I had taken a ICICI Pru Suraksha (RP) Policy vide No 00873920 during 2008 from ICICI Prudential Company. The annual premium was Rs. 50,000.00 and the payment was made through online money transfer. But neither I have received the policy certificate nor any intimation from the company. Normally, in case the company do not accept the money, for any reason whatsoever, the amount is returned back to the same account. I was posted in Vizag during that time and as far as I remember the money was transferred from SBH, Deepanjali Nagar, Dist. Vizag (AP). After few months I was transferred and posted by my employer to Kayamkulam (Kerala)and I have totally forgotten about the transaction. Now few days back I got a call from Ms. Sonia Chodury of ICICI Prudential that my annual subscriptions from 2009 to 2013 is pending and they are going to forfeclose the policy as I have failed to pay the annual premium. She said that the details of my failure and the action proposed to be taken would be given by Mr. Vikas, Relationship Manager of ICICI Prudential and I have to talk to him.Accordingly, I have talked to him on 19th and 21st March 2014. He informed me that I have to pay Rs. 3.00 lakhs (Five years premium @ Rs. 50,000 p.a. plus penalty Rs. 50,0000) to revive the policy. The second option is foreclosure of polcy which will entitle me to get 10% of the premium paid i.e Rs. 5000.00 and they will retain Rs. 45,000.00. The third option is converting into a single premium policy for which I should have taken an insurance policy after 1st Oct. 2013 either from them or from Reliance General Insurance Company , which I don’t have. I am a retired employee and I cannot pay this hefty amount so the option left is foreclosure loosing Rs. 45,000.00 of my hard earned money. I want to repeat during all these years till March 2014 at any time they have not reminded me about the non payment and the most important matter is that they have not sent the policy after receipt of the policy.
My contention is for the mistake of ICICI prudential why should I suffer. They have not given me the policy. They never reminded during the past 5 years that my premium is pending. All of a sudden they have come with this plan. This is day light cheating and gives an impression that we cannot believe ICICI prudential. I have never expected that a big nation wide and renowned company will cheat customers like this.