This case is of lack of awareness, unexplained terms and conditions of the policy, breach of trust.
I took a policy of LifeTime Super Pension Plan from Icici prudential Insurance Co. in September 2006 with the premium of 1Lakh for three consecutive years. I paid two premiums of Rs. 1Lakh each in 2006 and 2007, due to some personal problems I was not able to pay the last premium of Rs 1Lakh in 2008 and since then two years passed there was no communication with the company either through mail, letter or calls etc since 2009. Now on September 3rd 2010 I received a letter and cheque from Icici Prudential Life Insurance Co. stating that my policy 03341738 has been foreclosed with effect from September 1st 2010 as per the terms and the conditions of the policy.
The total value of Units of my policy is Rs. 242, 430.43 from which they have deducted 60% and have sent the cheque of Rs.96, 972.18 now I have to suffer total loss of 145, 458.25, I called up their helpline number and inquired regarding my policy and told them that there was no communication from past two years, not a single call, Email or any notice was sent to me from 2009 to 2010 nor did they send any letter or email explaining the so called terms and conditions of the policy that they would be deducting 60% and terminating the policy.
I asked the call center person to get my policy revived and I am ready to pay the last premium on spot but the call center guy bluntly refused saying we waited for two years for you to pay now it is closed and cannot be revived, then yesterday I shot an email to lifeline@iciciprulife.com and sought an explanation from them that in two years (2009/2010) why did they not inform me before terminating my policy, why didnt they had the courtesy to make a call, mail or send a notice to me before terminating and deducting 60% of my hard earned money. I am a busy man I really forgot to pay the premium if the company would have informed just one week before terminating I would have paid immediately. It seemed to me as if the Icici Prudential was waiting for the expiry date to come so that they can eat off 60% of my amount. I received a response yesterday evening from their customtakeouter Service Manager Mr. Santosh Kesari stating that they are looking into the matter and have taken note of it and their representative will contact me within two working days. I hope this matter gets resolved on the table instead of approaching the court and the media. Lets see what turns up next will keep you guys updated, till then guyz and galz have a blast enjoy. Love you all out there.