ICICI Prudential Life Insurance Company Limited

THE #1 FRAUD INSURANCE COMPANY IN INDIAnnLet me share my life experience. I started a policy with them in 2006; 5 years after my daughter was born. The policy was ICICI PRUlife SmartKid Regular premium.nPOlicy # 02702631nICICI Pru life Smartkid Regular premiumnPolicy in effect since: Aug 2006nMonthy Premium: Rs,. 1236/-nAs per the policy I am supposed to get 30% of insured amount in 15th year. 20% in 16th year and so on.nThe first payout has to happen on 13th April 2020 and I got an email in Oct 2019 from ICICI Prulife about the same. All good so far.nn13th April 2020 came and went and no policy payout happened. I kept checking my bank account and no stone was moved.nAfter a week, I contacted their customer care. First they feigned ignorance and raised a ticket. Nothing happened for a day. I reached out to their grievance cell the next day after which they deposited the money which I am supposed to receive as per the policy condition, the money that I have been paying without any lapse for 15 years all for my daughters college fee.nnHere is my assessment about ICICI Prulife from the whole horrible experience:n1. Their intent is to deny legitimate payouts as much as possible, money that the customer has paid for all the years. ICICI PRU LIFE doesnt want to pay the customer, the legitimate policy payouts. This amount to willful cheatingn2. If the customer is ignorant which may happen with quite a few people, they silently pocket the money. As you can see in my case, it is me who questioned ICICI Pru life as to why the policy payout didnt happen.n3. If the customer is conscious and the moment you question them, they give very lame excuse such as technical issuesn4. Their grievance cell is the most pathetic in the world. No one took responsibility to make the payout on time. Remember this is not a claim, but a policy benefit as part of SMART Kid policy which pays money in periodic intervals for last 5 yearsn5. They dont feel regret for the delay at all. No sorry nothing. So much of arrogance for the racket that they are running with fancy name, playing with kids education and peoples lifesnAgain this year too I am supposed to receive some 45000+ as per the 16th year payout and guess what, 13th April 2021 came and went and no policy payout made so far.nThis time I have escalated to Ombudsman to take LEGAL action and seek compensation for Willful denial of policy payout + Mental agony.nIf I compare this experience with my other LIC Endowment policy, I always got the policy payout cheques well ahead of time. I never had to follow up with LIC.nHere is my sincere advice as a parent to all parents who want to invest for their child education:n1. First of all never mix insurance and investmentn2. For your child education consider Equity Mutual funds as MF give superior returns over long durationn3. NEVER EVER GET A POLICY FROM ICICI PRU, THEIR INTENT IS TO AVOID PAYING MONEY TO CUSTOMER AS MUCH AS POSSIBLE. BE IT POLICY BENEFIT OR BONUS. I AM WONDERING HOW CUSTOMERS WHO SUBMIT DEATH CLAIM SUFFER AT THE HANDS OF THIS INSURERn4. Never fall prey for their eye catching ads, They are extremely good at advertisement and luring customers with sweet talking agentsn5. Finally, The only Insurance policy that you need is the TERM Insurance and IMHO, LIC is the best. I am a software engineer and I have no business link with any insurance company. What I am sharing is my life experience.nWish you all good luck and if you think of INSURANCE, strike out this #1 FRAUD Insurance ICICI Pru life out of your choices. Good luck if you choose otherwise,

Best place to visit you can have coffee there

3rd class work

Best service and claim settlement in 1day

Very nicely managed. Co-operative and helpful staff with Good professional approach.