KoushalyaAgarwal
New member
- Policy Name
- ICICI Pru Savings Suranks-LP & Assured Savings Insurance Plan
- Company Name
- ICICI Bank (Swargate Branch) & ICICI Prudential
- Customer Care Number
- 18001080
- Loss Amount
- 300000
- Ratings
- Opposite Party Address
- Survey No. 46, ICICI Bank Ltd, Somshank Chambers, Plot 1, Pune - Satara Rd, Adinath Society, Parvati Industrial Estate, Parvati Paytha, Pune, Maharashtra 411009
My name is Koushalya Jaiprakash Agarwal, and I am an elderly woman—a senior citizen—who purchased three life insurance policies from ICICI Prudential in 2019. Due to my age and my difficulty in reading the fine print, I completely trusted the salesperson. Unfortunately, I have now discovered that I was grossly misled during the entire process.
Below are the key issues and points of concern:
1. Incorrect Life Cover Allocation –
At the time of issuance, my clear intention was to be recorded as the insured person, with my chosen nominee designated to receive the benefits. However, all three policies have been issued with the roles reversed. Instead of reflecting me as the insured, the documents erroneously list me as the nominee while designating someone else as the insured party. This reversal not only undermines the purpose of the coverage but also endangers the financial security I intended to secure for myself.
2. Mis-Sale of Policy –
The policies were sold to me under misleading and coercive circumstances by the salesperson, identified as Ankita Dhormare (Agent ID: 01351499, Agent Type: S2S, Contact Number: 7620747879). I was emotionally manipulated, misled with false assurances, and provided with no complete or accurate information regarding the terms of the policy. I was specifically told that on my demise, the nominee would receive three times the sum assured, and that the insured person would be me. In reality, the policies have been issued in a way that contradicts all assurances provided, with me listed as the nominee and the insured roles assigned to others.
3. Unverified Policy Issuance and Illogical Child Coverage –
I am deeply disturbed by the fact that these policies were issued without proper verification. One of the policies, in particular, has been issued with coverage for a child. It is preposterous and unconscionable that a policy has been structured to provide benefits to a child (with the insured role assigned to the minor) so that, in the event of the insured’s death, the grandparents would receive the benefit. What logic underpins such an arrangement? Why was such crucial information not verified or confirmed prior to issuing the policy? Even after I repeatedly requested clarification, no one from ICICI Prudential contacted me for proper verification or confirmation—even though the salesperson’s misleading practices were evident.
Additional Points:
- For three whole years, due to the COVID situation, I was unable to review these documents. Despite continual follow-ups during this period, I received no response or corrective action.
- More recently, a representative from ICICI Prudential visited me and offered some guidance. However, the root issues and the sheer mis-selling practices remain completely unaddressed.
- I also require clarification on the policy provision that seemingly allows a child to be designated as the insured person. At the time the policy was issued, Krishna Goel was 11 years old and Rudra Goel was 9 years old. It raises serious questions about how a minor can be entrusted with coverage that, on their death, would benefit their grandparents. Such an error is fundamentally flawed from both an ethical and legal standpoint.
- No one from the company verified or confirmed these critical details, despite my repeated requests and the obvious discrepancies. This lack of due diligence suggests systemic negligence—or worse, deliberate mis-selling.
Below are the details of the three policies involved (please note that I cannot attach copies of the policy documents here, but the details are accurate as per my records):
Policy 1: ICICI Pru Savings Suraksha-LP 44150863
Current:
- Covered Person: Ritu Goel
- Nominee: Koushalya Agarwal
Desired:
- Covered Person: Koushalya Agarwal
- Nominee: Ritu Goel
Policy 2: Assured Savings Insurance Plan 43849168
Current:
- Covered Person: Krishna Goel
- Nominee: Koushalya Agarwal
Desired:
- Covered Person: Koushalya Agarwal
- Nominee: Krishna Goel
Policy 3: Assure Savings Insurance Plan 42732750
Current:
- Covered Person: Rudra Goel
- Nominee: Koushalya Agarwal
Desired:
- Covered Person: Koushalya Agarwal
- Nominee: Rudra Goel
I firmly request an immediate investigation into these matters. I demand that the nominee and the insured designations in each policy be immediately swapped to correctly reflect my original intent. In light of these fraudulent practices and because the errors compromise both the validity and benefit of these policies, if such corrections are not feasible, I insist on a complete refund of all premiums paid, along with interest and compensation for the distress and financial jeopardy caused.
