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PIL FILED AGAINST ICICI PRUDENTIAL LIFE FOR ILLEGAL FORECLOSURE CHARGES IN ULIP

Mumbai: A public interest litigation filed at Bombay High Court challenging illegal foreclosure charges in ULIP POLICIES issued by ICICI PRUDENTIAL LIFE from 2001 to 2010. The IRDA, ICICI PRULIFE, Ministry of Finance and Institute of Actuaries of India IAI has been added as respondents.
The ICICI PRUDENTIAL LIFE was deducting huge charges for none payment of premium in initial 3 years as surrender and foreclosure charges. Many policy holders lost money due to this illegal charges. IRDAI confirmed that no such charges prescribed by them as per guidelines.
Petitioner demanded criminal action and huge penalty against ICICI PRU management AND IRDAI top level officers including chairman. Due to this charges company got profit in this business and launched IPO. In past Petitioner has also challanged the ICICI pru IPO at Bombay High Court. This is 2nd PIL against ICICI Pru in last 3 months. ICICI prudential life hired topest legal firm to defend party in person at court in IPO PIL. Huge money has been expensed by company to defend litigation.
Now petitioner is filing another PIL within few days against company for another irregularties.
No comments received from ICICI prudential life

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