Fraud costs ICICI Prudential Rs 90 lakhs



ICICI Prudential life insurance company has lodged a complaint with police stating that a large number of if policy holders were contacted by scamsters, who tricked them into surrendering their ICICI prudential insurance policies and caused a loss of Rs90 lacs to the insurance company.

In the last few years, a new breed of scamsters has emerged in the country. They specialize in convincing existing policy holders to surrender their policies promising monetary gains.

Broadly, the nefarious acts can be classified into two categories.

a)      Surrender the existing policy and opt for a new policy

b)      Pay some monies to rectify/modify the existing policy terms and conditions.

Details of the below fraud:

a)      Policy holders’ details stolen by the fraudsters.

b)      Policy holders contacted with the details

c)       Policy holders encouraged to surrender their policies

d)      Hundreds of calls made

e)      712 complaints received by ICICI prudential insurance

f)       The number might be still higher as all the affected policy holders would not have contacted ICICI Prudential

g)      ICICI Prudential claims that “eight insurance policies have been discontinued and 48 policies have been surrendered by our customers, resulting into a loss of Rs 90,93,188 was the loss to the company” due to these illegal actions though it was able to satisfy most of its customers and averted losses that could have incurred.

h)      Calls were made allegedly on behalf of the company giving false promises of bonus, scholarship etc to genuine policy holders by tele-calling and inducing them to buy new policies of different agencies.




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