Legal Question in Insurance Law in India

Dear Sir,

Greetings of the day.

This is to bring to your notice that, My father( Aged 76) has been mis-sold ICICI Prudential Pension plan in April 2021 by ICICI bank branch.

Due to old age and lack of judgement he was given authority to withdraw all the money from his ICICI Saving account as well as money from other Bank accounts.

By Giving false information the branch has invested all the money in this Pension plan . My father had no idea that he couldn't withdraw any money in case of an emergency/ requirement . He considered it as a normal FD and he will be receiving interest on a regular basis.

we have tried to contact the branch several times for closure of the Pension plan and return all the money. They are strongly refusing to close it stating various reasons. We have been so much harassed and helpless due to their strange behaviour after taking all the money .

please refer to the attached mail / correspondence & letter written to ICICI PRUDENTIAL . I am yet to get a reply from them. So with great hope to get our money back I am sending you this mail.

we requested the bank to close the Pension plan and deposit all the money in my Father's SB account where we can use the money. but bank is so adamant to cancel the policy .

please advise the way forward.

Asked on 7/15/21, 4:14 am

1 Answer from Attorneys

you may approach the Bank Ombudsman and if nothing works out, you may approach consumer forum.

Read more
Answered on 7/18/21, 10:45 pm

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