LIC OF INDIA
Grievances against the ECS system of LIC of India

Dear Sir,

This is to raise my concern against the ECS system with LIC of India. I have taken the LIC Wealth Policy in the month of March’10 on the Monthly ECS basis. My policy details are attached below.

But till date no instructions have been sent to my bank for the same. Neither was I notified ever!!!

In the month of April, when it was expected that my first monthly premium would be deducted, I waited the whole month but there was no amount deducted for the same. In spite of realizing their (LIC) mistake, I was imposed a fine of Rs.125, when I personally deposited my premium, though it was no where my fault!!! I reported the same many times in the LIC office, but no action has even been initiated ever.

Again in the month of May, I paid my premium through a cheque, and also filled the policy revival form.

This month (June’10), when I went to deposit my premium through a cheque at LIC, as I confirmed from the bank that they have not received any standing instructions for LIC, I was refused from submitting the cheque, saying that I am under the ECS scheme!!!

Please explain, that when the bank has not received any instructions, how will the premium be paid?

This way, I’ll be fined again!!! I have even approached the Model town branch of LIC, but no luck.

Please justify –

· Is this the way to treat a customer?

· When a customer has given a duly signed document for monthly ECS, then why the customer does needs to be fined when it is the fault of the organization???

· Till how long is it the customer’s responsibility to chase the organization???

· Till when am I going to face the same issue or shall I withdraw my policy???

My details are as follows:-

Name of the Policy Holder – Vivek Sapra

Policy Number – 125576995

Mode of Payment – Monthly ECS

Frequency - Monthly

Monthly Premium – Rs 3000

Commencement Date – 08/03

Agent - 56051111

DO - 0963011

Name of the Bank – ABN Amro (RBS),

Address of the bank – The Royal Bank of Scotland N.V., Ocean Heights, K - 4 Sector 18, Noida 201 301. Bank by Phone 124-4108472 Fax: 91-120-2517447

MICR Code – 110030004

I hope you will be able to understand my concern and would definitely do something in favor.

In hope of your early response.

Thanks & regards

Vivek Sapra

Mb - 9899363222