KEEPING INSURANCE HUMAN
back arrow Back

ICICI not closing term life account online

reply Share
04 May, 2021 by  Kautilya Bhardwaj

Hi,

So I want to surrender/close my iProtect smart term plan. The support team there mentioned that term plans can't be surrendered. I'm required to not pay my premiums to mark the policy as lapsed. Now they have an auto-debit enabled on my CC. When I asked them to disable this they cited some "existing security guidelines for their policyholders considering the sensitivity of the data" and mentioned that I'm required to visit their branch office to disable the auto-debit on my CC, which they also know is not possible provided the covid-19 lockdowns and all.

When everything can be processed online, from policy issuance to claim application, this simply looks like an activity to get me hooked as long as possible.


This seems unethical & crooked to me, what are my available options?

like like
0
Term Life Insurance
Opinion

2 Answer

Post
06 May, 2021

Before the options, ASK YOURSELF why you bought this and what arr reasons to dis-continue this?


Remember, you and your family will be open to risk.


At times these generally seems as a trick,but we have seen all unusual challenges in banking and insurance as well,especially during last 1 year.


What policy guidelines they are refering to? Where is the data breach here?


As an option, as them you want to alter your payment frequency,which one change change and see what is their response. I believe, if they can do this online, they should also be able to do stop pyt.online.


Alternatively, as a consumer, if you have decided to stoo, then better do not wait for them, connect with your bank and ask them how you can stoo this auto-dent? Their may be a charge involved, but if that is available at comfort, do it.


One more option, mail to their support email

Support no.- 18602667766


If you uave done enough, go to customer service tab on their website and click on POLICY SERVICING, click on I want to make a complaint,whom should I write and choose Level 1(if it is not yet done)


Also on same page click in, How do I contact MY ADVISOR and follow steps to get the contact details.


Hope this helps to reduce your challenges and do as needed


If you find another better way, do respond.

like like
0
icon-comment 1 Comments
icon-reply Reply
06 May, 2021
Kautilya Bhardwaj
like like
0
icon-reply Reply
06 May, 2021

Dear

First , icici pru term is a good product to continue , why should you not surrender

  1. You would have taken a premium at lower age which is valid for full duration .
  2. Your were insurable then today you may not be sure.
  3. Never change a good decision .


Now if you want cancel your mandate then you shall have to write to icici pru service department and ECS will be cancelled . Your bank can not cancel it . Your duty is done when you have written to ICICI pru , ensure your mail is sent from your registered email id .

In case of any problem , you can reach us at Insurance Samadhan .

Shailesh

Co founder

Insurance Samadhan


like like
0
icon-comment 1 Comments
icon-reply Reply
06 May, 2021
Kautilya Bhardwaj
like like
0
icon-reply Reply
Discover the best tips for insurance every week!

Beshak is not regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and does not have any alliance or association with any Insurance business.
© Copyright 2021 Beshak Solutions Pvt. Ltd. All Rights Reserved.

Disclaimer: The content on the website is purely for information purposes for the public at large, and does not constitute personal financial advice for a specific individual reader.
If you are reading this, it means you love reading the fine print. Why not get paid for what you love doing - Join us by writing to info@beshak.org now 🙂