“Lying is done with words and also with silence.”
“Where Wolf’s ear are, Wolf’s teeth are near.”
My father is suffering from gall bladder cancer from last ten years. In the summer of 2017, ICICI Prudential Life Insurance sales team chose to meet me at the hospital when my father was undergoing chemotherapy. They told me that my policies with ICICI Prudential Life Insurance taken in 2006, ICICI Pru Smart Kid and ICICI Pru Lifetime Pension are not good, returns are poor, and I should switch to a new policy.
They readily agreed to resolve the long pending issue with ICICI Pru Smart Kid policy. After couple of meetings and email exchanges, I was updated issue will be resolved in a couple of weeks as it is insignificant. They met and took my sign on few blank forms to avoid delays. I was promised to be kept informed over phone.
After couple of months, ICICI Prudential Life Insurance sales team, without my consent and knowledge, switched ICICI Pru Lifetime Pension policy with the new ICICI Pru Elite Wealth Super policy with an annual premium of Rs. 10,00,000, a corpus accumulated over last eleven years.
ICICI Prudential Life Insurance sales team lead was due for a promotion. He pleaded to continue with the policy, as it will count in their year-end appraisals.He assured issue with ICICI Pru Smart Kid policy will be fixed and explained switching of the policy was in my best interest.
I didn’t receive any resolution mail. But I got stuck with the new policy for another five years. Sales team got good appraisals and promotions.
In all this I realized, ICICI Prudential Life Insurance does not consider the needs of the customer. ICICI Prudential Life Insurance teams are paid well and rewarded to sell as many policies as possible and pay out as few as possible. ICICI Prudential Life Insurance has ripped out the heart of insurance for profit.
Broken Insurance Promises 