L.. I..C. of India
Surrender of Policy

I will like to give you a brief background. My wife & I have a good faith experience with LIC. Hence, when it came to a time that I was looking to retirement from active practice, I got a pension plan in my wife’s name, Mrs. Kusum Adhiya wide policy no. 891193062 on 1st October known as New Jeevan Dhara Plan through an agent associated with your branch no. 935. On 22/04/’02. This would give us 9% per year returns as pension. I asked the same agent to get me the same investment plan. I paid by cheque, Rupees ten lacs. UNFORTUNATELY THE AGENT AFTER TAKING THE FORM DULY SIGNED HANDED ME OVER A POLICY NO.891207349 – LEBELLED NEW JEEVAN DHARA I / JEEVAN SURAKSHA PMAN I (WITH PROFITS). ON ASKING FOR THE EXPLANTION I WAS TOLD IT IS BETTER PLAN WITH PROFITS. I WAS VERBALLY TOLD BEFORE GETTING THE POLICY THAT WHENEVER I AM NEED LIKE MEDICAL TREATMENT / EMRGENCY, 10 % DEDUCTED & i WILL GET THE BALANCE OF 90 % OF NOTIONAL CASH OPTION WHICH IS RS. 1080509/00.

Now I applied for surrender, as I need to undergo knee replacement surgery, the reply I got, which states as follows:--

PLEASE NOTE THAT YOU WERE PAID HLY ANNUITY OF RS 26, 635/-FROM 2005 ONWARDS TILL 22/04.YOU SUBMITTED YOUR REQUEST FOR SURRENDER ON 19/09.YOU HAVE ALREADY RECEIVED RS 26, 635 X 14 = 3, 72, 890/-. APART FROM THAT YOU ARE OFFERED SURRENDER VALUE OF RS 8, 09, 038/-(RS 11, 81, 928) WHICH IS RS 1, 01, 419/- MORE THAN NCO AMOUNT OF RS 10, 80, 509/-.YOU ARE REQUESTED TO GIVE YOUR CONSENT AT THE EARLIEST FOR RELEASE OF YOUR SURRENDER AMMOUNT OF RS RS 8, 09, 038/-.

Do you think it is fair? What about the earnings the LIC made out of the investment? It looks like I am dealing with Multani money lender and not a company of repute LIC. I will be obliged if I got justice.

Company: L.. I..C. of India
Country: India
State: Maharashtra
City: Mumbai Suburban

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