Life Insurance Corporation of India
No Transparency from LIC In Surrender of Pension Policy

My mother had taken a pension policy no-113265556 (principle investment of Rs 99000) from LIC in 2002 and was assured a pension of over Rs 700/month, post 2 years of investment. The pension started 10 months late and with an amount of approx 375. My mother decided to surrender the policy in 2006 but was rejected by LIC, however due to her age and health; we reapproached LIC in 2009 and were assured surrender with a Surrender Value of Rs 108000 confirmed by Ms Chandrakumari of LIC. At a later date LIC unilaterally changed the Surrender Value to Rs 74547 and has not given clarifications as required.

LIC has taken back the Original Policy Papers and has also stopped the pension amount.

I have written to the Chairman of LIC India many times, but there is no response.

Pls advice.

Company: Life Insurance Corporation of India
Country: India

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