[Resolved] Life Insurance Corporation — New Bima Gold Policy, | |||
Sir i am vignesh kumar, having insurance policy number[protected] which is New bima Gold ploicy table (179), i am paying monthly premium of 1482 dedcutible from my salary, in the last yr 2011, due to the change of job, from april 2011, i am unable to pay the monthly due,. the money back is due on october 2011 which is INR 50000 after consuting with my LIC agent, if i paid the remaining pending amount 0f 13500, the money back amount will be credited to my account, So i paid the remaining amount, the cheque has been given from the LIC is 18800 INR,, After checking with the LIC agent, he said the policy had been surrendered, due to payment has been done upto, April 2011, so i will get only the surrender value. Even i though i paid for fully 3 and half years, the total premium paid will be more than INR 60000, but the surrendar value i got the nearly 30% of the amount, i dont know how the LIC people doing calculation, please suggest me to get the amount i paid, at present i am out of INDIA too, Is there possible to get the premium receipts for my policy number ? for verifications Please suggest me Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
2 Comments | |||
Comments
Vignesh Ji,
Plz also note that this surrender value of policy was without paying the amount of Rs 13500 which you paid to your agent. So, plz reconfirm about this with your agent & LIC. There might be some misunderstanding of the entire scenario. Plz speak to your agent in detail & clarify the matter.
Rajnish Bahuguna
Plz also note that this surrender value of policy was without paying the amount of Rs 13500 which you paid to your agent. So, plz reconfirm about this with your agent & LIC. There might be some misunderstanding of the entire scenario. Plz speak to your agent in detail & clarify the matter.
Rajnish Bahuguna
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+91 22 2217 8600
+91 75 5267 6254
LIC Central Office, 2nd Floor, Jeevan Bima Marg, Mumbai, Maharashtra, India - 400021
There is some miscommunication between you & your agent. When you paid payments for REVIVAL (reinstatement of policy), how the policy can be SURRENDERED? Surrender is only done when you submit the duly signed surrender form along with the original bond. If that is the case, cross check with your agent what he has done. If there is some wrongdoing on your agent's part, you can lodge a complaint against him. If it is a mistake at the LIC's part, you can lodge a complaint & get your policy reinstatement. If you had actually applied for surrender, then understand that the surrender value of traditional (non market) policies like yours is kept low in the initial years, so it is never recommended to surrender. If you need any guidance, plz feel free to call
Rajnish Bahuguna
Insurance Consultant
LIC of India, Delhi
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