Parametric phenomena in plasma which occur due to varying electric fields with the ion cyclotron frequency are reviewed. Beam-like lower hybrid instability emerges in strong pumping fields provided that the transverse relative velocity of particles is larger than the ion thermal speed . The resulting turbulence and the following numerous manifestations observed experimentally are addressed. The turbulence may prove important for experiments aimed at plasma production or radio frequency (RF) cleaning of metallic surfaces of vacuum chambers in stellarators, tokamaks and helicon devices. In contrast, for a weak field the kinetic parametric instabilities of ion cyclotron oscillations arise due to electrons. The issues of the turbulence, mathematical modelling, its role in turbulent heating observed on the torsatron Uragan-3M, decay instabilities associated with ion cyclotron oscillations and the triggering of ion quasimodes are considered.