Be careful while applying for Life Insurance Policies

Discrepancies with my ICICI Prudential “Life Stage RP” Policy:

1.       Incorrect mobile number even though it is correct in the scanned form.

2.       Typo in the address even though it is mentioned correctly in the scanned form.

3.       I was told that the policy term is of 5 years, but the policy document states it as 10 years.

4.       I was told that the allocation charges would be in the order of 7K, but the actual deduction was 25% of the premium amount that came out to be around 12.5K.

5.       I was told that the policy is returned guaranteed fund where in my fund value on maturity will be governed by the highest NAV reached during the policy term. Surprisingly, no such clause is mentioned in the policy document.

 

Learning from this incident:

1.       Never rely on agent’s word. Ask for the policy brochure before applying.

2.       Read your policy document carefully as soon as you receive it.

3.       Try to fill up the form yourself and not just blindly put your signature on the form.

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