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Ruchi (HR Manager)     07 March 2009

False commitment

Dear Lawyers,

in last feb 08 i have taken a policy from icici prudential which is a pension plan. on 28 feb 08 i went to the nearesh branch of icici bank and asked them that i wanted to go for FD but they convinced me to go for insurance policy of rs 50000 and it is conveyed to me that this is a single premimum policy. the policy was not send to me at my place. in november08 i requested for the policy and then in december i have recieved the policy. now when i recieve the email that the policy premium is due;  i have gone thru the policy documents and found that the policy term is of 23 years and out of 5 pages of the forms which i have filled up at the time of policy; i have signed on only last page. now where the term is written; it is overwritting and my forge signature are there. please suggest how to file a case against icici pru.

regards,

ruchi

 



 9 Replies

Rajesh Kumar (Advocate)     07 March 2009

Bring the forgery to the knowledge of the Chief executive officer of ICICI prudential. If he fails to act, file a complaint under Section 190 of Cr.P.C. It is cheating for valuable security.

M. PIRAVI PERUMAL (Advocate & Consumer Rights)     08 March 2009

When it comes to ICICI you must be extemely careful & vigilant. You have to obtain and preserve  the xerox copies of all documents you have filled or signed.


(Guest)

NANDKUMAR B. SAWANT.,M.COM.LL.B.(MUMBAI),ADVOCATE


MOBILE.09325226691 . 09271971251,


e.mail.adv.nbsawant@yahoo.co.in


e.mail.nandkumarbs@sify.com


REGARDING YOUR POLICY WITH ICICI  KINDLY NOTE THAT


1. KINDLY NOTE THAT YOU HAVE SUBMITED A POLICY PROPOSAL FORM TO I.C.I.C.I  PRUDENTIAL   WITH YOUR OWN CONCENT .YOU WERE CONVINCED FOR POLICY IN PLACE OF FIXED DEPOSIT HENCE IT IS VOLUNTARY PROPOSAL SIGNED BY YOU.


2.YOUR PROPOSAL OF POLICY WAS ACCEPTED BY THE I.C.I.C.I .PRUDENTIAL.


3 KINDLY NOTE THAT IT IS A CONTRACT WHICH CAN BE LEGALY ENFORCED.


4YOUR CONTENTION THAT  YOUR  TERM OF POLICY WAS ALTERED , THIS FACT YOU HAVE TO PROVE, AND IT IS NOT THAT EASY. IT MAY BE DUE TO THE AMOUNT PAID BY YOU TOWARDS INSTALMENT MIGHT NOT BE MATCHING THE TERM OF POLICY .BUT THE CONCERNED SHOULD HAVE INFORMED YOU.


5.KINDLY NOTE THAT YOU ARE INSURED AND IT IS A GOOD THING FROM THE SAFETY POINT OF VIEW OF YOUR FAMILY AND NOMINEE.


6 I SUGGEST AS TERM IS 23 YEARS THE PREMIUM WILL BE VERY LESS AND YOU ARE GETING LIFE COVER AND PROTECTION FOR YOUR FAMILY.IN CASE YOU CAN AFFORD ,AND YOU DONOT HAVE ANY OTHER POLICY  KINDLY CONTINUE THE POLICY.


7 BUT IF YOU DO NOT WISH TO CONTINUE THE POLICY , THEN FILE A COMPLAINT TO THE BRANCH MANAGER AND SEND A COPY TO THE HIGHEST AUTHORITIES OF THE I.C.I.C.I PRUDENTIAL AND PRAY FOR THE RELIEF YOU WANT EITHER REFUND( IT WILL BE VERY LESS DEPENDING ON YOUR PREMIUM INSTALMENTS PAID ANDSURRENDER VALUE.  OR CONVERT IT IN TO OTHER OPTIONS.KINDLY GO THROUGH THE TERMS AND CONDITIONS PRINTED ON YOUR POLICY DOCUMENT.KINDLY SEND THIS COMPLAINT BY REGISTERED POST/SPEED POST A.D. TJAT WILL BE PROOF OF CAUSE OF ACTION  FOR COURT MATTER.


