[Resolved]  Lic Of India — Market Plus

I have been receiving calls from my agent and Branch managers of LIC and receiving literature showing 30 to 40% p.a. returns on Market plus plan of LIC. They are asking me to take loan on my son's policies and invest the same in LIC's Market Plus. I will receive 75, 000 excess without investing a single rupee from pocket. They are also claiming that this plan is closing on 31st march 2008. Last time during some other plan I was told that any insurance company can only inform 3 days in advance before shutting the plan, rules of IRDA. Have they bypassed the same?
Now I receive this from a friend as stated below which are the hard facts of the mis-selling being done by LIC. Please check the same and try to save innocent investors who have faith in LIC and have voted it the Best Service brand for the last 2 years.

Small Investor Beware
Read before you invest in Market Plus

• Why Market Plus is closing?
The reason given by LIC of India is that the fund size has become too big to manage. If this is the reason then why invest in already unmanageable fund at higher NAV, when the better scheme will be available at Rs-10/- after few days.

• LIC claims that Market Plus is the best Investment Scheme!
But Market Plus(MPlus) is not the investment scheme, it is a Pension Plan. If it is projected as Investment Scheme, then we must compare it with Mutual Fund (MF).
• On the very first day of your investment you will loose 3.30% in case of single premium and 16.50% in case of annual premium towards allocation charges in MPlus as there are no allocation charges in MF if invested directly.
• MFs are managed by professional Fund Managers who are accountable for Fund performance against benchmark index( e.g. sensex, nifty etc), However for ULIPs there is no benchmark index for comparisons.

• Performance of Market Plus as compared with Sensex and Nifty:
BSE Sensex NSE Nifty Market Plus NAV
As on 05/07/2006 10919 3197 10.00
As on 29/02/2008 17578 5223 12.50
Compounded Annual Growth 28.92% 29.76% 13.44%

Growth in NAV doesn’t reflect the returns on your investment. The Actual returns on investment will be as given below:
e.g; Rs-10, 000/- invested in MPlus in July 2006 @ Rs-10/- in single premium.
Total Units allotted: 967 (33 units deducted for allocation charges)
Current NAV in March 2008 i.e. after 20 months is Rs-12.50
The Total Fund value will be 967X12.50 = Rs- 12, 087
Amount deducted for charges = Rs- 1, 168
Balance Payable = Rs- 10, 919 i.e. IRR of 5.28% only.

• Beware of agents showing projected returns higher then 10%:
IRDA has made it mandatory to show projected returns @ 6% and 10% only and asked all the Life Insurance companies to get the benefit illustration signed by proposers giving all the details of expenses etc which will form part of the policy document. This is done to insure that no mis-selling takes place.
Make sure to sign the benefit illustration as per your specifications only.

• Returns under ULIPs are not Guaranteed:
Even the projected returns @6% and 10% are not guaranteed. The entire investment risk is yours. Even Government Sovereign Guarantee under section 37 of LIC ACT, 1956 is not applicable for ULIPs.
As per economic survey report 2007-08, the Indian Markets were most expensive and more volatile then global markets. The government also said that any slowdown in the excess capital flows from last year's high levels could affect the stock market in short-term.
IF you find any agent showing projected returns more than 10%, then please report to us. We will take up the matter with appropriate authority and initiate action against that agent.

Issued in Public interest by Small Investors Protection Forum (SIPF)
Contact us on [protected]@yahoo.co.in.
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Aug 13, 2020
Complaint marked as Resolved 
Complaint comments 


I am holding a policy No[protected] Dt[protected] with Agra branch of LIC. I got transfer to Bangalore and paid my police premium of year 2003 at your Vijay Nagar branch -61X in Bangalore, and also I paid the same for the year 2004 at the same branch but when I visited to handover the cheque at cash counter I have been asked to collect the receipt later because server was down. When I visited next day to collect the same, the Branch manager informed me that the officer you handover the cheque is on leave today, since today is the last day to pay your police premium so please issue another cheque and collect your other cheque next day.

