Seek advice for resolving the dispute with ICICI prudential life time pension scheme?

I wanted to invest in some mutual funds prior to my retirement but officials of ICICI bank have misguided me and invested in above pension fund.Normally they are supposed to take consent from the investor but no such consent had been taken from me.
Now they are insisting me to pay minimum 2 additional premiums which I am unable to pay as I have already retired.
Primarily my interest is to get back the many ,if not to be treated as one time investment under the scheme.

Seek advice for resolving the dispute with ICICI prudential life time pension scheme?
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5 Replies to “Seek advice for resolving the dispute with ICICI prudential life time pension scheme?”

  1. What do you mean by no consent was taken? You have defenitely signed papers and issued one premium checque.

    You have blindly signed papers and joined a scheme without even understanding it.

    The agent has misguided you because the commission on a pension scheme is 10 times more than mutual funds.

    You have to remain invested for min 3 years. In the 4 th year you can surrender the policy at surrender value.


  2. Yep. Sometime happening. contact banking as well as insurance ombudsman and if you have enough evident that you have cheated, file case against them and publicize it. They will come to your way

  3. It was highly unethical on the part of the company to sell the product, with or without consent, to a person who was about to retire in a short while.

    In my view there is no point in pursuing the matter any further unless you can prove that you were misguided into signing the papers. It would be a further waste of time and resources. Only you can pursue the matter further for the benefit of others who may be saved from such malpractices.

    Have a nice day !!

  4. We had similar experience with TATA-AIG-HSBC for our NRI son and we could get 100%refund after a lapse of one year.We had to go all the way up and when we threatened to go to IRA and to RBI,we got the refund cheque in a week’s time.We had all the email backups to prove that we were misled and signatures in good faith had been misused.If you feel you have a strong case despite signing of documents,you should pursue the case.
    Yes,the commission on Insurance products is much more than MF and that is the reason,the agents as well as Bank guys pounce upon preys like us.
    Even I was caught in a ICICI Pension scheme in lieu of ELSS persuaded by my friend,a manager in ICICI Bank and got stuckup for 3 years.When I went to surrender,they tried their best to persuade me against by telling that market is down.But I refused and encashed.Yes,there was a loss but it was better to bear it than paying another premium.
    As a person nearing retirement,you should be cautions.CASH IS KING for retired persons and I am one amongst such people.Bank FDs are far better for a conservative person and MFs are good for a moderate.
    Good luck.

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