8.YOU MAY FILE A CONSUMER COMPLAINT AT DIST. CONSUMER COURT AND CLAIM FOR DAMAGES COST AND COMPENSATION FOR DEFFICIENCY IN SERVICE. THIS WILL COST YOU VERY LESS AND YOU MAY GET DESIRED RELIEF.


9 YOU CAN FILE A CIVIL SUIT ALSO BUT YOU HAVE TO PAY HEAVY STAMPS FOR THAT.


10 FILING CRIMINAL COMPLAINT  WILL NOT BE ADVISIBLE BECAUSE IT WILL BE DIFFICULT FOR YOU TO PROVE WITHOUT THE DOCUMENTARY EVIDENCE AND COPY OF YOUR APPLICATION.


IN CASE YOU NEED ANY FURTHER DETAILS KINDLY SEND DETAILS.


THANKING YOU


YOURS SINCERELY


NANDKUMAR B.SAWANT..,M.COM.LL.B.(MUMBAI),ADVOCATE

Ruchi (HR Manager)     09 March 2009

i have the xerox copies of the form which the prudential people have sent me....and secondly i m not covered under any insurance it is just a policy linked to monetary value...


so should i go ahead and file a case against them????


ruchi


(Guest)

NANDKUMAR B. SAWANT.,M.COM.LL.B(MUMBAI),ADVOCATE


MOBILE.09325226691, 09271971251


e.mail.adv.nbsawant@yahoo.co.in


e.mail.nandkumarbs@sify.com


WITH REFERENCE  TO YOUR  PROBLEM WITH ICICI PRUDENTIAL KINDLY NOTE AS UNDER


1 KINDLY SEND DETAILS TO THE BRANCH MANAGER ,AND NO.1 OF THE ICICI PRUDENTIAL. AND PRAY FOR THE RELIEF YOU EXPECT FROM THEM. THIS LETTER YOU MUST SEND BY REGD.POST A.D. OR BY SPEED POST A..D. IT WII  BE A CAUSE OF ACTION FOR YOUR COURT MATTER.


2.KINDLY SUBMIT A CONSUMER COMPLAINT WITH COPIES OF ALL DOCUMENTS ;OU HAVE AND ALSO THE ABOVEMENTIONED POSTAL REGD POST ACKNOWLEDGEMENT.


3 YOU WILL COME TO KNOW AND WILL GET ALL RELEVENT DOCUMENTS


FROM  RESPONDENTS.


4    YOU FIRST FILE A CONSUMER COURT COMPLAINT  AND PRAY FOR COMPENSATION AND OTHER RELIEF YOU EXPECT INCLUIDING FOR DEFICIENCY IN SERVICE. YOU WILL SUCCEED.


5 AS YOUR S IS NOT A INSURANCE COVER POLICY , JUST GO THROUGH THE TERMS OF POLICY DOCUMENT PRINTED ON THE DOCUMENTS AND SEND TH;E DETAILS  SO THAT IT WILL BE EASY TO INFORM APPROPRIATED LEGAL REMEDY.


THANKING YOU


WITH BEST REGARDS


YOURS SINCERELY


NANDKUMAR B.SAWANT.,

RAKHI BUDHIRAJA ADVOCATE (LAWYER AT BUDHIRAJA & ASSOCIATES SUPREME COURT OF INDIA)     10 March 2009

I do agree with all my friends.

Kumar Doab (FIN)     17 October 2010

Pension Plan can be with or without life cover varying fro company to company.You may study your policy.

Malpractices are there. Your signatures are forged which you should not accept.

In case of single premium policy, as you had opted, the commission to be paid to the agent as per IRDA guidelines ,is up to max. of 2% of premium i.e Rs.50000/ in your case and the concerned managers of the agent,right from unit manager to the branch manager in ICICI Prudential shall get only 10%  of the premium as sales credit i.e Rs.5000/ in place of Rs.50000/, in their sales vs target achievement or goal sheet. By altering the term of the policy they have changed the policy from single premium to regular premium and thus the agent shall get upto 7.5% of the premium and agent and managers shall get 100% sales credit.

unit manager to the branch manager shall get rewards/awards/incentives on the sales.Branch Managers and others pressurise  unit managers and agents not to log single premium policies.

