Lic India — Fraud by LIC & LIC Agent

Address:

Hooghly, West Bengal

Sir,

I, Krishna Rao, belong to a very middle class family. My parents and I struggled a lot to stabilize our financial condition.
My mum is illiterate woman and somehow we managed to teach her how to sign. My mum heard from somewhere about an LIC policy which doubles the amount in just 5 years. One day in my absence at home my parents called one known LIC agent. He said there is indeed a policy which doubles the money. He was actually talking about ULIP , but he never revealed the market risk in front of my parents. He just tried to sell the policy somehow without revealing anything about the policy and my parents are so innocent that they believed what the Agent was saying.
My mum purchased the policy and we paid the annual premium of Rs 20000 for 5 years (total 1 lakh rupees). After maturity the sum of amount reached to just 1 Lakh 7 thousand rupees. We couldn't do anything because that was Market value.
But that was not the end of our problems. We convinced ourselves that we have to accept what we are getting. I was following up with the Agent for NEFT formalities so that the maturity value can be credited to SB account directly.
But one day after maturity we received a letter and shocked to know that we are not getting the money. It will be used to purchase Pension Plan of LIC. When I complained then I came to know that it was in the contract. But we never knew it.
How can our money be snatched like this? The monthly pension amount will be far less than that of post office MIS. Why should we leave our money.
We want our money back but the company is not at all helping us.
Sir, 1 lakh rupees is a huge amount for us and we are in urgent need of the money. Please help us.

Please find attached the compaint letter that I had sent to LIC GRO. Also find the letter that we had received.

Thanks,
Krishna