After that I visited two times but I have been told that the Officer is still on leave. To safeguard my money from any fraud I withdrawal all the money from my ICICI bank account No[protected] on 02/03/2004 by leaving amount equal to my police premium. My Bank paid amount 4502 for cheque no-978213 on dated 03/03/2004 and returned the cheque no- 978210 on dated 10/03/2004.later I came to know that the officer started a new policy using my other cheque. I asked the Branch Manager to take action but he refused to listen to me.
When I visited to pay my police premium for the year 2005 at Vijay nagar Branch I have been told that Agra branch has not shifted FUP for your police and we can’t do anything, when I requested the Branch Manager and shown him my Bank account Statement he asked me to come later, I visited your Vijay nagar branch more than 20 times with a request to update my police and collect the premium but always I received replay that Agra branch is not responding and staff in Agra branch is not working at all better you contact Agra branch only. Can anyone help me out, how to start my policy again or get back my money.Pl mail to me at : [protected]@yahoo.co.in:
My brother-in-law, Late Nirakar Mohanty of Orissa was expired on 1st November, 2001. He has two LIC Policies bearing No.[protected] &[protected] and he premiums are paid by District Inspector of Schools, Hatadihi, District-Keonjhar (Orissa)through G.I.A-609 State Plan Aided M.E.School Teachers. We have approached to L.I.C of India, Keonjhargarh Branch, Dist Keonjhar for settlement of our claim against the above policies.But to our utter surprise it has been verbally conveyed that the settlement of the claims will be done at Divisional Office at Cuttack. They also informed that all documents related to the policies has been sent to Manager Claims (CRM), LIC of India, Cuttack Division for settlement. But no response from their has been received yet. At this moment I seek your advice how to proceed for this. What are the legal options available? How fast can this claims be settled? Whether LIC is serious about the problems faced by the claimant? Are not they duty bound to settle the claims?
thanks u
good effort to leg doun the big white eliephent
Hi this is Gagandeep Singh my problem is that someone using my PF number and false signature has started a LIC POLICY in my name and the amount is being deducted from my salary, and when i informed the same to the lic's bank manager (of ckp branch in jharkhand) he refused to listen any of my complaimts and told me to search the agent and get things done through him. And my problemd is that the only proof of the policy i have is the deductions made in my salary slip and no policy documents are with me, plz suggest me what to do, as i have lost faith LIC unit as all that matter for them is money nothin else. [protected]@gmail.com
i wish to surrender my policy but i lost my original poicy what is procdure to surrender
I am Live in Sangamner
My Agent Cat Sarvis to me
I will ragister tp you account
Can I re-start my 80-CCC Policy surrendered on[protected] due to some misinformation ? For installments were paid of Rs.10415/- but after surrender I received only Rs.31000/- only... Only 2 installments were left to be paid ...

Kindly guide...

I am a agent of L.I.C . I have got lic agency in month of march08. I v appointed in jhotwara branch (15S) of jaipur division .my agency code is 11851 till today I have done 56 policies for lic .

Regarding these policies in month of nov 08 my bonus should be approx.. 20000/- But I didn’t got it so I complained it to officer of lic Mr. Mahendra Sen (asst. sales officer) but he beheaved with me very rudely and said I am not liable for that .
I have talked with branch manager also but he also didn’t took any action in this matter .

I only want to ask, I am working for lic and for that work I am asking commission . In this behavior, a common man what should be understand . this event hearted me a lot so for this i v requested in irda but they r saying IRDA has no role to play in this matter . may any one help to whom i should go with this complain .
Dear Sir,

I have purchased Market Plus Unit for Rs. 20000/- to Market Plus scheme (188) one time Premium and another Rs. 20000/- to same market Plus scheme for five years and I have already given 2 instalment balance is 3 for next 3 years. At that time I don't know about allocation charges and mortality charges and my agent is not told about that. But you please inform me, what is allocation charges and mortality charges.
I have purchased Market Plus for Rs. 60000/- but till date agent don't give me Number o[censored]nit list. In this case where I complant the matter.

Please infrom me
Any one could tell what is the procedure to change the policy holder name of lic market plus scheme.


Dear sir,

Sub: Proposal deposit of Rs.:10, 000/- But LIC accept of Rs.5000/-

Ref.No.: Policy no.[protected] Dt.:30/03/2007 P.D.P. no.:1728183.Dated .30/03/2007

I am service man I get LIC Market Puls Policy dated 31/03/2007.

Lic issued me policy. but lic mistake in my policy i deposited Rs.10, 000/- but lic issued policy of rs.50000/- orignial receipt of rs.5000/- and balance refund of 5000/- met in nov 08.

so the my problem is my policy is fore close i request to lic for regular my policy. but lic brance manager barmer said to me your case is sand to head office red. office . my case is three year old but dont sole till date.

i request to u sole my problem urgently.

Rameshwar G. Gour.
REF JEEVAN DHARA (T/T 96/09)POLICY NO[protected] I have not been receiving my annuities since 28/03/2007 due to change in my address, which was informed earlier. I am furnishing below my new and current address to which the pending annuities and the current ones may please be sent at the earliest.

With regards

Umesh Ch Sarma
Vill - Punia, Poka Bangi Para
(Near IBP-Petrol Pump)
P.O. Aulachowka
Dist - Darrang
(Cell No [protected])
read my artical "bima nivesh nahi hai nivesh ke nam par aapne paiso ko kachre me mat daliye please in www.sharegenius.blogspot.com
I have paid two installments of Market Plus scheme and third is due in March.Please guide me as how to calculate the NAV of the units, and the units accumulated, that I am holding.
How can check my lic market plus policy current position in internet

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