I had opted ICICI Pru life insurance - invest shield policy no. 7445 in Feb. 006. I had invested INR 2000 monthly for a period of 32 months. After 32 months because of some problem I had stopped investing. So my total investment was INR 64 000 and current fund value as per ICICI Pru life statement document March 2017 is INR .48.
I had surrender policy in May 017. On 23rd May 2017 I have received INR .65. After asking them regarding the amount I have received
they emailed me below justification.
Total Fund Value: 0.48
Less service tax: 8.69
Less SBC: 3.88
Less KKC: 3.88
less surrender penalty: 6.38
Amount paid to you: 7.65
ICICI Pru life insurance has imposed huge surrender charges on me. As per policy document it is 20%. I am thinking of going to the consumer court and raising a plea against this corrupt practice in case surrender charges for me are not waived.