ICICI Lombard trying to make a quick buck again

Zappo · 7th August 2007, 15:16

ICICI's various side businesses (pretty much everything besides the bank) seem to do these stunts pretty regularly. I wonder why. A few days back my father was taken on a merry ride by the Pru ICICI guys. The old man wanted a health insurance but most insurers were declining him. I told him that the insurers never accept anyone over 60 so easily.

Ultimately the Pru ICICI guys themselves called him up and said they are willing to sell him insurance. This inspite of his seeking lot of clarifications. Ultimately he wrote the cheque. I smelt a rat the day he told me. But then it was too late. They promptly encashed the cheque and then sent him a regret letter. Money siphoned off!

What transpired was that for 6 months they made him run around, write tons of letters, make calls but to no avail. The worst was that some of their employees started making calls to seek a cut to get his money released. Just imagine. Ultimately I had to step in. Asked him to sit easy and let me see. Of course he got the money back within a week after that but goes to show what these buggers do.

Anyway, that was probably a bit OT though again related to their insurance biz.

shebin · 8th August 2007, 19:33

ICICI, always best to avoid them,horrible attitude and no ethics. I make sure i/family have no dealings with them.

Nirmal dont let them get away with this.

rkg · 8th August 2007, 20:50

as per headlines in allnews papers today and tv channels yesterday a lady in bangalore duped MNC banks including our great ICICI to the tune of 64 lakhs by submitting fake ID's and job letters of WIPRO.ICICI duped for 34 lakhs
and it does not even know that it is duped.

F50 · 8th August 2007, 23:24

Ask for a refund. What amount is the receipt showing?

nirmalts · 11th August 2007, 20:40

Called up ICICI. They said they have sent a refund cheque. They dont know the amount. Will wait and see.

Nirmal

WhiteKnight · 14th August 2007, 09:48

Quote:

Originally Posted by nirmalts

Called up ICICI. They said they have sent a refund cheque. They dont know the amount. Will wait and see.

Interesting!!!. People in the finance domain care the most about money involved. So, if they know there is a cheque, they know the money involved too.

Anyway, lemme make a guess-don't feel bad. The refund would be lesser than what should ideally be paid to you.

nirmalts · 14th August 2007, 20:15

The cheque came today. For my luck it is for the difference amount. No apology letter, nothing. Height of customer friendliness.

Nirmal

WhiteKnight · 17th August 2007, 11:37

Good to hear that!!!

itwasntme · 17th August 2007, 14:11

Nirmalts,

Good to hear that you got the refund cheque! But whose fault was it? Was it your dealer's agent trying to make the fast buck or was it a genuine 'error' on the part of ICICI Lombard? I always thought that dealers issue the cover note from their offices initially (i.e. they have the authority to issue a insurance cover note themselves). If yours was issued by the dealer and showed the original higher amount, shouldn't the dealer's agent be at fault as he/she probably had the wrong estimate?

Or it is a case of 'lets make some money on the side - anyway he's bought a 7 lakh car; he won't bother about a few thousands here and there'!

I am personally interested as I asked for insurance through National Insurance (long association plus 50% NCB transfer) via my dealer and I am still awaiting the actual policy/premium breakup documents.

Best regards,
ItWasntMe

nirmalts · 22nd August 2007, 12:28

Hi ItWasntMe,

I took the car loan from ICICI and the loan agent took the insurance for me (not the dealer). I gave cheque for insurance amount as specified in the dealer's rate sheet. I dont know if the dealer too is giving ICICI Lombard or a difference insurance. But the premium should be uniform across all insurance companies right?

Nirmal

dadu · 22nd August 2007, 12:54

It has happenned to me with TATA AIG, the agent collected the premium amount from me via a cheque but then few days later I got a refund cheque with a covering letter "Refund due to excess premium charged". Although it was a few 100 Rs (Rs 300, if I remember correctly).

Its an agent fault not the company.

Quote:

Originally Posted by nirmalts

Hi ItWasntMe,

I took the car loan from ICICI and the loan agent took the insurance for me (not the dealer). I gave cheque for insurance amount as specified in the dealer's rate sheet. I dont know if the dealer too is giving ICICI Lombard or a difference insurance. But the premium should be uniform across all insurance companies right?

Nirmal

WhiteKnight · 22nd August 2007, 13:05

Quote:

Originally Posted by dadu

Its an agent fault not the company.

I am sorry, but how does it matter? We didn't recruit the agent, the company did

dadu · 22nd August 2007, 13:18

I know, but "refund" is the best the company can do, although CS was bad in this particular case.

Quote:

Originally Posted by WhiteKnight

I am sorry, but how does it matter? We didn't recruit the agent, the company did

itwasntme · 22nd August 2007, 15:52

Nirmalts,

I had a similar experience with my Aveo purchase.

The dealer took a standard Rs. 22,120 from me as per his rate chart for the Aveo 1.4 Base. This amount was built into my OTR financing and they issued the exact amount to National Insurance.

When I collected the policy from National Insurance today, I found that the total premium (including service tax @12.36%) amounted to Rs. 17,900.

But NI also attached the cheque for the exact refund (22120-17900) with the policy! Looks like they are REALLY REALLY trying to compete with tghe private players with excellent customer service! I was really happy as was worried whether the dealer had taken some arbitrary amount. Still makes me wonder why the difference is so high!

giri · 23rd August 2007, 19:03

Please check the sum for which your car is insured. Often, the insured amount will be only 95% or 90% of the value of the new car.
The dealer may have calculated the insurance premium on the full value of car--hence the higher amount.

