Re: Loan A/C No. 26604137
This is further to our telecon on the captioned subject at around 12.45 pm on 19th Oct. I would like to bring to your kind notice that I had to assign my policies for taking loan. At the time of assigning the policies I enquired about the beneficiary of survival benefit payments which were due on my two policies in Oct. I was assured by your agent (Mr. Dixit who is working on behalf of his wife at Gomtinagar branch, Lucknow) that the SB cheque will be issued in favor of LICHFL and LICHFL will give me the option to either repay the principal amount of loan or use the money at my will.
However, I was not given any option and the same was forcibly used for repaying the principal amount to which I was not even informed. I raised objections with the Branch Manager who confirmed that I had no such option. I told the Branch Manager about the discussion on this matter with the agent at the time of taking loan. He arrogantly replied that I don’t care about what happened between you and agent and it is none of his business. He is also not accepting the mistake of the agent due to which my future financial planning will suffer.
I enquired the Branch Manager about the process to release assigned policies to which he asked me to repay Rs. 50000 which was given to me against those policies. I would like to ask that if I am paying EMIs on the aforesaid amount then from where the need to repay Rs 50000 arises? Also if I repay the same then will my EMIs be reduced? What I feel is that these policies are meant to provide collateral securities in case of default so why the benefit arising from these policies were transferred to LICHFL even if there was no default on my part.
Moreover, if I were told these things at the time of taking loan then I could have taken lower amount than to assign my policies to LICHFL.
I would request you to please arrange to provide the survival benefit payments to me and take stringent action against the concerned official (s).
Best regards,
Akshay Kumar
Mob No. 9935556499
However i am not satisfied with the reply given by Mr Rajput. I would like to reiterate that i was not given any information regarding benefit proceeds from assigned policies by Mr Rajput at the time of taking the loan. I came to know about this only after the problem regarding the beneficiary of SB payments surfaced, followed by subsequent enquiry from Mr Rajput over telephone.
Also in his reply nothing has been said about the agent who misguided me at the time of taking the loan.
I would like to further state that i required higher loan to which i agreed to assign my policies provided the future benefits arising from the policies will be given to me. I would never have assigned the policies if such things were communicated to me at the time of taking the loan. I was under impression that the benefits will be transferred to LICHFL only in case of default on my part which was the crux of the information given by your agent. My other points also remain unanswered regarding the reduction in EMIs.
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