
Paige Warren, Managing Director, Prudential US
Patrick Kempton, Principal, Prudential US
Ann Cone, Director, Prudential US
Mark Eidson, Principal, Prudential Mortgage Capital Company
Martin Herz, Principal, Prudential US
Ralph Lowen, Principal, Prudential US
Kenji Tamaoki, Principal, Prudential Mortgage Capital Company
Alex Viorst, Principal, Prudential Mortgage Capital Company
Evan Williams, Director, Prudential Mortgage Capital Company
Mike McRoberts, Managing Director, Prudential US
Jim Hensley, Principal, Prudential US
John DeWitt, Managing Director, Prudential US
Martin Fayer, Managing Director, Prudential US
Peggy Griffith, Principal, Prudential US
George Haase, Director, Prudential US
Kip Kimble, Principal, Prudential US
Patrick McAllister, Director, Prudential US
Jason Miller, Director, Prudential US
Laurie Morfin, Director, Prudential US
Brian Salyards, Principal, Prudential US
Date: 08-Apr-2013
ICICI Pru Home Assure (UIN: 105N044V01) Policy Number: 16413751
Subject: ICICI PRUDENTIAL wants to drink my SWEAT & BLOOD for 20 years! Drop by Drop in EMI !!!
I am referring to the above home insurance policy, which I was lured into buying along with my ICICI BANK home loan by ICICI Prudential, in Mumbai, India. ICICI Prudential salesmen got my signatures on BLANK FORMS at the time of selling the policy. And I was told, that Whenever I want to cancel the policy, the balance payment will be made to me.
Exactly after 1 year of purchasing of the ICICI BANK Home Loan & Prudential Insurance Policy, I closed the home loan & policy and have had to chase Prudential to repay the amount. Today I am told - that they will repay only 70% of the policy amount. According to me, I used only 5% of the total amount of the policy and the remaining should be paid back to me. But ICICI Prudential now does not want to pay the remaining.
The series of events is as below, in past tense:
In Feb 2012, I buy home loan from ICICI Bank + ICICI Prudential Home Assurance Policy
ICICI PRUDENTAIL takes signature on BLANK FORMS from me - “AS A PROCESS”.
Prudential tells me, whenever I cancel the policy the entire amount will be refunded back to my account.
I DO NOT HAVE 3 LACS RUPEES (around $6000 US Dollars) TO PAY UPFRONT TO ICICI PRUDENTIAL
ICICI PRUDENTIAL LURES ME INTO TAKING LOAN FROM ICICI BANK and adding 3 Lac Rupees ($6000 US Dollars) to my loan account.
I GET CHEATED, I BUY ADDITIONAL INSURANCE LOAN OF 3 Lacs Rupees from ICICI Bank to pay to ICICI PRUDENTIAL.
Now After 1 year in Feb-2013, I move my Home Loan to cheaper Loan provider.
ICICI PRUDENTIAL tells me - they will pay me only 70% of policy amount. If I was aware of this clause, why would I have not bought a term insurance plan and I would have not gone for this option at all.
Today, the scenario is, I AM ROBBED OF Rs. 1 Lac ($2000 US Dollars) in the daylight - AS A PROCESS, by ICICI-PRUDENTIAL.
NOW - I AM LEFT WITH additional LOAN amount OF 1 LAC amount, to be paid for 20 YEARs, NEW LOAN FOR WHICH I GOT CHEATED BY ICICI PRUDENTAIL.
BECAUSE ICICI PRUDENTAIL WILL NOT REFUND ME THE 1 LAC RUPEES, I WILL NOW HAVE TO SWEAT FOR 20 YEARS day-after-day every day AND REPAY IT AS A CHEATING LOAN AMOUNT.
This is how PRUDENTIAL is making money in INDIA !!!
I want to know, if 30% is sought for from customer as a “LOCK-UP”:
Then, is Prudential taking upfront written consent that customer understands, once the customer takes the loan from Financial institution – A MINIMUM OF 30% I.E. 7 YEARS OF PREMIUM WILL BE NON-REFUNDABLE even if he closes the loan in 1 year, which is the scenario in my case.
If 7 YEARS PREMIUM WILL BE non-refundable & CLAIMED as theirs BY PRUDENTIAL ON DAY 1, WHY IS THAT THE INSURANCE EXPIRES THE DAY LOAN IS CLOSED WITH THE FINANCIAL INSTITUTION. IS INSURANCE COMPANY & FINANCIAL INSTITUTION PLAYING HANDS IN GLOVES TO CHEAT CUSTOMERS!
Why is it that the insurance cover is not ENABLED for minimum 7 YEARS – no-matter-what i.e. 30% of the original loan amount as duration - which PRUDENTIAL is claiming ?
In this case Prudential is playing the ROLE OF SHARK using FINANCIAL INSTITUTION’s as a medium to extract hard earned poor customers money !
I am writing to your good office, to take IMMEDIATE action against ICICI PRUDENTIAL and get my money refunded from them AT THE EARLIEST with 18% interest and my personal expenses, loss of my personal time at actuals costs. I have presented these bills to ICICI Prudential in below emails. The total amount which is due to me by PRUDENTIAL is as follows:
6, 14, 500/- + 1, 00, 000/- (for having to get your contacts & writing this mail & wasting my personal Productive time) = Rs.7, 14, 500/- in total ($14, 000 in total payable by PRUDENTIAL TO ME for harassment caused due to this whole issue)
Regards,
Suren