COMPLAINT: Against advisor of ICICI Prudential Life Insurance

Ferozepur, December 11, 2012:  A retired joint registrar cooperative societies, Ferozepur now a resident of Kot Kapura, Boota Singh Galib has complained against an advisor of ICICI Prudential Life Insurance.

Speaking to City Air News, Galib said, he had purchased the ICICI Prudential Life Insurance Policy (No.15491528) on May 7, 2011 under 15 year plan term.  The initial premium of Rs.50,000 was paid through a payee’s account cheque and the policy papers were received by him.

He further said, when the next premium was due in April, 2012, he got a call from one Anchuman Bhatia from Delhi who said “your (Galib’s) ICICI premium is due for the current year and the payment could be made through draft/cheque/cash”. 

He said after few days, he got another call from the same purpose that Kuldip Singh is being deputed to collect the premium and on the very next day Kuldip Singh visited his place and collect the premium of Rs.50,000 in cash against the printed proper receipt No.14417085 of 19 April 2012 (A photo copy of the receipt is being published with this copy, which has been handed over by Galib). 

The identity of Kuldip Singh was confirmed by making a call to Ancuman Bhatia in his presence who confirmed having deputed the person to collect the premium. However, after six moths, Galib got a call from ICICI that his policy has lapsed because of non-payment of the premium.

Galib when contacted the ICICI office, he found that the second installment paid in cash has not been credited to his account and he has been cheated of Rs.50,000.  The person who collected the cash also have his contact number as 9213553606 which is now switched off.  He is planning to move the court to get justice in this regard, he said.

However, on contacting the Branch Manager, ICICI, Deepak Gupta, he said, such a heavy premium should not have been paid in cash or the same could have been deposited in the branch office instead of giving it to the stranger simply on the phone call. He further disclosed that such incidents have been noticed in the past also. The modus operandi is that the amount collected in cash against proper receipt is not deposited with the company instead a cheque with no balance is presented of someone else which later on is dishonoured and the policy holder is informed in routine about the lapse of the policy whereas the cash collected is embezzled.