LIFE INSURANCE CORPORATION(LIC)
COMPENSATION FOR LOSS DUE TO IN-ACTION BY LIC BRANCH

UPC

VIJAYANANDAN. K Flat No. 449, Pocket Q

Dilshad Garden, Delhi-110095

Tele: 22120305/23018802/9868862034 26 Jul.

To Public Grievances Cell, IRDA, 1st Floor,

Jeevan Tara Building, Parliament Street

New Delhi-110001, Tele: 155255, 23747648, Fax: 23743397.

CLAIMING OF COMPENSATION FOR LOSS OCCURRED DUE TO

DELIBERATE NEGLEGANCE BY LIC MAYUR VIHAR BRANCH

(MONEY PLUS POLICY : 123505254)

Sir,

1. I had taken a Regular Premium Money Plus Policy (123505254) for Rs 10, 000/- from LIC Mayur Vihar Branch (12 F) in Feb through an agent. When I came to know that the unit allocation charge for Regular Premium mode is exorbitantly high (26.5%) through internet on 26 Mar even before printing the policy a request was sent to the Branch Manager to change the premium mode from Regular to Single mode. However despite my repeated requests, though no where it is written that the premium mode can not be changed, the mode was not changed. When the branch rejected my request immediately I asked them to cancel the policy and refund my money Rs.10, 000/- with interest. They did not do that also and finally after completion of the lock in period of three years only they refunded me Rs.6535/- that is Rs.3500/- less than that of principle investment. Due to their deliberate negligence I have to bear a loss of about Rs.10, 000/-. Had I deposited the amount of Rs.10, 000/- in NSC or any bank I would have earned minimum interest of Rs. 3000/- for three years. Over and above I have wasted a lot time, energy and money for unnecessary correspondence.

2. All this happened only because of the irresponsible and erratic functioning of the LIC Mayur Vihar Branch. It is therefore requested that a thorough enquiry may please be conducted into the whole incident and fix accountability on the erratic staff. It is also requested that a suitable compensation (at least Rs.10, 000/-) may be paid to me which is to be recovered from the staff responsible so that such lapses will not be recurred in future. Copies of policy, previous correspondence etc are enclosed for ready reference.

Thanking you, Yours Faithfully,

(Vijayanandan. K)

Copy for info and n/a to:

1. Shri. Neeraj Agarwal, Regional Manager, LIC

Jeevan Bharti Tower-II, 124 Canught Circus

New Delhi-110001.(Tele: 28844159)

2. Dist Consumer Protection Council, Dist (North East)

Dist East, Mayur Vihar, Delhi.

3. Director, Public Grievances, Sardar Patel Bhavan, New Delhi-1

(Ref their letter No. DPG/1/00027 dt 23/2)

4. The Indian Express, New Delhi-2

Company: LIFE INSURANCE CORPORATION(LIC)
Country: India
State: Delhi
City: North East Delhi

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