LIC OF INDIA
Loan taken by the LIC agent on my Policy

Hello Sir,

I have taken a LIC policy but a known agent of us. I asked him to transfer the policy to some other policy. He then did a fraud to me a asked me to sign on the form. I came to know later that the form was a "Loan application" form. He then invested some part of my policy to "Market-Plus" scheme and took a loan on the rest of the amount. I just came to know about this fraud when i went to the LIC office for the statement. I have not taken any action on this fraud as of yet and seeking for some guidelines as how to proceed. From my understanding, If someone take a loan on any policy then LIC issues a Account Payee cheque. In may case, if the account payee cheque was issued then how come someone else can credit it? Or is there any other mode of payment? The worst thing is that the agent has died and her wife is now a LIC agent. Any gudelines on how to proceed will be much apprecited.

Regards,

Sudhir Kuma

Company: LIC OF INDIA
Country: India

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