Couple of years back (8years) when my mother went ICICI bank to deposit money, one of the ICICI employee there lured her to invest money in a mutual plan telling her that she will get 24% interest. Unwillingly she invested in that scheme and paid Rs 50000 for 3 years. She went to their office a couple of times later to get the money and every time they persuaded her to wait a little longer to get maximum benefits.
Finally she went there last year (May 2017) to get the money and one of the employee told her that the scheme will mature on June 30th 2018 and after that all the money will be credited to her checking account.
When she checked her account last month, the money was never credited and we went to their office yesterday (July 6th) and now they are saying that we came in late and our money is converted to a permanent pension plan and if needed we can get one third of the amount and my mother will never receive the complete principle amount and instead will get 5% interest (pension) for rest of her life.
She was never told about this part of the scheme (or scam) anytime when she went to the prudential office in the last couple of years nor did we receive any letter informing us that we will never receive the money. She really needs the money now. What are her options now?
This is one of the worst products which insurance companies designed and sold to many with oral guarantee. Also, the biggest negative is high expenses. These bankers sell it to complete their targets. The person who sold might either be left the bank or moved to some other branch. Hence, it is one of the classic examples of how the bankers are now turning to be dangerous.
Whether you asked for the option of surrendering the same? If not, then please ask and let me know the same about their reply. Make sure that they give all replies in writing. No more oral communication.
Thank you very much for your prompt response. NO. We never consented for this option and it was never mentioned or notified or conveyed to us. They decided by themselves to transfer the principal amount to an immovable plan and pay us 5% interest for lifetime without access to the principal amount.