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 –




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.

Ajay Sharma
Sector 53, Gurgaon, Haryana
Email: ajaysharma611@gmail.com
Contact No.: 9999650288
IP: / June 22, 2012 / 4:58 pm

This article has 28 comments

  1. Dear Mr. Sharma,

    We understand our representative has contacted you and acknowledged your concern. Please be assured that the concern highlighted by you is currently being reviewed by us and any further developements in the case shall be communicated to you.

    We appreciate your patience.

    ICICI Prudential Life Insurance

  2. The ICICI Pru sales representatives always misguide the investor on phone calls. I am also stuck with the same scheme. The agent Ms. Nisha Agrawal assured me that if invest in GSIP I would get bonus in my ongoing policies with ICICI, but later on, when i tried to contact her, she never responded

  3. Dear Mr. Mishra,

    We have received reports about unauthorized individuals posing as official representatives of the Company or regulatory contacting customers for pitching new policies. We appreciate the fact that you have highlighted the issue to us. To enable us to investigate on the issue further we would request you to share your policy number with us by contacting us on 1860 266 7766 or via e-mail at lifeline@iciciprulife.com.

    We hope our continued efforts help safeguard your interests.

    ICICI Prudential Life Insurance

  4. Dear Mr. Sharma,

    We wish to inform you that the concern highlighted by you has been reviewed. Accordingly, a communication has been sent on your registered email address with the details of the resolution offered.

    In case of any further clarification, please contact us on our toll free number 1860 266 7766 or write to us at lifeline@iciciprulife.com.

    ICICI Prudential Life Insurance

  5. Dear ICICI Prudential Team,

    I have received the email but no resolution has been offered. What your team has mentioned in the email is continue with the policy which is not a resolution to my complain.
    All i simply requested is to let me have the calculation of what i set to gain at end of 15 years if the rate of return is constant to what the company has given for this year.But your team is unwilling to give anything to me in writing.
    I stand firm on my stand that i do not wish to continue on this policy and want a refund.

    I seek courts intervention to grant justice and help me in getting back my hard earned money and stop such policy to float in the market.

  6. i have also been by icici agent in guaranteed saving scheme-lp.
    they presented me wrong facts saying 8-10% annual interest will be given and interest would be added to principle amount. he even said to me that u will get a call from icici and she will explain about the scheme and said to me to say u know the details and give ur consent for the plan. since this was my first investment, i got cheated.
    if somehow i can withdraw this plan through court or anything. please let me know

    shashi kant

  7. Dear Mr. Kant,

    We regret the inconvenience caused. Our representative will get in touch with you in the next 4 hours to assist you with your concern.

    We appreciate your patience.

    ICICI Prudential Life Insurance

  8. Dear Mr. Kant,

    We wish to inform you that the concern highlighted by you has been reviewed. Accordingly, a communication has been sent to your registered email address with the details of the resolution offered.

    In case of any further clarification, please contact us on our Customer Care number 1860 266 7766 or write to us at lifeline@iciciprulife.com.

    ICICI Prudential Life Insurance

  9. I also have fallen prey to this policy and have been trying to quit since year 1. I was actually cheated into this policy. Now this has destroyed my life. In Year 1 I was told that I would get a 0 (ZERO) surrender value and the policy would gain a surrender value only after 3 payments. Now after 3 payments ICICI Prudential has been very evasive in NOT GIVING ME details on the calculation of “Non Guaranteed Surrender Value” as well as the “Gross Redemption Yield” and are trying to CHEAT me by offering less than 1/3rd of the total premiums paid.
    I do not know how such looting programs are given approval. This is theft!

  10. Dear MD: I am in the same boat. The agent will not spell out the NGSV – they come to your home and waste your time. Anyway, I am curious if they resolved your case. Did you get at least your initial investment back? How?

  11. I have been cheated by ICICI Prudential. I have a ULIP plan since sep 2010. The fund was not performing well, after 3 years I received a call from so called ICICI Prudential investment advisor named Axxxi Txxxxur. He offered me that if I buy another fixed return policy Saving Suraksha LP for 30k, my existing ULIP policy will be converted to a fixed return policy as well. I thought as this might be my only chance to recover my money which is under loss. I bought this policy Saving Suraksha LP from this agent. As per the customer care, after investing 30k each year for 10 years I will get somewhat around 5 lac after 15 years. Where as this agent promised me to get annual return about 9 to 10%. This is really fraud going on. I can’t find any way to come out with my invested money, let alone the returns.

    I believed him because he had all the details of my existing policy, policy name , type, fund value, date, premium, everything. I wonder how he got his hand on such a confidential customer info. It helped him to showcase himself as ICICI representative.