Companies have put ceiling on % of single premium policies to be logged in and is counted in appraisals.

Your pension plan can be either traditional with some meagre guarantee or ULIP  without any guaranteed returns.

You can surrender the policy within 15 days of the receipt.

 In your case the policy document was not delivered and was delivered only after your complaint.

Plea note that if you retain the policy you shall have to pay minimum for 3/5 years as in your policy and then you can surrender.After the deduction of various administrative charges/unit allocation charges/fund management charges/surrender charges etc you shall be getting the fund value which may be lower than the amount paid by you.

You may write to the company as suggested by learned members, and consult your lawyer, and file your case. Avoid telephonic conversations.

 

After the act of forgery you should not trust the company and should not remain with the company. File your complaint.The consumer forum can help you to recover full amount+litigation expenses+ penalty.

In todays context Insurance plans/pension plans/health-mediclaim plans are rerquired but these should be purchased after a good financial planning check up by a genuinely good consultant.

If you really require a policy then read first and then choose.

Kumar Doab (FIN)     22 October 2010

 

As per the advice of the learned members you can initiate action.It shall be better to  take legal help and file thru your lawyer.

 

Insurance company can reject the claim in case the company proves that there has been suppression/concealment of material facts/information.

You have provided  the medical history, which is now in company's records.The company has offered to return the premium paid expressing goodwill gesture.

A clever agent shall take signature on all pages of the application form, than on the end.

Each company has a medical grid to be followed before a form is admitted for financial/medical underwriting for the issue of the policy.

As per the age and Sum Assured ( Insurance amount including sum total of base life cover, riders e.g accidental death benefit,comprehensive health benefit,dreaded disease rider etc) and medical grid in force the applicant is advised to undergo the medical/lab  tests at the company's expenses at the company approved medical center. For example in many company's upto age below 35 years and upto sum assured 5 lacs medical tests are not required, and upto age below 45 years and upto sum assured 5 lacs only medical examination i.e recording the height weight etc is required to be done at at the company approved medical center, and above age 55 years each applicant has to undergo the medical tests irrespective of the sum assured.The customer is given the printed form advising medical tests which is retained by the medical center.

The test reports are not shared with the applicant.

Since agent is not employee of the company, the company have in house recheck and as prescribed by IRDA to avoid mis selling/fraud the company employees including unit manager/deputy manager/branch manager and executives from other deptts, and even third parties are supposed to contact the applicant by call or in person to verify the contents of the information given in the application form including past history and put their signatures on internal forms of the company confirming they have contacted and verified from the client.

In case of mis selling more than agent may be involved.

The scanned image of all docs is retained by local branch.

You may carefully study the policy and also obtain details from company office/website  including brochure/medical grid ,copy of forms/docs using your resources.You can use RTI route.

What was the age of your father and what was the amount of sum assured.

In case of complaint IRDA and company are supposed to conduct  inquiry and take action.Companies shall do their very best to defend themselves and producing agents/employees.

You can search and obtain similar case decisions where company has lost and has been penalised to strengthen your case.

bhawana (xyz)     26 May 2014

Dear Lawyers,

 

In last June 13, I have taken a policy from Aegon Religare, which is an assured Return plan of an amount of Rs. 25772 & because the manager is committed that from very next year, it will be changed on a monthly basis, then I take 1 more policy from my Husband name. After a year, I have called that manger about the monthly mode so he refused to do it & he said that I am not aware of that time about the policy & when I have inquired to how I will pay that 50 k in a month, so he said I don’t have any idea, even I have called in customer care & his Branch head too so they said I can't serve it so any how in a month or 2 please pay that amount. So please suggest the next step for me to how to file a case against his fraud commitment.

bhawana 


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