We had taken Unitlinked Smartkid insurance policy from ICICI
Prudential Life insurance company on 29th Sep 2007 for our kids
(#06247891 & 06247892).
After the first year, from this september onwards we changed to term
of premium payment from annual to monthly payment mode. Though we
gave the application well before for ECS deduction, the company took
2 months of time to deduct directly from the bank. We had to pay
directly for the premium payment to avoid lapse of the policy. we had
to keep track why they hadnt changed it to ECS mode. No one was able
to give us clarity why the document process was being delayed.
Our nightmare with ICICI didnt end with this alone. When we checked
the unit statement, we were in a shock. There was a deduction of
Rs.456/- every month for the month of October and November under the
heading of Payor waiver benefit charges. It was Rs.430/-p.a for the
previous year. This was a fixed charge like service tax didnt depend
on any other charges to vary in such a manner. Since both the policy
have same features, when we checked we found that only in policy
#06247891 Rs.991/- has been deducted more. Where as the other the
charges have been correct.
We raised an issue regarding this on 17th November. (Call ID #
16475780). ICICI replied with the same unitstatement without any
clarifications. If i just needed a unit statement, i could have
directly got it from online, there was no necessary to raise an issue
Again we called up call center on 22nd , the person was unable to
clarify as happend previously, they said they will get back to us
with clarifications. (Call ID : 16514083). Again they sent the same
Again we called the call center on 25th November. As usual call
center person didnt knew the reasons, they said the same stuff that
some one from ICICI will get back to us. (Call ID # 16540097).
Nothing happened this time also.
I wrote an email to ICICIprulife at
seeking clarification on the payor wiaver benefit charges.( Call ID :
16500633). They keep sending some irrelevant responses.
Once i received a response that the deduction will 456/- per month
instead of per annum becuase we had changed the mode of premium
payment from annual to monthly !!!!. There is no mention of change in
charges in the agreement if we change the mode of payment. [ref: Call
ID#16552014 (Response from ICICI)] The person had replied without
even verifying their claims.
I tried getting clarity with their online chat facility. There also i
met with same response. The person didnt know why the charges were
applied and some one would get back to us soon. we received a
response stating that our sum assured has changed.But in reality
there has been no change except for the mode of payment.
(Call Id # 16510433).
We are really getting bugged as even the senior personnels whom we
contact, assure us the matter will be resolved (Mr. Jeffery and Mr.
Surabjeet) soon. But nothing happens. Even the consulting personnel
through whom we got the policy doesnt respond to our emails or
We never expected such a pathetic service from a known institute like