ICICI Lombard trying to make a quick buck again

nirmalts · 6th August 2007, 22:30

Hello,

I purchased a policy from ICICI Lombard together with my new car. The payment was given to an agent with cheque favoring ICICI LOMBARD GIC LTD for amount Rs.23,311. When I received the policy document today the premium is only Rs.19,693. When I called up Lombard helpline they said the difference could be the agent's commission and I have to check it with the agent. The agent is not reachable any more. Is this a normal to take commission from customer?

Nirmal

ported_head · 6th August 2007, 23:13

I thought agents receive their commission from the company. Why through the customer? Check with them if this includes any stamp duty, service charges, that sort of stuff.

Zappo · 6th August 2007, 23:37

Uh! welll... 4000 bucks for commission? if anything i knew we get rebates when we go through some agent and its not supposed to be the other way round. boss someone is taking you for a ride here. did you get a receipt for the premium paid?

ok, wait. I hope you paid the premium through a single cheque. right? and whom did you issue that cheque to? go and check these facts. if it was a consolidated cheque for 23,311 issued to ICICI Lombard you can take a bank statement for the encashment and throw it at their face. They can not take the money and then say things like they paid the agent, they paid establishment charge, their director was sneezing so a part of it was apportioned to the doctor's fee blah blah... they got to show the amount as premium paid. that is how it works everywhere and that is how it works here as well. i also issue cheques to the insurance companies. premium shown on the policy is the premium paid via cheque. period.

ported_head · 6th August 2007, 23:46

Quote:

Originally Posted by nirmalts

The payment was given to an agent with cheque favoring ICICI LOMBARD GIC LTD for amount Rs.23,311.

Looks like the bank is taking him for a ride.

namit · 6th August 2007, 23:53

If the cheque was fully issued favouring ICICI Lombard then you need not worry ........... as Zappo said take the bank statement and go to ICICI Lombard's office and ask for an explaination / rectification.

All the best !!

nirmalts · 7th August 2007, 06:24

Hi all,

Checked with ICICI Lombard again. They said the premium mentioned is final and there are no other charges. They will get back to me in 5 days to sort out the issue.

The cheque was crossed in favor of ICICI Lombard

Nirmal

spadival · 7th August 2007, 09:55

Quote:

Originally Posted by nirmalts

Hi all,

Checked with ICICI Lombard again. They said the premium mentioned is final and there are no other charges. They will get back to me in 5 days to sort out the issue.

The cheque was crossed in favor of ICICI Lombard

Nirmal

U could have bought the insurance online thru their website. Or better still avoid ICICI Lombard and go to some other insurance company like Bajaj Allianz. Lots of horror stories about ICICI here. Pity, even I have ICICI insurance on my car.

kkr2k2 · 7th August 2007, 11:22

I also have my insurance paid through ICICI lombard from 2006, but till now no compliants with them last year took claimed an insurance of 16,500/- for denting and painting every thing happened very smooth and fast; faster than I expected tru to the claims made by their employee; yes AFAIK, ICICI lombard have employees not agents, atleast thats what that guy has mentioned.
My previous insurance company(national insurance) did not give us No claim bonus for the year 2005-2006(no claim was made in 2004-2005), luckily ICICI adjusted that NCB for 2006-2007!!!

But this time, i am not going through ICICI Lombard, not that their service is bad, but looking at their attitude makes me worry. Also got some good info from ZAPPO that If insurance is bought with the dealer, you get all the goodies discounts on the spares, services, .... blah blah blah. Also the transactions would be fast as the onus will lie on the dealer

raj.

bill1182 · 7th August 2007, 12:01

This is serious. If you have paid 23K your policy should show premium amount as 23K. As said earlier, show them the bank statemant. If you have paid more, they will have to refund the money. They may tell you that the excess will be adjusted in your renewal premium, but insist on a refund. If they still deny, then lodge a complaint with Insurance Ombudsman. PM me for Insurance Ombudsman details.

Rtech · 7th August 2007, 12:05

ICICI strikes again! Please write a formal letter to them and keep a record of all correspondence to/from them.

androdev · 7th August 2007, 12:16

Some one goofed up or it is a deliberate fraud. Universally, the agents (insurance, investment, etc.) are paid by the company and not by the customer. Since you have given a cheque for the full amount, you have a very good case to get balance refunded from ICICI.

insurance is a pain while buying a car. the dealer is always trying to push his favorite insurer and i generally tend to accept so that the poor salesman gets his commission. but no commission from my money. that would make me very angry.

Rudra Sen · 7th August 2007, 14:11

My car was with ICICI Lombard. Changed to Bajaj Allianz after Rtech's horrible experience.

esteem_lover · 7th August 2007, 14:18

Quote:

Originally Posted by Rtech

ICICI strikes again! Please write a formal letter to them and keep a record of all correspondence to/from them.

LOL.

This is ridiculous to say the least.

mahadev_kc · 7th August 2007, 14:40

After hearing so many experiences (horrible) with ICICI, I'm reducing the number of relationships with them.

esteem_lover · 7th August 2007, 14:44

Quote:

When I called up Lombard helpline they said the difference could be the agent's commission

This is the most stupidest answer that someone can give. why is it a could & not a is. There is no certainty in their own actions.

6th August 2007, 22:30	#1
nirmalts BHPian Join Date: May 2007 Location: Stuttgart, Germ Posts: 252 Thanked: 7 Times View My Garage	ICICI Lombard trying to make a quick buck again Hello, I purchased a policy from ICICI Lombard together with my new car. The payment was given to an agent with cheque favoring ICICI LOMBARD GIC LTD for amount Rs.23,311. When I received the policy document today the premium is only Rs.19,693. When I called up Lombard helpline they said the difference could be the agent's commission and I have to check it with the agent. The agent is not reachable any more. Is this a normal to take commission from customer? Nirmal
	() Thanks

6th August 2007, 23:13	#2
ported_head Senior - BHPian Join Date: Mar 2004 Location: Mumbai, India Posts: 2,387 Thanked: 20 Times	I thought agents receive their commission from the company. Why through the customer? Check with them if this includes any stamp duty, service charges, that sort of stuff.
	() Thanks

6th August 2007, 23:37	#3
Zappo Team-BHP Support Join Date: Oct 2005 Location: Hyderabad Posts: 5,922 Thanked: 2,699 Times	Uh! welll... 4000 bucks for commission? if anything i knew we get rebates when we go through some agent and its not supposed to be the other way round. boss someone is taking you for a ride here. did you get a receipt for the premium paid? ok, wait. I hope you paid the premium through a single cheque. right? and whom did you issue that cheque to? go and check these facts. if it was a consolidated cheque for 23,311 issued to ICICI Lombard you can take a bank statement for the encashment and throw it at their face. They can not take the money and then say things like they paid the agent, they paid establishment charge, their director was sneezing so a part of it was apportioned to the doctor's fee blah blah... they got to show the amount as premium paid. that is how it works everywhere and that is how it works here as well. i also issue cheques to the insurance companies. premium shown on the policy is the premium paid via cheque. period.
	() Thanks

6th August 2007, 23:53	#5
namit BHPian Join Date: Jan 2006 Location: Delhi Posts: 402 Thanked: 55 Times	If the cheque was fully issued favouring ICICI Lombard then you need not worry ........... as Zappo said take the bank statement and go to ICICI Lombard's office and ask for an explaination / rectification. All the best !!
	() Thanks

7th August 2007, 06:24	#6
nirmalts BHPian Join Date: May 2007 Location: Stuttgart, Germ Posts: 252 Thanked: 7 Times View My Garage	Hi all, Checked with ICICI Lombard again. They said the premium mentioned is final and there are no other charges. They will get back to me in 5 days to sort out the issue. The cheque was crossed in favor of ICICI Lombard Nirmal
	() Thanks

7th August 2007, 11:22	#8
kkr2k2 Senior - BHPian Join Date: Sep 2006 Location: Melbourne, Hyd Posts: 1,294 Thanked: 66 Times View My Garage	I also have my insurance paid through ICICI lombard from 2006, but till now no compliants with them last year took claimed an insurance of 16,500/- for denting and painting every thing happened very smooth and fast; faster than I expected tru to the claims made by their employee; yes AFAIK, ICICI lombard have employees not agents, atleast thats what that guy has mentioned. My previous insurance company(national insurance) did not give us No claim bonus for the year 2005-2006(no claim was made in 2004-2005), luckily ICICI adjusted that NCB for 2006-2007!!! But this time, i am not going through ICICI Lombard, not that their service is bad, but looking at their attitude makes me worry. Also got some good info from ZAPPO that If insurance is bought with the dealer, you get all the goodies discounts on the spares, services, .... blah blah blah. Also the transactions would be fast as the onus will lie on the dealer raj.
	() Thanks

7th August 2007, 12:01	#9
bill1182 BHPian Join Date: May 2007 Location: Mumbai Posts: 165 Thanked: 312 Times	This is serious. If you have paid 23K your policy should show premium amount as 23K. As said earlier, show them the bank statemant. If you have paid more, they will have to refund the money. They may tell you that the excess will be adjusted in your renewal premium, but insist on a refund. If they still deny, then lodge a complaint with Insurance Ombudsman. PM me for Insurance Ombudsman details.
	() Thanks

7th August 2007, 12:05	#10
Rtech Team-BHP Support Join Date: Apr 2004 Location: Bombay Posts: 5,770 Thanked: 359 Times View My Garage	ICICI strikes again! Please write a formal letter to them and keep a record of all correspondence to/from them.
	() Thanks

7th August 2007, 12:16	#11
androdev Distinguished - BHPian Join Date: May 2007 Location: bangalore Posts: 3,096 Thanked: 22,329 Times	Some one goofed up or it is a deliberate fraud. Universally, the agents (insurance, investment, etc.) are paid by the company and not by the customer. Since you have given a cheque for the full amount, you have a very good case to get balance refunded from ICICI. insurance is a pain while buying a car. the dealer is always trying to push his favorite insurer and i generally tend to accept so that the poor salesman gets his commission. but no commission from my money. that would make me very angry.
	() Thanks

7th August 2007, 14:11	#12
Rudra Sen Team-BHP Support Join Date: Apr 2004 Location: Bangalore Posts: 11,590 Thanked: 6,532 Times View My Garage	My car was with ICICI Lombard. Changed to Bajaj Allianz after Rtech's horrible experience.
	() Thanks

7th August 2007, 14:40	#14
mahadev_kc BHPian Join Date: Apr 2006 Location: Bengaluru Posts: 328 Thanked: 48 Times View My Garage	After hearing so many experiences (horrible) with ICICI, I'm reducing the number of relationships with them.
	() Thanks