Yesterday I visited the ICICI Prudential Life Insurance office in Netaji Subhas Place in Delhi and lodged a formal complaint of fraud. In the complaint, I have stated as follows:
After retirement from the Government (Central Vigilance Commission) /Central Public Sector services, I had invested a sum of Rs.2 lakhs in the fixed deposit of the ICICI Vabk branch in Rohini, Sector-13. During my visit to the Bank branch in Rohini, I came across the ICICI prudential Life Insurance officials in this branch who approached me for a better investment plan. As a retired government official, I was carried away by the assurances of good return on my investment given by the officials concerned whose names I do not remember. As suggested by them, I took two polices i.e. one for investing Rs.one lakh and another for investing Rs.70,000/-. These investments were paid as my premium for these two policies. Copies of these two policies are attached.
2. I was assured by the officials concerned that after the period of 3 years of locking period, I can get back the amounts invested by me with adequate returns after deducting the necessary charges. I have now received two notices from you asking me to make payment of premium totaling Rs.3,40,000/- by 20th August, 2013, failing which my policies would be foreclosed and the amount due to me refunded.
3. I have now come to know that I would be receiving only about 30% of what I had invested as my remium.
4. Kindly note that the terms and conditions printed on the agreement are not easily readable through naked eyes. You cannot expect your client not to believe what you have assured through your word of mouth. Merely signing an agreement with you cannot be treated as an acceptance of the terms and conditions of the contract. To my great surprise, I find my signature forged on the copy of application form No.39347688 in respect of my policy No.14398365. Though I signed in the column for my signature, my signature as proposer in two places is found to be forged. Kindly note that forgery of signatures is a criminal offense for which the ICICI Prudential can be held vicariously responsible for the acts of their agents or employees. If a part of the application form is signed by some unknown agent or employee forging my signature, the whole agreement can be treated as null and void. The copy of my application form in respect of policy No.14355733 is not attached with my policy. I believe that my signature must have been forged on this application too.
6. Had I been truly informed about the risk of losing 70% of the money at the time of my making first premium, I would not have ventured to join this dubious pension scheme.
7. It appears that you have violated Regulation 4(6) of IRDA (Protection of Policyholders' Interests) Regulations 2002 by not protecting the interests of the policy holders, especially on disclosures , coverage of risk and settlement of benefits and by failing to take all measures so as to ensure that regulatory provisions are not deviated.
5. Before I take up the matter with the Economic Offences Wing for causing financial loss to me deliberately through a fraud and with the IRDA/RBI and the consumer forum, I request you to amicably settle my claims by refunding the amount paid by me with normal interest...."
They have taken note of my formal complaint for taking action in the matter of fraud. They have assured to take action in a period of 10 days. Kindly advice me what I have to do further if I do not receive any reply. I am given to understand that there is some other forum for aggrieved investors other than consumer forum. Can you enlighten me in this regard?
Job Anbalagan
