Life Insurance Corporation of India [LIC] Complaints & Reviews

My sister bought a flat in Malad and unfortunatetly they too approached LIC for loan. They faced similar issues. Their agent was Zaffar and Manoj. Looks like all the LIC staff are trained for false committments and not answering phone calls. It took around a month for them to get the initial sanction letter. Due to this the owner of the flat put a clause in the registration tht the final disbursement shld happen within 1.5 months else the agreement would be void. The due date is 30th Sept and till date we have not recieved the disbursemment from LIC. We have informed LIC on this and have been literaaly pleading our agents. Now the only thing we are doing is taking leaves frtom office and sitting in LIC office and following up on their work and getting them the docs and resolving their queries. Even Mohan Herlekar, the area manager is very irresponsible. He doesn't answer phone calls. His agents called us in office to meet Mohan and Mohan Irlekar was not in office. Imagine the plight of taking leave frm office and travelling from Parla to Thane and then realizing that the manager is not ppanning to come to office itself.

The documents are in fort disbursement offfice since end of sept. When we visited fort office, initially they did not allow us to meet any officials. But when we were adamant, they listened to our issue. TO our greatest shock we realized that they have misplaced our documents. It took them 2 hours to locate it. They mentioned that there are no more queries and disbursemtnt cheque would be released next day as concerned person was on leave. The same excuse was given next day. Now when the owners came up with the original documents, they wanted to personally visit the house of the owner etc.... Every day they ahve a new execuse. Today is Oct 16th and still ahve no clue on why the disbursement is not happening.
Can someone please do some justice. Our onwers are going to charge heavy interest due to the delay. Why should we bear this due to the inefficeincy of LIC officials

I would not recommend LIC to any1. Very unprofessional and their agents misguide the customers by telling lies and giving false commitments

I have a policy no[protected] amount rs.10000 I want to get its current fund value.How will I check it?

Hi,

I have opened three money back policy where a percentage amount will be returned back after 4 years or 5years. The amount is sent through cheque to my old address and some one has enacashed the same.

Now LIC doesnt agree to pay back to me.

I have lost 15000/- from three of my policies.

vamsi krishna

I took a LIC Policy No.[protected] under the above scheme of LICI on 22.06.2004 and deposited an amount of Rs.266,665.00 with the undestanding that a pension of Rs .2000/- (Rupees two thousand only) would be paid to me by the LICI on monthly basis from the date of taking the policy. Accordingly I was receiving the monthly pensions by cheques issued by the Eastern Zonal Office of the LICI in advance on yearly basis. The system was working very smoothly and I had no difficulty in getting my pensions. But in the month of February,2009, I received a letter No.EZO/CRM/IPP/NEFT dt.05.2.2009, from Eastern Zonal Office of LICI, Kolkata, advising me that as per the RBI guidelines, henceforth the monthly payment of pension will be made on "account-to-account fund transfer" basis and they advised me to furnish some particulars on the proforma prescribed duly countersigned by my Bank branch. Accordingly, on the first part of April,2009, I submitted the prescribed profroma, fillling up the required particulars, signed and countersigned by my Bank branch. But no pension was credited to my bank account. So on 26.08.2009, I wrote a registered letter (Registration No 2944) to the Regional Manager,(CRM), LICI, Eastern Zonal Office, Kolkata, with a request to effect immediate payment of my pension with arrears. But no action was taken on my letter. Finding no other alternative, I sent another letter, enclosing a duplicate copy of prescribed proforma duly filled in, signed and countersigned by my bank branch, under registered post No7873 on 14.09.2009. But all these efforts of mine are in vain. Uptil now, I have not received the pension with arrears from the LICI. I am an old man of 65 years of age and mostly depending on this pension for my livelyhood. This thing was specifically explained to the EZO, LICI, Kolkata in my both the letters. Now finding no other alternative, I am approaching the LICI through this "E-Mail" with a humble request to release my pension with arrears from April,2009. Kindly help an old man to survive in these hard days by taking up the matter with the concerned authority for immediate settlement of my pension. For this act of kindness I shall remain ever grateful to you.
Thanking you in anticipation,

PRANAY KUMAR SEN

I am not satisfied with the service of our agent connected with Branch no.915, My proposal (boc no. 16066) date is 31/01/2009 and I had given it for cancellation on 09/09/2009 which was under medical. But Branch Manger is not entertaining it and unnecessarily delaying the matter in-spite of all the documents are clearly put-off.Since last month I had attended several times at branch, every time we are getting the same answer i.e. next week you will receive the refund.

