Wednesday, 5 September 2018

ICICI Prudential Life Insurance and three instances of premium amount for the same policy

Here is the email sent to gro@iciciprulife.com regarding clarification for premium amount for one of their policies:

Dear Sir/Madam,

With regards to the above policy, received an SMS message on August 25, 2018 " Premium of Rs 10400 for your ICICIPru policy 21971634 will be debited from your United Bank of India account ending ....."

On August 31, received SMS "Premium of Rs 9950.00 for ICICIPru  Future Perfect, 21971634 has not been honoured by the bank due to Account Closed/Transferred..."

My query is regarding clarification of the actual premium amount (10400 or 9950) and the reason for this anomaly.

Pertinent to this discussion, first tried to post my grievance through Grievance Redressal form (https://buy.iciciprulife.com/buy/GrievanceRedStep.htm?execution=e2s1) but was not able to submit the form.

Yours sincerely,
Rajeev Bagra
Meghdoot Tower,
16/2/1, Round Tank Lane,
Howrah 711101, W.B.
Phone: 7407112226

Here is the reply:

Dear Mr. Rajiv Bagra,

We refer to your concern pertaining to renewal premium for your ICICI Pru future perfect policy number 21971634 held with us.

In response to the same please note the policy was issued with initial premium amount of Rs.10450/- on February 28, 2018. The policy is in half yearly mode and you next renewal due date was on August 28, 2018. We request you to pay the renewal premium.

Incase the resolution provided does not meet your expectations you may escalate to our Grievance Redressal Officer (GRO) within 8 weeks. Click here to write to our GRO. You will receive a response within 10 days post detailed evaluation.

Warm Regards,

Jude Dsouza
Complaint Redressal Officer
Corporate office

Asked them for clarification regarding three instances Rs.10400/9950/10450 of the premium amount (through https://onlinelifeinsurance.iciciprulife.com/digital/ipru/GrievanceRedStep.htm?execution=e1s1) for the same policy for the same time at the same time and corresponding reply:


Dear Mr. Rajeev Bagra,

We refer to your concern pertaining to premium for your ICICI Pru Future Perfect policy number 21971634 held with us.

In response to the same, please note the policy was issued on February 28, 2018 along with the initial premium amount of Rs.10450/- and we hereby confirm the renewal premium towards the said policy is Rs.10450/-

Further, since the ECS mandate/ direct debit facility was active towards the said policy accordingly Company tried to collect the renewal premium amount however the same was dishonored reason citing “account closed or transferred”.

Incase the resolution provided does not meet your expectations you may escalate to our Grievance Redressal Officer (GRO) within 8 weeks. Click here to write to our GRO. You will receive a response within 10 days post detailed evaluation.

Warm Regards,

Jude Dsouza
Complaint Redressal Officer

Corporate office


This means that Rs.9950/10400/10450 are the same for this financial behemoth and their accounting system.