Illegal Foreclosed/Foreclosure Charges In ULIP Insurance Policy By ICICI Pru

Mumbai :If customer do not pay premium in first 3 years then ICICI prudential life impose forecloser charges and deduct huge percentage. In an RTI reply IRDA said that it has no such charges as per guidelines. So why IRDA Cleared such products against policy holders interest. Company made thousands of crores by deducting such charges from customers who did not paid premium for 3 years. This is also the story of other companies.

Correspondence Between ICICI Pru Life and Customer on Forcloser / forclosed Condition

ICICI Pru Life Violated IRDA Norms on Foreclosure

Life Insurance Forclosure & Lapsed Charges Illegal-RTI Reply Download

ICICI PRUDENTIAL LIFE BRANCH AT VASHI , NAVI MUMBAI

---------- Forwarded message ----------
From: XYZ@gmail.com>
Date: Fri, Apr 18, 2014 at 7:11 PM
Subject: Re: Re: Re: Policy status Call ID # 68218275 Call ID # 68240255 Call ID # 68284532
To: "ICICI Prudential Life Insurance Co. Ltd" <lifeline@iciciprulife.com>

Sir,

I have asked you that if forclosed charges are not approved by IRDA(in RTI Reply) so How you are charging the customers forclosed charges in the policies? Kindly return the money of customers whom money is deducted as forclosed charge. It is not personal for any customer.

Regards,

XYZ

On Wed, Apr 16, 2014 at 3:44 PM, ICICI Prudential Life Insurance Co. Ltd <lifeline@iciciprulife.com> wrote:

Dear Mr. ********,

We refer to your email dated 15/04/2014.

We notice that you have written to us from an email id which is not registered in our records.

You can now easily update your contact details by logging on to our website.

Just click on to https://www.iciciprulife.com/customer/ppcInter.jsp and enter your 8 digit policy number, date of birth and follow the subsequent steps to update your contact details for your policy.

Alternatively, you may submit a written request mentioning the new email id to be updated duly signed by the owner of the policy at the nearest ICICI Prudential branch.

To locate the nearest ICICI Prudential branch, click on below mentioned link :
http://www.iciciprulife.com/public/Excel%20files/branch_address.xls

Yours Sincerely,
Khushboo Patel

Customer Service Team
ICICI Prudential Life Insurance Co. Ltd.
----------------------------------------------------------

Policy Number : ******* , LifeTime,UIN:105L013V01 , Email Id: lifeline@iciciprulife.com

Customer Care helpline No.:1860-266 -7766,NRI helpline No.: +912261930777
© 2014,Reg No.: 105, ICICI Prudential Life Insurance Co. Ltd.

---------------Original Message------------------
Subject: Re: Re: Policy status Call ID # 68218275 Call ID # 68240255 Date Sent: 15-April-2014 Time Sent: 14:55:02 PM Sender ID: XYZ@gmail.com Message Text: Dear Sir,

Thanks for Forclosed charges details. As The premium was paid for 1st year
only so the company has deducted full fund value as foreclosed charges.
By referring to an RTI reply from IRDA these forclosed charges are not
approved by IRDA. So it is illegal to deduct the forclosed charges. I
request you to kindly return the fund value to the customer.The RTI reply
is in attached file.
Regards,
XYZ

On Sun, Apr 13, 2014 at 12:28 PM, ICICI Prudential Life Insurance Co. Ltd <
lifeline@iciciprulife.com> wrote:

> Dear Mr. XYZ,
>
> We refer to your email dated 12/04/2014 for ICICI Prudential LifeTime
> Policy.
>
> Foreclosed
>
> If the full premium for the first three policy years is not paid and the
> policy is not revived within the period of two years from the due date of
> the first unpaid premium, then the surrender value will be paid at the end
> of the third policy year or at the end of the revival period, whichever is
> later.
>
> If premiums have been paid for three full Policy years and after three
> policy years have elapsed since inception, whether or not the Policy is
> premium paying, notice will be given to the Policyholder , the policy
> holder does not pay the premium amount, in this period if his fund value
> reaches 110% or less than that of his first premium paid then the amount
> will be send to customer and the policy will be foreclosed.
>
>
> email Id: lifeline@iciciprulife.com
>
>
> Customer Care helpline No.:1860-266 -7766,NRI helpline No.: +912261930777
>
>
>
> Yours Sincerely,
>
> Atul Verma
> Customer Service Team
> ICICI Prudential Life Insurance Co. Ltd.
>
> -------------------------------------------------------------------------------------------------------------------------------------
>
> Policy Number : ******** , LifeTime,UIN:105L013V01 , Email Id:
> lifeline@iciciprulife.com
>
> Customer Care helpline No.:1860-266 -7766,NRI helpline No.: +912261930777
> © 2014,Reg No.: 105, ICICI Prudential Life Insurance Co. Ltd.
>
>
> ---------------Original Message------------------
> Subject: Re: Policy status Call ID # 68218275 Date Sent: 12-April-2014
> Time Sent: 17:19:01 PM Sender ID: neetasaxena@gmail.com Message Text:
> Dear sir,
>
> Its ok not to give personal reply. One person told me that both policies
> are foreclosed. What is the meaning of "FORECLOSER" in a policy.?
>
> Regards,
>XYZ
>
> On Saturday, April 12, 2014, ICICI Prudential Life Insurance Co. Ltd <
> lifeline@iciciprulife.com> wrote:
> > Dear Mr. XYZ,
> >
> > We refer to your email dated 11th April 2014 for your ICICI Pru policy no
> *********.
> >
> > We noticed that you have written to us from an email id which is not
> registered in our records.
> >
> > You can now easily update your contact details/email id by logging on to
> our website.
> >
> > Just click on to https://www.iciciprulife.com/customer/ppcInter.jsp and
> enter your 8 digit policy number, date of birth and follow the subsequent
> steps to update your contact details for your policy.
> >
> > Please contact us for further clarifications at
> lifeline@iciciprulife.com,
> if any
> >
> >
> >
> >
> >
> > Yours Sincerely,
> >
> > Sunil Chauhan
> > Customer Service Team
> > ICICI Prudential Life Insurance Co. Ltd.
> > ----------------------------------------------------------
> >
> > Policy Number : ******** , LifeTime,UIN:105L013V01 , Email Id:
> lifeline@iciciprulife.com
> >
> > Customer Care helpline No.:1860-266 -7766,NRI helpline No.: +912261930777
> > © 2014,Reg No.: 105, ICICI Prudential Life Insurance Co. Ltd.
> >
> >
> > ---------------Original Message------------------
> > Dear Sir,
> >
> > My family friend Mr XYZ Purchased two policies from your company with
> > policy no. 0******* and 0****** with Rs 1lac and Rs 2 lac premium per
> > annum.
> >
> > Kindly help us to know the present condition of the policies, so that he
> > can re-invest that amount in good funds.
> >
> > Please help us to know the present status and guide us for future.
> >
> > Regards,
> > XYZ
> > 98*******
> > Mumbai
> Attachments: CC Receipients:
>
Attachments: forclosed lapsed charge.pdf CC Receipients: