How ICICI Pru’s ‘100% refund’ pension plan backfired as advisers exploited a loophole
Last Update Date: 06-10-2026
Published by Mint
Abhishek Kumar's role: Quoted
Abhishek Kumar said some managers appeared to have engaged in channel stuffing to inflate sales, and pointed out that people shielded from the consequences of their actions have an incentive to take undue advantage, a risk he called high in insurance.
More of Abhishek's views on retirement
The article reports how a private life insurer's pension product, which allowed surrender with a full refund of premiums, was misused. Some advisers earned upfront commissions and rewards on policies that were later surrendered, most policies were reportedly cancelled, and the insurer moved to recover payouts and tighten terms.
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How ICICI Pru’s ‘100% refund’ pension plan backfired as advisers exploited a loophole