Fraud by ICICI Group | Family lost their INR 80 Lac! | ICICi Bank |

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Nitin Balchandani
Insurance Angels
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Can you imagine a middle-class family being openly looted by a reputed and renowned corporate group like ICICI??
If you think it is safe to blindly trust employees of a well-known and well-regarded bank, then you must watch this video to find out how this family's deposits worth Rs. 80-85 lakhs have been forfeited by the ICICI group.
If you think that these clients signed the proposal forms for insurance policies and that therefore they only are to blame for the fiasco then you need to understand that an insurance company’s primary task is to underwrite the risk cover being sought by a prospective client. That is, the insurance company needs to satisfy itself if the prospective client is in a position to continue paying premiums regularly and if the risk cover being sought is as per the needs and requirements of the customer or not. This is done by way of verifying various declarations made in the insurance proposal form and the Agent Confidential report signed and submitted by the agent along with the proposal forms.

Also as per the Guidelines on Anti Money Laundering program for Insurers issued by IRDAI, the insurance company is mandated to ensure that the insurance being purchased by a customer is reasonable (i.e. as per the needs and requirements of the customer). Accordingly, the customer’s source of funds, his estimated net worth, etc., should be documented properly and the advisor and/or employee should obtain income proofs, to establish the customer’s need for insurance cover. Also, the requirement of exercising detailed due diligence for all customers paying premiums higher than 1 lakh per annum by the insurer is clearly and specifically mentioned in AML Guidelines.

The IRDA through its notifications has also mandated that all Life Insurance companies must adopt the practice of PIVC (Pre-Issuance Verification Call) to prevent mis-selling and unfair business practices and to ensure that during policy solicitation and sale stages, the prospects are fully informed and made aware of the terms and conditions of the product being sold.

Hope the regulators put their foot down and ensure effective adherence to the laid down guidelines at least by reputed and renowned corporations like ICICI.

Groups like ICICI also have a moral and ethical responsibility towards their customers and they are bound by their code of conduct policies for zero tolerance to such frauds and employees involved in such acts deserve to be severely punished.

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Видео Fraud by ICICI Group | Family lost their INR 80 Lac! | ICICi Bank | канала Insurance Angels