Monday, February 22, 2010

What to do when Banks force sell you ?

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If you have been asked to buy a ULIP for any loan related process, use any of the method below to get back your money.

Option 1 :
Difficulty level : knowledge of blogging
Resolution Duration : 9+ months
Pain, mental trauma, stress and harassment : High

Step 1. Send ICICI a complaint mail with all the relevant docs photocopy (I maintained the correspondence on a blog which served dual purpose)
Step 2. Send a mail to all the three level of escalations mentioned at ICICI website - this is just a formality as u need to give a proof of ur complaint before sending a mail to Banking Ombudsman. dont expect anything from ICICI as it is a sheer waste of time but you have to do it.
Step 3. Now send a mail to ICICI ombudsman with all complaint letter attached. Make sure you provide the complaint in the desired format.
Step 4. Send a mail to ICICI Pru Bombay, thru post and online, the ICICI Pru is very fast in resolving any dispute.
Step 5. Keep sending stinker mails to ICICI, well they not budge but you will feel good and light.

Summary : Online blog will help u maintain the flow of sequence and the best part is that u will learn how to blog :-). Keep on following and one day someone will respond, in my case it took them 9+ months.....




Option 2:
Difficulty level : very simple
Resolution Duration : 15 days to 1 month max
Pain, mental trauma, stress and harassment : NIL

Step 1. Go to the bank and agree to buy the ULIP in return of you loan related process.
Step 2. Give them ULIP premium cheque, get a photocopy of the ULIP docs/forms and the check.
Step 3. Take the visiting card of all the people who were involved in ur case (this is very important, if no visiting card atleast take their name, designation and mobile no.)
Step 4. After u have agreed to their demand of ULIP now make sure you get ur work done ASAP. Don't give them any time get ur work done at the earlier. Be firm and be rude.
Step 5. Wait for the ULIP welcome kit
Step 6. Once you recieve ur ULIP welcome kit, write a strong complaint letter to ICICI Pru telling them about the forced ULIP, the names of the people involved and your request of cancelling the ULIP. In all the insurance firms there is a freelook period of 15 days to 1 month during which u can refund the policy without providing any reason (but you must cite your reason in this case).
Step 7 : Make sure your complaint mail is very strong. ICICI don't respond to polite mails, they simply ignore them.
Step 8. Your ULIP money will be refunded.


Summary : This is a very simple way of getting ur work done smartly by complying to all the stupid rules set by ICICI or any other bank for that matters. Just agree to their demands and cancel the ULIP during the freelook period.



I will suggest you to choose the second way as it is simple and less time consuming, i wish i could have known this before.


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