I bought a ICICI Prudential Policy last year paying my hard earned 50,000 Rupees as annual premium. I was shocked to learn that the return I received against the policy is 4% annually. This policy is fraud and misleading.
The current tax-saver FD rates / PPF rates being offered by Banks are in the tune of 8 ~ 9 % annually.
When i inquired about surrendering my policy I was informed that the policy achieves surrender value only after payment of 3 years premium. So in short they want me to put in another 1 lakh rupees in the span of next two years. The surrender value calculation is quite strange and i end up getting less than half i.e 70,000 ~72,000 after paying 1,50,000. I guess this is a nice way to decrease your networth and hard earned money.
I want to know how can the regulating authorities even approve for such bogus and fraud policies.
Details of the plan are as below –
PLAN NAME – GUARANTEED SAVINGS LP
PREMIUM – 50,000 ANNUAL
I just hope no one else falls pray to ICICI Prudential fraudulent polices like I have and invest in better instruments.
I hope through consumer court i can get some justice and also hope that the court can pursue the regulating authorities to not let such fraudulent and bogus Insurance / Investment plans float in the market.
Sector 53, Gurgaon, Haryana
Contact No.: 9999650288
IP: 188.8.131.52 / June 22, 2012 / 4:58 pm