Dear sir
I am holdinga policy of market plus no.[protected]since 2006, .after giving the mailing address also there is no feedback till now pls confirm the current value of my policy
THANKS

I have taken loan from LIC Housing Finance. The name of the executive allotted is to me Mr. Atul. My file sanction number is 170230.

Firstly, my loan approval letter took more than one month to get approved. I came to know that 2000/-Rs is the documentation fee but he had charged 4000/-Rs from me. Then, the first amount was not getting disbursed. He said that Grihsuraskha plan is compulsary after taking finance from LIC Housing finance. In my case me and my wife both had appled for loan then we both had to take this policy separately. But by other sources i came to know it is not compulsary.

After, first disbursement i have given a second disbursement letter. Today it is more than 10days but he is still saying i don't know at which date it will be disbursed because in the end of the month bank does not look after this type of work. My builder has now applied 18% ineterest on the value. Is this my fault whether the bank is not working on this type of document in the end of the month? Why should i suffer if i had applied so earlier? Why my loan is not getting disbursed still after giving all the documents?

Respected Sir

I had purchased following ULIP policy's in August 2007 at LIC Warangal branch - 68G through an agent. When I checked units allotted against these policies, I found discrepancy's in allotment. I found LIC had alloted less no. o[censored]nits at a major difference of 26%-40% againist item 2 & 3 (ref. Table). In this connection I wrote a complaint to the respctive Branch Manger on 6th October 2009, however I didn't get any reply from him.

Policy DOP Table No. Amount Units
Alloted NAV-A *NAV-P Difference
[protected] 9-Aug-07 Market plus (G) 181 90,000 7,461.475 12.0620 11.6432 3.60%
[protected] 10-Aug-07 Market plus (G) 181 25,000 1,725.232 14.4908 11.5331 25.65%
[protected] 11-Aug-07 Money plus (G) 180 90,000 6,385.543 14.0943 10.1108 39.40%

NAV-A = NAV on allotment date
*NAV-P = NAV on purchase date provided in LIC web-seite

So, Kindly arrange to advise me in how to proceed further and Is ther any possiblity of getting proper units agianist item 2&3 in above table?

Thanks & Regards

K.V.R.Prasad Sr.QS
AECOM
P.O.Box: 6650
Doha, Qatar
Mob: +[protected]

sir
aag myry pass lic ki 8 policy hai lykin bary sharm ky sath kahna par rha hai ki kuch paisa ki garurat aany ky karan mai ek mahina say gorakhpur branch ka rog chakkar lga rha hu lykin myri policy widrall nahi ho rhai hai mai aapko late kist gma karny ky chakkar mai hagaro rupees intrest dy chuka hu kya mughy aapna pymyent lyny ky liya aapky aagi gir girana parega yahi custmer ky sath aapka niyam hai lyny ka alag dyny ka alag kya ishi dam per aap company chlaty hai aag myra gi nuksan aapki wagah say huwa hai uska gimmydar koon hai karpya aspast kary

mahesh khemka
gorakhpur

I had applied for a home loan from your Thane branch on 04th June 2009 for purchase of my new flat at Bhandup. The loan was approved by LIC after repeated followup, personal visit on 25th June 2009

I have submitted all the original documents mentioned below on 05th September 2009 at your Thane branch office.
List of documents:
1. Original Agreement for Sale of flat
2. Original Registration receipt
3. Original Index No. II
4. Original payment Receipt
5. Original NOC from builder

After submitting the original documents to your officer Mr. Vinod Jaywant. I was promised the loan disbursal payment cheque with 2-3 working days. However even after continuous follow-up and reminders the disbursal cheque was not received.