7th August 2007, 15:16	#16
Zappo Team-BHP Support Join Date: Oct 2005 Location: Hyderabad Posts: 5,922 Thanked: 2,699 Times	ICICI's various side businesses (pretty much everything besides the bank) seem to do these stunts pretty regularly. I wonder why. A few days back my father was taken on a merry ride by the Pru ICICI guys. The old man wanted a health insurance but most insurers were declining him. I told him that the insurers never accept anyone over 60 so easily. Ultimately the Pru ICICI guys themselves called him up and said they are willing to sell him insurance. This inspite of his seeking lot of clarifications. Ultimately he wrote the cheque. I smelt a rat the day he told me. But then it was too late. They promptly encashed the cheque and then sent him a regret letter. Money siphoned off! What transpired was that for 6 months they made him run around, write tons of letters, make calls but to no avail. The worst was that some of their employees started making calls to seek a cut to get his money released. Just imagine. Ultimately I had to step in. Asked him to sit easy and let me see. Of course he got the money back within a week after that but goes to show what these buggers do. Anyway, that was probably a bit OT though again related to their insurance biz.
	() Thanks

8th August 2007, 19:33	#17
shebin BHPian Join Date: Aug 2006 Location: cochin/bangalore Posts: 148 Thanked: 62 Times	ICICI, always best to avoid them,horrible attitude and no ethics. I make sure i/family have no dealings with them. Nirmal dont let them get away with this.
	() Thanks

8th August 2007, 20:50	#18
rkg Senior - BHPian Join Date: Apr 2005 Location: bangalore Posts: 1,044 Thanked: 594 Times	as per headlines in allnews papers today and tv channels yesterday a lady in bangalore duped MNC banks including our great ICICI to the tune of 64 lakhs by submitting fake ID's and job letters of WIPRO.ICICI duped for 34 lakhs and it does not even know that it is duped.
	() Thanks

8th August 2007, 23:24	#19
F50 Senior - BHPian Join Date: Mar 2004 Location: Mumbai/USA Posts: 1,707 Thanked: 103 Times	Ask for a refund. What amount is the receipt showing?
	() Thanks

11th August 2007, 20:40	#20
nirmalts BHPian Join Date: May 2007 Location: Stuttgart, Germ Posts: 252 Thanked: 7 Times View My Garage	Called up ICICI. They said they have sent a refund cheque. They dont know the amount. Will wait and see. Nirmal
	() Thanks

14th August 2007, 20:15	#22
nirmalts BHPian Join Date: May 2007 Location: Stuttgart, Germ Posts: 252 Thanked: 7 Times View My Garage	The cheque came today. For my luck it is for the difference amount. No apology letter, nothing. Height of customer friendliness. Nirmal
	() Thanks

17th August 2007, 11:37	#23
WhiteKnight BHPian Join Date: Mar 2006 Location: Bangalore Posts: 999 Thanked: 662 Times View My Garage	Good to hear that!!!
	() Thanks

17th August 2007, 14:11	#24
itwasntme Distinguished - BHPian Join Date: May 2007 Location: BANGALORE Posts: 6,984 Thanked: 12,541 Times View My Garage	Nirmalts, Good to hear that you got the refund cheque! But whose fault was it? Was it your dealer's agent trying to make the fast buck or was it a genuine 'error' on the part of ICICI Lombard? I always thought that dealers issue the cover note from their offices initially (i.e. they have the authority to issue a insurance cover note themselves). If yours was issued by the dealer and showed the original higher amount, shouldn't the dealer's agent be at fault as he/she probably had the wrong estimate? Or it is a case of 'lets make some money on the side - anyway he's bought a 7 lakh car; he won't bother about a few thousands here and there'! I am personally interested as I asked for insurance through National Insurance (long association plus 50% NCB transfer) via my dealer and I am still awaiting the actual policy/premium breakup documents. Best regards, ItWasntMe
	() Thanks

22nd August 2007, 12:28	#25
nirmalts BHPian Join Date: May 2007 Location: Stuttgart, Germ Posts: 252 Thanked: 7 Times View My Garage	Hi ItWasntMe, I took the car loan from ICICI and the loan agent took the insurance for me (not the dealer). I gave cheque for insurance amount as specified in the dealer's rate sheet. I dont know if the dealer too is giving ICICI Lombard or a difference insurance. But the premium should be uniform across all insurance companies right? Nirmal
	() Thanks

22nd August 2007, 15:52	#29
itwasntme Distinguished - BHPian Join Date: May 2007 Location: BANGALORE Posts: 6,984 Thanked: 12,541 Times View My Garage	Nirmalts, I had a similar experience with my Aveo purchase. The dealer took a standard Rs. 22,120 from me as per his rate chart for the Aveo 1.4 Base. This amount was built into my OTR financing and they issued the exact amount to National Insurance. When I collected the policy from National Insurance today, I found that the total premium (including service tax @12.36%) amounted to Rs. 17,900. But NI also attached the cheque for the exact refund (22120-17900) with the policy! Looks like they are REALLY REALLY trying to compete with tghe private players with excellent customer service! I was really happy as was worried whether the dealer had taken some arbitrary amount. Still makes me wonder why the difference is so high!
	() Thanks

23rd August 2007, 19:03	#30
giri BHPian Join Date: Oct 2005 Location: bangalore Posts: 35 Thanked: 4 Times	Please check the sum for which your car is insured. Often, the insured amount will be only 95% or 90% of the value of the new car. The dealer may have calculated the insurance premium on the full value of car--hence the higher amount.
	() Thanks