I trust that the Consumer Court will take into account the gravity of this matter, which involves not only errors in documentation but also a clear abuse of trust and consumer rights. I expect urgent action to rectify these issues and to ensure that such mis-selling practices are not allowed to continue.
Thank you for your prompt attention to this critical matter.
Sincerely,
Koushalya Jaiprakash Agarwal
Date: 25-03-2025
Below are the key issues and points of concern:
1. Incorrect Life Cover Allocation –
At the time of issuance, my clear intention was to be recorded as the insured person, with my chosen nominee designated to receive the benefits. However, all three policies have been issued with the roles reversed. Instead of reflecting me as the insured, the documents erroneously list me as the nominee while designating someone else as the insured party. This reversal not only undermines the purpose of the coverage but also endangers the financial security I intended to secure for myself.
2. Mis-Sale of Policy –
The policies were sold to me under misleading and coercive circumstances by the salesperson, identified as Ankita Dhormare (Agent ID: 01351499, Agent Type: S2S, Contact Number: 7620747879). I was emotionally manipulated, misled with false assurances, and provided with no complete or accurate information regarding the terms of the policy. I was specifically told that on my demise, the nominee would receive three times the sum assured, and that the insured person would be me. In reality, the policies have been issued in a way that contradicts all assurances provided, with me listed as the nominee and the insured roles assigned to others.
3. Unverified Policy Issuance and Illogical Child Coverage –
I am deeply disturbed by the fact that these policies were issued without proper verification. One of the policies, in particular, has been issued with coverage for a child. It is preposterous and unconscionable that a policy has been structured to provide benefits to a child (with the insured role assigned to the minor) so that, in the event of the insured’s death, the grandparents would receive the benefit. What logic underpins such an arrangement? Why was such crucial information not verified or confirmed prior to issuing the policy? Even after I repeatedly requested clarification, no one from ICICI Prudential contacted me for proper verification or confirmation—even though the salesperson’s misleading practices were evident.
Additional Points:
- For three whole years, due to the COVID situation, I was unable to review these documents. Despite continual follow-ups during this period, I received no response or corrective action.
- More recently, a representative from ICICI Prudential visited me and offered some guidance. However, the root issues and the sheer mis-selling practices remain completely unaddressed.
- I also require clarification on the policy provision that seemingly allows a child to be designated as the insured person. At the time the policy was issued, Krishna Goel was 11 years old and Rudra Goel was 9 years old. It raises serious questions about how a minor can be entrusted with coverage that, on their death, would benefit their grandparents. Such an error is fundamentally flawed from both an ethical and legal standpoint.
- No one from the company verified or confirmed these critical details, despite my repeated requests and the obvious discrepancies. This lack of due diligence suggests systemic negligence—or worse, deliberate mis-selling.
Below are the details of the three policies involved (please note that I cannot attach copies of the policy documents here, but the details are accurate as per my records):
Policy 1: ICICI Pru Savings Suraksha-LP 44150863
Current:
- Covered Person: Ritu Goel
- Nominee: Koushalya Agarwal
Desired:
- Covered Person: Koushalya Agarwal
- Nominee: Ritu Goel
Policy 2: Assured Savings Insurance Plan 43849168
Current:
- Covered Person: Krishna Goel
- Nominee: Koushalya Agarwal
Desired:
- Covered Person: Koushalya Agarwal
- Nominee: Krishna Goel
Policy 3: Assure Savings Insurance Plan 42732750
Current:
- Covered Person: Rudra Goel
- Nominee: Koushalya Agarwal
Desired:
- Covered Person: Koushalya Agarwal
- Nominee: Rudra Goel
I firmly request an immediate investigation into these matters. I demand that the nominee and the insured designations in each policy be immediately swapped to correctly reflect my original intent. In light of these fraudulent practices and because the errors compromise both the validity and benefit of these policies, if such corrections are not feasible, I insist on a complete refund of all premiums paid, along with interest and compensation for the distress and financial jeopardy caused.
I trust that the Consumer Court will take into account the gravity of this matter, which involves not only errors in documentation but also a clear abuse of trust and consumer rights. I expect urgent action to rectify these issues and to ensure that such mis-selling practices are not allowed to continue.
Thank you for your prompt attention to this critical matter.
Sincerely,
Koushalya Jaiprakash Agarwal
Date: 25-03-2025
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