On 24th September 2009 Mr Vinod Jaywant along with two of your LIC officers had visited my residence and informed me that your staff has lost all my original documents including the approval file and they are unaware how this happened. Vinod and the other officers assured me that they are doing everything possible to locate the documents but have not been able to locate the same. Now I was told that we would have to consult an advocate and find out the legal procedure for obtaining the documents. They also wanted to visit my builder’s office and discuss with him what options are available to solve this problem. I personally called my builder and took an appointment for the next day at 4pm. However your officers did not turn-up. When I contacted them they told me that it was not required and our advocate has advised to give a notice in the news paper stating the documents are lost and wait for a period of 14 days. Mr Vinod had promised me that he would be giving me a detailed report of the issue and also a written communication regarding the loss of documents. However now he has gone back on his words and says he will not do the same.

As per my discussion with their regional manager mr. Sanjay rastogi, he told me that your Area manager(mohan) and Vinod would be contacting me and giving me in writing that the documents have been lost, however again nobody from LIC has contacted me.

I am still now trying to findout how to resolve this issue.

Respected Sir,

I have invested Rs.45000/- in your above reffered policy,
in respect of such policy i want to make an assignment to the bank
by LIC personnel it has been informed to us that assignment can not be done in respect of same.

why it is not possible?

Sir,

I send following e-mail, to LIC Bhavnagar but no response till date, when contacting on phone then they informs that they passed on the natter to their authority. I request youto looki into matter and advise me at the earliest, enable me to pay the renewal premium, which was due on 06.06.2009

Thanks & Best Regards,

Janak Shah -Mob. no.[protected] Bhavnagar - Saurashtra - GUJARAT

QUOTE:

Policy No.[protected] dated 06.06.2006‏
From:
parshva shah ([protected]@hotmail.com)
Sent:
15 July 2009 14:38PM
To:
[protected]@irda.gov.in
Cc:
sdm.[protected]@licindia.com
[protected]@licindia.com
Sir,

I am having a life insurance policy from LIC of India, Jeevan Plus, sum assured is Rs. 2,50,000/-, and premium term is Rs. 2,500/- per half yearly. I am paying my all premiums within due dates till 06.12.2008, and during June, 09, I tried to pay the renewal premium thru LIC Gate way I received message to try after 30/60 days, and till 02.07.09 I tried to pay thru the LIC Gateway, but receiving the said message, hence I gone to LIC local office alongwith a cheque for Rs. 2,500/-, and LIC informs me that my Policy is fore closed on 10.02.2009, due to lack of insufficient UNITS in my Policy Accouint.

Sir, LIC has not informed me till 03.07.09, that my Policy is for closed view insufficient UNITS in my Policy account.

Sir, how I will come to know on particular date that UNITS is not sufficient, unless LIC informs me. If LIC informed me on 10.02.2009, that my Policy will foreclose if I am not paying the amount then my Policy will be closed. As per Social Justice LIC must inform to the Policy Holder before the foreclose.

Sir, I am requesting you to kindly look into the matter and advise LIC suitably and copy to me, enable to pay the renewal premium.

Thanks & Best Regards

Janak Shah,
Flat No. 304, KaPTARU flats,
B/H Gandhi Smruti, Plot No. 119,
Crescent, BHAVNAGAR 364 001

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My policy No[protected]
Risky date[protected]
Inst.Premium-10000/-( One Premium I have given)

Dear sir
I did'nt recieved any conformation from lic market plus. I have submitted three premium.
my policy No. is[protected]
Risk date-30/03/07
Inst. premium-10000

My policy no.[protected] dated 06.06.2006, for sum assured - Rs. 2,50,000/-. I tried to pay renewal premium on 30.06.09, but failed, hence handover a cheque to LIC Office on 03.07.09, for the renewal payment, at that time LIC local office, informed that my policy was closed, due non availablity of required funds. I was not informed by LIC or their Agent that my policy will be closed if the Unit is less than required. Then I requested local LIC office and also IRDA but till date I hasd not received any message. Please look into the matter and solve the problem

Janak Shah Mob no.[protected]
Address: 304, Kalptaru Flats,
B/H Gandhi Smruti, Crescent,
Plot No. 119,
BHAVNAGAR 364 001