    If you keep doing this to you customers, believe me, you will be out of business very soon. I will never recommend anyone in my circle to go for any policy from ICICI.

  12. What is the penalty if you want to return this policy after 20 days of receipt the bond.? How much one loose in the process on a annual premium of one lakh. ?

  13. I also got cheated by the agent. Now I am feeling to kill myself. I have taken a policy of 1lakh per year and already paid three installment. Now I am checking that the return will be only 3 %.
    I do not know why I have taken this policy and wasted my three lakh rupees. Any hope or help to get back the premium paid.

  14. Dear Sir
    After an year of reading your policy document of ICICI Pru Savings Suraksha-LP,i could not
    understand what you are up to?Please arrange to discontinue my policy.

  15. I just took this policy — 10 yrs 1 lakh anually ..guys let me know should i quit or continue

  16. Dear friends
    I am also one of the similar victim of misrepresentation and selling the GSIP policy of ICICI Prulife. I have paid three annual installments @50K. I have visited ICICI Prulife Gurgaon branch seeking the resolution. But the callous help desk officer told the method to calculate the surrender value, which is practically nil (3*50k*35%-50k=2.5K)
    I am prepared to continue to invest but there is no clarity on the maturity value.
    I am unable to understand how the insurance regulator can allow such plans. That too by such big brand in a blatant manner.
    Can anyone suggest and guide, how can I pursue the case legally to get a fair return or refund of the hard earned money i have paid so far.
    thanking in advance.

  17. Don’t believe on what agent tells you. Read the document carefully and Tnc before purchasing policy. Then you don’t get fooled by agent.

  18. Hi,
    I too am facing the same problem . Paid 1.75 lakhs and now just getting half of it . Not sure how this makes sense. Worst this is not mentioned properly on the document. I realized later there was no illustration too. Its time this should go to the social media.


  19. I am in the same boat, ICICI pru agent mis-guided me (both in terms of return and number of contributions I expected to make re GSIPs). Current situation, I have been locked into investing large sum in 20 year policy – so really important. Surrender values / optionseem really terrible (i have not even found a way to calculate the amount – i have paid 5 premiums so far).

    I wrote to the customer support telling about the inappropriate sales practices used by their agent – they basically disagreed to won any responsibility and told me that i can surrender the policy (which of course means losing the hard earned money)
    I then wrote to grievance address officer many weeks back – did not get any reply.

    Few years back I had assumed i company as big as ICICI Pru, would not have such terrible sales practices. Now I don’t trust any ICICI prudential agent even a single bit. Not sure is the company cares about the reputation while following such practices.

    COnsidering there are so many of us complaining, is there not a customer court which can investigate these complaints? Please let me know if you are aware of any. My main aim is to get my principal back and if it can come at some very nominal returns, I will be okay with that – but losing principal (in addition to time value for money for 5 years) is very painful.

    In summary, it will be great if someone can tell me
    1) a decent exit option
    2) Option to complain against the company for allowing such practices
    3) helping me really understand what annualised return and surrender value can i expect

  20. I have also been fooled and I am going to loose big amount. There is one policy on my wife’s name for 4-years and one policy on my name for 2.5 years. I had not bothered earlier but now, if I see details and terms&conditions, I realized what mistake I have done. Then, I see forum and now, I am sure that I need to withdraw at earliest without waiting for 10 years.
    But, I find STRANGE behaviour. From 3 days, I am trying to surrender from website and everytime, it just HANGS! Is it also part of the fraud by ICICI that we can NEVER surrender? I will have to go to meet them F2F now but definitely, this was not expected.

  21. Hi,
    Me too facing the same problem… Paid 2 Lakhs for the last three years. From the second year I was checking with them for the surrender value after three years but they never given any details and after three year they informed I will get only 3.2 lakhs. Even after ten years of premium payment we will not get the full money during surrendering. We have to wait until 15 years.

  22. ICICI Prudential Life Insurance – GSIP. I am paying premium for the past 6.5 years (paid 13 out of 14 installments – 7 years premium tenure). Half yearly 15500 !. Till date I have paid 1.95 lak. I spoke to customer care for surrendering the policy. I have asked the difference between GSV and NGSV, but he refused to share and instead he told maximum i ll get only 1.08 lak only.Only half of my premium paid. Absolutely fraud company. Dont get any policy from ICICI prudential !.

  23. ICICI prudential life Insurance is very painful & fraud policy. many people is difficult in after the purchase of this policy and his representative is very smartly & cheater.
    I am also the suffering in the same condition. we have already deposited 80,000 (30000+50000) per year in the five times (% Year) but his account ledger & service is very poor.
    We want justice……..please justice in the customer support.

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