Life Insurance Corporation of India [LIC] — alert to income tax dept on surrender of policy

Address:

Mumbai City, Maharashtra, 400102

I am a nri who has invested in future plus policy in 2005 for 10 year term with an annual premium of inr 1 lac every year up till 2014. Subsequently, in 2015 i surrender the policy as i was not interested in converting it into annuity and surrender value was received in my nro account. However, lic of india alerted income tax dept about surrender of policy and payment of proceed but provided them with incomplete information, due to which they have raised a query on me. They have failed to inform about the details of premium paid and source of funds for premium, leading to a notice being issued in my name. This unprofessional approach of lic will not only restrict me from any further investment with them but i will also alert other nris to think twice before investing with them.