Date : 26.12.2007
To,
Consumer Complaints.in
Dear Sir,
Sub: Complain against LIC, Branch-415 for less Surrender Value vide Policy No. 418049836 fvg. of Sri Ashes Mukherjee.
I Sri Ashes Mukherjee have a LIC policy (418049836) at Branch -415. I have Chronic Renal Failure since 2005 and Kidney Transplantation on 15.02.2007. Due to some unavoidable financial condition, I am unable to continue the said policy and need to surrender the same. I applied to the LICI (Br- 415) for Surrender Value (SV) of the policy by letter dated 23.08.2007 and it received by branch on 06.09. still date I am not yet received any payment / postal communication from the branch. After several telephonic discussions with concern officers of the claim department they said that customer should physically present at office to received any SV related documents. Then I visit office on 29.10.2007 and received surrender value quotation of Rs. 17984.00 which is not satisfactory to me. As per my policy’s Terms & Conditions (Which are mention at Back of the policy) it would be Rs.25776.00 (As on 29.10.2007).
More inform that I had a similar policy (435349668 at Chinsura - 443 Branch) by which I received more surrender value (Rs. 12496). The details of the policy are given here under-
Surrender Value Calculation of Branch 443 :
Branch Policy No. Table/Term Premium Pre. Paid D.O.C D.O.Surre. S.Value
443 435349668 147 / 29 5056.00 3 years 09.07.2003 10.07.2006 12496
90% (Total Premium Paid < except 1st year > ) Total Bonus × S.V. Factor
= 90% (5056 × 2) 17455.92 × 0.1945 = 9100.80 3395.17 = 12495.97 = 12496.00
Surrender Value Calculation of Branch 415:
Branch Policy No. Table/Term Premium Pre. Paid D.O.C Run Date S.Value
415 418049836 147/ 28 9991.00 3 years 23.08.2004 29.10.2007 17984
90% (Total Premium Paid < except 1st year > ) Total Bonus × S.V. Factor
= 90% (9991 × 2) 370341.44 × 0.21042 = 17983.80 7792.15 = 25775.95 = 25776.00
But, here the computer show only 90% (Total Premium Paid < except 1st year > ) = 17984.00 as Surrender Value (SV) it is not adding the Total Bonus × S.V. Factor.
In this regard I had detail discussion with Chief Manager about surrender value and show him the above stated calculation. After that he asked me to meet him on 01.11.2007.
On the said date (01.11.2007) I meat him & other concern officers of Claim Department regarding the same but end of the day they said they will not make any payment beyond Rs.17984.00 (Show in Computer) and try to convince me by some ambiguous calculation of SV which is not satisfactory to me at all.
In this regard I wrote dated 05.11.2007 to Marketing Manger (LIC – Eastern Zone) regarding Surrender Value dispute against Policy No. 418049836 and also send an e-mail at [email protected]. In response of that I received an e- mail from their end that the whole matter is looking after by Manager –CRM. Regarding the matter I made a phone call to Manager-CRM on 13.11.07 and come to know that the matter are send to LIC Head Office. Further, I have a telephonic discussion with him / concern official on 23.11.07 and have feedback that the matter send to Branch – 415 for settlement. Next, I have another telephonic discussion with Manager-CRM on 29.11.2007 and come to know that they have issue a letter to me on 15.11.07 by ordinary post (not yet received) and also said that I received an excess SV payment from Chinsurah Branch 443. I request him to sent the letter to my e-mail address on that day (29.11.2007) but I am not yet received any e-mail from LIC.
Already 40 days are over, I am not yet received any postal communication / Telephone Call form their end. Even they are not clearly said that my claim is justified or not. I request them several time, if it’s not justified, clearly say that I received an excess SV payment from Chinsurah Branch 443 against Policy No. 435349668 by written through Official Letter and e-mail. But, I very am regret to say that any Management Official of LIC not taking any initiative to solve that matter. All time I get a same feedback that for any settlement they need a confirmation from LIC Head Office. I don’t know that, how many days they (LIC Head Office) will take for any SV related dispute.
I applied for SV on 23.08.2007 which is receive by B-415 on 06.09. already 4 months passed so I am missing the possible earning opportunity by that Surrender Value. Because during that period any Nationalized Bank provide 9% p.a. interest. Does, LIC will compensate of this?
Sir, I would like to request you kindly consider my physical & financial condition empathetically. I applied for SV on 23.08.2007 which is receive by B-415 on 06.09. already 3 months passed so kindly look into the matter as early as possible.
Being a Concern Authority, I am looking forward for a proper justification from your end.
Thanking you.
Yours truly,
………………………..
(ASHES MUKHERJEE).
C/O Sri Bimal Kr. Mukherjee.
Chatterjee Bagan, P.O: Chinsura (RS).
Dist: Hooghly, West Bengal, Pin : 712 102.
Mob : 0- 9433104758, Ph : 033-26861527
E - mail: [email protected] / [email protected]
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