LIC OF INDIA
Non-Refund of Lapsed policies after Maturity Period

Dear Sir,

LIC is Public Sector Unit and it is still with-holding crores of rupees of the policies which could not be continued for contractual period and they have made mandatory clause that the residual amount of premium shall be forfeited. When policy holder can not derive any benefit such as bonus, claims, loan and other withdrawals, then it is essentially possible for them to make an arrangement for refund of the amount of policies after the maturity period.

Corporation may be asked by Ministry concerned or IRDA to make public announcement to make an arrangement to refund of deposited amount by deducting permissible administrative expenses for maintaining records either to policy holder or to their nominees. It is not very much difficult for them to trace the addresses and location after giving public announcement.

Will LIC show business ethics to refund the amount payable to their policy holders? It will be great public cause if they do so!

Thanking you,

Yours faithfully,

Ashok Bhansali.

Company: LIC OF INDIA
Country: India

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