SEBI has stop banks issuing anymore ULIP policies (I am not surprised) and though the exact reasons of why SEBI is frowning on ULIPs are still not fully clear, I can certainly relate my story here where how ICICI agent sold my ICICI prudential ULIP policy by misguiding me and hiding important information.

I wanted to buy a Mutual fund for which I approached ICICI bank, the representative offered me lot of option (I had went primarily for HDFC Top 200) and sold me ICICI prudential after hiding some crucial details like it has 3 year locking period where each year I have to pay 50k and it is not really a mutual fund, even though they are selling it like that. Then I went out of city for a month and when I came back, I saw all the details of policy and wrote a complaint to ICICI, I got a reply in weeks saying that there was a 2 week window where i could had canceled my policy, I said I wasn’t there in town and the point is, the ICICI executive lied to me about the policy.

I again got a reply from them saying they did an inquiry and then again put a copy/paste reply, I asked them more details about what kind of inquiry they have done, so again I got a reply after weeks saying that inquiry is over and the decision is final along with another copy/paste reply.

So after wasting 3 months with ICICI support, I haven’t gone anywhere and after checking various complaint board, I saw this is going on very big scale. I have gone ahead and filed a complaint against ICICI to RBI here https://secweb.rbi.org.in/BO/compltindex.htm

I don’t think much will happen, and I have lost hope but I am making this post to get people aware of the frauds ICICI and other banks are running on the name of ULIP. DO not trust on what they are saying since their own interests are linked to each policy, get second opinion from people who understand the plans and polices of such banks and if you don’t understand, it is better to stay away from them

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