I BOUGHT LIC JEEVAN SARAL PLAN TABLE 165,POLICY NO[protected] WHEN I FILLED THE FARM I OPTED FOR PAYING PREMIUM FOR 10 YEARS AND THEY SHOWED ME, BY RETURN TABLE THE HANDSOME RETURN ON MY INVESTMENT BUT WHEN I GOT THE POLICY I SEE THAT PREMIUM PERIOD IS FOR 16 YEARS AND RETURN IS VERY NOMINAL THAT THEY SHOWN ME IN ITS RETURN TABLE. I AM FELLING MYSELF CHEATED BY THIS INSTITUTION AND WANT TO COMPLAINT AGAINST THIS SO THAT THEY CAN NOT CHEAT ANYONE ELSE. PLEASE CONSIDER ON MY COMPLIANT AND TAKE NECESSARY ACTION.
THANKING YOU

DILIP SINGH
PH-[protected]

1) Policy number[protected]

2)Policy number[protected]

From: V.R.Joshi
To: mm.[protected]@licindia.com ; [protected]@licindia.com ; [protected]@licindia.com
Cc: [protected]@gmail.com ; V Joshi
Sent: Monday, September 28, 2009 5:18 PM
Subject: REG:-LIC Money plus T-180


Dear Mr D.O(Ahmedabad),
My Name is Vishal J Shukla and My Policy no is[protected]
I have question on my LIC money plus(T.NO.180) Unit available.I have purchased this on 19/03/2007(dd/mm/yyyy) Installment is RS. 100000/-

Now as on date as per your NAV details on LIC web site MY unit must be as follows and your Statement on my online LIc shows deferent unit how and why? please convince us other wise this is loss business.
AS per your NAV on Web site my Unit must be follows.
date RS Installment NAV on date Unit should be
19/03/2007 1,00,000 9.42 10615.7
19/03/2008 1,00,000 10.1195 9881.9
19/03/2009 1,00,000 7.6901 13003.73
Total 3,00,000 total Unit 33501.3

But as per LIC online state ment it shows only 27834.031 MeansUnit 33501.3-Unit 27834.03=Unit 5667 was reduced or not allotted it is 20% of my actual unit this very serious.

Regards,
V.J Shukla

To
The Branch Manager
Br. 123 G1 Model town IIIrd
Delhi-7
Subject:- Non receipt of maturity amount/pension against policy No.[protected]Single premium )

Reference:- i) My application dated 22nd April 2009 (copy Enclosed)
ii) Your office letter no nil dated [protected]copy Enclosed)
iii)Your Indore office letter no PS/TR/out /27 dated 16/8/1998 (copy Enclosed)
Dear sir ,
Above policy had been transferred to your office vide Indore office letter no PS/TR/out /27 dated 16/8/1998 and Your office letter no nil dated [protected] give the acknowledgement .
It is responsibility of L.I.C. to send the maturity information and benefits to me but in spite of my two personnel visit to your branch office. no action has been incited by your office to short out my problem . your office stated that they are not having record. In this connection please reefer your office letter no nil dated 09.10.1998 “ for any letter regarding this Policy you are required to write direct to our Branch Unit No. 123 Model Town- Delhi “ now on Maturity your Branch Office saying that they are not having records & undersigned gave application along with photocopy of Policy : Your office letter no nil dated [protected]copy Enclosed)
Your Indore office letter no PS/TR/out /27 dated 16/8/1998 (copy Enclosed) on 22 .4.2009.

After this undersign against visited your office then, they are asking again these paper (on 26.7.2009).
Under signed also meet you ( Branch Manager) But you told me that it is month ending, come in Ist week.

Please also note my correspondent address : D.D. Yadav, B-180, Near Kardhani Shopping Centre, Malwia Nagar, Jaipur, (Raj.) Myself Contact No.[protected].


Kindly take action at earliest & intimate me according.

Yours Truly,

D.D. Yadav
Cell- [protected]

policy no.
[protected]
[protected]
[protected]
[protected]
[protected]
[protected]
[protected]