Lic Of India — LIC not cancelling policy OR taking any action against Agents in Delhi who are cheating Mumbai customers

Address:	New Delhi, Delhi, 400067
Website:	www.licindia.in

Hi All, I am a first time Insurance buyer from LIC where i was called by one of Bhagwan Singh's agent Mrs. Riya Sharma, from Delhi Model town branch. She told me she was calling me directly from LIC and there was no agent involved. Below are the clear terms which she explained about the policy and these were later validated by Mr. Vikash Malhotra (malhotra.[protected]@gmail.com). Annual 50, 000 premium payable quarterly as exactly 12500 per quarter for 16 years. Every year exactly 5, 000 will be given as cash back into my account for which i have given a cancelled cheque. Maturity Amount in 17th year will be exactly equal to 21, 50, 000 after any applicable Tax. Pension of exactly 2, 15, 000 will be paid to me every year from the 17th year until the Maturity amount is collected by me. Death benefit equivalent to the maturity amount will be prorated in case of death after 3 years and prior to 16 years. I do understand that i should have "read the policy document carefully before investing" but since: 1) I was told the call is directly from LIC of India which is a government undertaking (people pay premiums with trust that LIC will take care of the financial health of dependents after death) 2) The call was from Delhi Head Office directly and there was no way the caller Mrs. Riya Sharma (who sounded like in her 40s) could show me the policy document as i was in Mumbai, also she din't have access to send emails out of LIC. 3) I could always read the Bond once received and return the policy within the cooling off period if i feel i have been prey to false commitment. Upon receipt of the bond i was disappointed to see that none of the above was mentioned on the documents and the actual returns mentioned seemed to be very very less compared to what was promised on call. I immediately called the LIC Model Town Branch to cancel my policy to which - the person claiming to be the Branch Manager Mr. Ajay Gupta gave me the contact of Mr. Vikash Malhotra saying that only he can help me. Upon calling Vikash, he confirmed that each and every word would be made true by LIC Of India but when i asked him to provide the same in written or email format, he failed to do so, immediately i asked him to cancel my policy. He then said he would email me the exact confirmation which he never did instead he sent me an excel calculation from his gmail account explaining revisionary bonus. I replied mentioning everything that was mentioned on the call and requesting him to confirm it or cancel my policy. I called him again and he said he will send the confirmation by email, but no response. After that whenever i called him back but he dodged my calls saying all were very busy with year end closing and couldn't make the time to respond. I called the LIC helpline number as i suspected a syndicate of fraudsters working in the Delhi Model Town Branch within 2 days of receiving the policy but the call went to voice mail several times and i never got a call back even after leaving my name, phone, policy no. and request for cancellation of policy on the voice mail. After which within 8 days of receiving the policy i dropped an email to below key LIC of India grievance email id's which i got for from the LIC website clearly requesting to cancel my policy and return the premium paid by deducting any applicable taxes as i was not satisfied with the terms on the policy document: [protected]@licindia.com, [protected]@licindia.com, [protected]@licindia.com, [protected]@licindia.com, crm.[protected]@licindia.com After a few days and multiple CHASER emails i got a response from CUSTOMER ZONE 2 wrote: KIND ATTENTION BRANCH INCHARGE Please go through the trailing mail and enquire the matter and satisfy the policy holder by providing the correct information. Team Customer Zone Delhi DO-II Which clearly indicates the level of grievance redressal provided by the highest level's of escalation within LIC of India. Upon CHASING and ESCALATING multiple times requesting for a complaint number and progress status of my complaint, i started getting FALSE COMMITMENT calls from various people claiming to be VPs and even MDs ([protected]) in LIC of India. Even after mentioning on email, that "I have already been pray to FALSE COMMITMENTS ON CALL. PLEASE DO NOT CALL ME. You can clearly read from my email below the specific details of what your agent has COMMITTED ON CALL in order to convince me to buy this policy. I do not TRUST your agents due to this past experience." I still kept getting calls, including that from Mr. Bhagwan Singh claiming to fulfill some of the commitments like agent commission of 2000 (as opposed to 5000 originally committed) Sum Assured of 18, 50, 000 (originally 21, 50, 000) Again, no one has been able to provide any of that in Black & White. Three months down i got a call from Model Town Branch stating my premium was due. I protested that my policy needs to be cancelled as i had sent an email within 8 days of receiving the policy for cancelling the same. The caller and even LIC customer care executive told me that failure to pay the premium will result in lapse of the policy and me loosing every single penny i have paid irrespective of the ongoing dispute. It has been over 8 months and i have paid 3 premiums under the fear of loosing my hard earned money. There is not clear response yet from LIC other than email providing the Agent Bhagwan Singh's direct number. I feel like LIC of India has left me and many other Investors at the mercy of cheating agents (some who would not realise it until the time when the actual maturity or death occurs). There has been NO ACTION taken WHATSOEVER by LIC in the matter. And again the next premium is due to be paid next month. I request you to please ensure that i get the premiums paid towards my policy back after deduction of any applicable service tax. Also, that stern action is taken against LIC of India and such agents and branches which are resorting to FALSE COMMITMENT and CHEATING in order to increase LIC's customer base. Strict action has to be taken to discourage the lack of Integrity at Branch or Agent level. Please feel free to contact me for any further details, email evidence or call recordings. Kind Regards, Ritesh +91-[protected] [protected]@gmail.com