I was a new father, sailing happily in the emotional boat. I decided to make every possible effort to meet the future needs and demands of my newborn son. Nervous, believing ICICI Prudential Life Insurance, I went for their ICICI Pru Smart Kid policy with an annual premium Rs. 75,000 in 2006.
I was working in a BPO with paltry salary. I was struggling to pay yearly lump sum premium.In the third year, I asked to change the frequency of premium to monthly. A monthly premium of Rs 8,333. Kind of SIP, which made more sense.
I went to the local ICICI Prudential Life Insurance office. I filled up the forms. I gave them the copies of required documents and a cancelled cheque. They checked, verified and accepted. I came back home certain that the premium will be deducted after a month from my bank account. However, it was not deducted.
Upon enquiring, ICICI Prudential Life Insurance said,they will process the request and premium will be taken in the coming month.However, next month too, premium was not taken. The cycle continued for several months. Roughly, eight times I signed a new form and gave a new cancelled cheque. Every time I was assured of the collection next month and told to keep the balance in the bank since all the pending premiums will be collected.
I had taken ICICI Pru Life Time Pension policy along with ICICI Pru Smart Kid policy. I had also requested to change the premium payment frequency the Pension policy too. Whilst the premium payment frequency of Pension policy changed, after the first request, frequency of ICICI Smart Kid did not. This clearly suggest a mistake or an error which ICICI Prudential Life Insurance refused to accept.
Broken Insurance Promises 