Inconsumercomplaints.com » Business & Finance » Review / complaint: Home Loan - Maturity proceeds of LIC policy assigned against loan not claimed from LIC | News #265656

Home Loan
Maturity proceeds of LIC policy assigned against loan not claimed from LIC

I had availed of Housing Loan from LIC Housing Finance in August and had handed over original LIC policies, details given to below, against this loan:

>>Policy No.111183910

>>Policy No.111186736

>>Policy No.111188595

>>Policy No.120826233

>>Policy No.110510634 maturity date 27.4.2010

>>Policy No.110510978 maturity date 28.8.2011

The last two policies above are under the SSS scheme of LIC. As Policy No.110510634 matured on 27th Apr and I did not get any initimation from LIC Housing Finance of having received the proceeds and adjusting it against my loan principal amount till end May I followed up with Mr Narendra Singh, agent, who through whom the loan was sanctioned and thru whom all interactions with LIC Housing Finance is done. He advised me that LIC Housing Finance claims they have no record of the last two policies being held with them against my housing loan and asked me to obtain confirmation from the respective LIC branch that these policies are assigned to LIC Housing Finance.

I hence approached the LIC branch 11J and Mr H K Kumar, Manager of the branch, confirmed to me that that both these policies have been assigned to LIC Housing Finance against the housing loan taken by me. He advised me to tell LIC Housing Finance to send a letter to then requesting release of the maturity proceeds. All this happened on 11th Oct. I spoke to Mr Narendra Singh at LIC Housing finance and on his advise sent an email to Mr Krishna Kant Sharma, the Area Manager Gurgaon stating the above.

Since I did not get any revert I followed up through a reminder mail on 14th Oct and tried calling Mr K Sharma and Mr Singh over the last couple of days. Today I received a call from Mr Narendra Singh advising that since their computer does not record these two policies, I should connect with LIC branch 11J and ask them to write to LIC Housing finance advising that the policy has matured and to send letter for getting maturity proceeds.

I find this whole process lacking in customer service. All the work and running around is expected to be done by customer when now the direct deailing has to be between LIC and LIC Housing Finance. I have already provided written communicated confirming policies are assigned to LIC Housing finance and hence, LIC housing finance just needs to send a letter to LIC branch 11J advising that they have misplaced the original policies and requesting release of maturity proceeds against matured policy to them so that the proceeds can be adjusted against my housing loan.

I find this a complete harrassement of customer by LIC Housing Finance.

I would sincerely appreciate assistance in being able to obtain the matured proceeds against my LIC policy and having it adjusted against my housing loan with LIC Housing Finance.


Company: Home Loan

Country: India   State: Delhi

Category: Business & Finance

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