Location/place: Agra
Name of company/service: Retired Telecom Officer
My father, Mr. Mahesh Prakash Shukla presently 75 years old , who lives alone in Agra and struggling with his old age problem which are both physical and emotional. He got retired from telecom and post all his obligation against his family he has chosen to settle in Agra and live rest of his life in peace. Currently his both sons are living outside the city ( one is myself) and wife got expired 10 years back. All his life being a conservative used basic tools like FD and post office scheme to save his money to mitigate all his responsibilities. What ever little saving which are left, he has placed in saving accounts as was not much aware of various instruments of new age banking. His health is not in good shape right from hearing, seeing and comprehending basic issues.
Problem started, when Mr. Dev Prashant approached my father ( Mahesh Prakash Shukla) as he use to come to branch for regular work. Sensing a opportunity he got close to my father knowing he lives alone and can get easily coned on some investment tricks. And this is exactly what happened, when he won my father’s full confidence, he used his sales executive to sell a market link Pension plan to 70+ old person in disguise of fixed deposit ( policy no 1). He deliberately delayed the policy details which was supposed to carry all details. My father being completely ignorant about this forgery and conning, was under assumption that his money is safely park with ICICI. Later ,after long time some where in 2010 January, when he enquired about the same he realized something is terribly wrong with my money , he was told to approach sanjay place branch as Mr. Dev Prashant has left the bank. He was shattered as another person from ICICI ie Vishal Varshney has told him that your money has been reduced due to market link insurance policy and it is not a FD. Sensing a clear opportunity by Vishal, he again conned my father by selling him another pension linked policy( mentioned as policy 2). And told him that he has a done special arrangement in ICICI by which policy 1 will convert into policy 2 and his liability will come down to 1lac instead of 3 lacs.
Typical of old age and not in right frame of mind, he got again conned and cheated by Vishal. Thus paid two lac till 2011 ( 1 lac each) in policy 2. As aware not sharing things with his own children, problem got compounded when he was not able to arrange money for his treatment and shared how his entire money is blocked in pension policy with me. It came as a shocker to me as old man of 75 years got cheated by hounds of ICICI. Mr. Shukla was completely shattered which I could see in his tears. Today he actually borrowing money to meet his requirement and on one side ICICI call centre is troubling day and night to give more money in both the schemes as a additional installment.
My father was initially scared and hesitant to raise this issue with me but circumstance forced him to tell all the facts of his trauma it was shocking for me that how could company of ICICI stature and his senior employees could do this. When I further probed, I got to know that there is no link whatsoever with both policy 1 and 2. Today my father is trapped but I very sure, I will take this to a logical conclusion by not only going to consumer court by filling a FIR against both the ICICI representative. How could they sell a pension plan to a person who is already in his fag end of his life.
I know you are conveniently hiding under technicalities and fine prints. You have completely and deliberately ignored the spirit and essence of the letter. As I have told you the ignorance level of my father on the said subject and how he was conned by ICICI representative not once but twice. You have said that he has not raised his concern within 15 days; yes he did but raised it later as he couldn’t understand the concept of equity linked. After conned once when he went to complain he was cheated once again by selling one more pension policy.
Now, I would like ask you certain questions and I hope you will give me justified answers.
1. What is the maximum age of plan holder in ICICI Pru life stage Pension AD?
2. As far as my technical information the maximum age is 70 years. According to the Indian government passport (copy attached) my father’s age at the time of policy was 72 years. How come ICICI
has accepted the documents?
3. The gentleman Mr. Vishal Varshney forged by father’s DOB documents by showing his age 15-5-1940. This vindicates my point that he was cheated not once but twice. Please show the copy of age proof of my father given along with this policy? Please explain what punishment your charter has planned for forged documents?
4. Please show us the need assessment document for both the policy where you have analyzed my father’s need at 71 and 72 respectively to have a mutual fund linked pension policy?
5. In country where male life expectancy is 65.77 years, what is the ideal age to go for pension plan?
6. How do you think this policy will give great benefit to my father?
7. What logic ICICI has applied while planning maximum age limit to enroll in following policies:
a. For ever life RP: max age is 60 years?
b. Invest shield plan: max age is 70 years?
c. With this logic 72 years is a great justification.
I don’t know how long you can hide under technical issues though in above argument I have exposed malpractices currently running in ICICI. I am very sure that I will take this case to a logical conclusion.
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