Life Insurance Corporation of India [LIC] Complaints & Reviews

"debashish nag & mita nag" lic family economist mis-sold policy

Debasish nag & mita nag[protected] family economist lic and mdrt member proposed a product called jeevan saral, with a pitch, that if i continue the scheme for at least 5+ yrs, i will be getting a return that would be greater than the sum of all premiums paid + bonus (Approx 8%). He also mentioned terms like liquidity, cash back for child higher education and pension on maturity.

Driven by his presentation skills, lic and mdrt recognition, i invested a large monthly premium on faith and paid all premiums (Between nov 2010 to march 2017) through him. I realized that all my investment was actually done in the same product divided into three policies than a mixed portfolio. But i still relied on his guidance and followed his advise like a patient does to a doctor. After all he is the expert in the financial domain was my belief. I was also being periodically updated that the money is growing and can be taken
Out in full having completed the least term of 5+ yrs with bonus.

In july 2017, i needed the money and wanted to surrender the policy. He advised me to take loan but i insisted on redemption as i have no intention on paying 10-11% interest to lic when i have my own money. After all i have
Crossed the 5 year barrier and that is enough to get full premium with bonus.

I was shell shocked to see that the redemption amount after 7 yrs is a 20% less than the total premiums. I was also told by lic branch that there would always be a surrender penalty anytime before completing the term of 21 yrs. So either i have to keep paying premiums for 21 yrs to get my principal back or make surrender loss. I opted for the later as i found it tough to commit for another 14 yrs.

Jeevan saral policy has no annual bonus. So no accrual like other lic policies. Only an one time (Un-conditional) loyalty is paid on maturity (I. E after 21 yrs), if the policy makes profit. The only option for liquidity is a partial / full surrender or take loan on the policy. Surrender before maturity will always be a premium loss proportionate to the policy lifeline.

The 3 policies are :[protected],[protected],[protected].

Full redemption after 5 yrs with bonus, child education money back, retirement pension and pension were all bluff. The only truth was 250 times one premium as death benefit.in other words he had invested my entire money into a life saving insurance that could be covered with a nominal term insurance of lic.

Take note that debasish nag & mita nag approached us as a family economist (His letter head designates him as family economist lici and mdrt member usa) and we wanted an investment than has a part balance of insurance.

I have complained to irda and hoping for a resolution. My wife has also fallen in the same trap and had been sold the same policy for a 21 yr period just as debashish nag did to me. She is still holding the policy fearing a 20% premium sum loss.

I request lici and irda for an immediate investigation into the incident and stop agents from mis selling policies which they do to earn quick money through hefty commissions paid against the sale of policies.

This is regarding the following lic policies, which i had started/ opened in 2009 through the lic agent sadhana singh thakur c/o mr. Dharmendra thakur (He is working in western railway, establishment department, pratapnagar, vadodara and his mobile no. Is [protected]). I would like to inform you as under:-

I have received notice from lic office (Copy attached) that loan against my above referred policy is due. I want to inform you that i have never applied for any loan or availed any money against this policy. We have following lic policy also with your branch as detailed below.

Policy no. Date of commencement name of policy holder maturity amount maturity date

[protected] 8/13/2009 riya regi varghese 112, 424.00 8/13/2029

[protected] 8/13/2009 jerry regi varghese 100, 000.00 8/13/2028

[protected] 8/13/2009 riya regi varghese 1, 830, 388.00 8/13/2039

[protected] 7/28/2009 varghese thomas regi 200, 000.00 6/28/2021

[protected] 7/28/2009 jaisy regi varghese 165, 077.00 8/13/2034

[protected] 7/28/2009 jaisy regi varghese 96, 444.00 8/13/2029

Mr. Dharmendra took loan against our above policies giving bogus signature on our behalf and took lakhs of rupees. Our original policy is also with him.
We have been regularly paying the premium amount to this mr. Dharmendra thakkur, but he had not payed the premium to lic against our policies. Now with our continues follow up mr. Dharmendra paid the premum, but the loans still pending. He is not ready to pay the loan he took by giving bogus signature of our. He took loan from our kid's policy also. Mr. Dharmendra took blank singed check from us telling that he will deposit the cheque to lic towards our premium. But he deposited the cheques in his own account and his wife's account. All proofs are available with us.

Request you to take strict action against this dharmendra and help us in this regard.

Your kind cooperation is solicited.
Thanking you,

Jaisy regi varghese
D-79 sundervan society
Abhilasha char rasta
Sama, vadodara, gujarat

Dated: 22.07.2017

To,
Manager,
Life insurance corporation of india

Sub: not received bond paper

Dear sir,
Let me know about my policy bearing no.[protected], had been enrolled in the month of may 2016, but till date, i have not received bond paper against my policy. It is complete one year. I have received only receipt against my policy.
May kindly look into the matter and take needful action for the same.
I have several times contacted with lic advisor but there is no reply from the other end. So that, please be trace out the actual condition of the policy and take action on the person who is associated with this policy, and send me details about the region of non - dispatch of the lic bond paper in respect of the above cited matter.

It is requested to you that about my policy bond paper may please be dispatched to my permanent address which is given below:

Divani purohit
W/o pankaj purohit
Har-badra ashish
K-804, gali no 19, karni colony,
Chandna bhakar, jodhpur (Raj.)
342001
[protected] (M)

My policy no.[protected] matured on 15/03/2017 and maturity amount was rs. 141700.50 but i had not received full amount of maturity. I had received only rs. 137950.00 on 20/03/2017 but remaining amount for rs. 3750.50 not received till date.
In this matter i requested mr. Panchal, officer at your 1/836/cbo br.-1/836, tilak road, ahmedabad branch many times but there are no any responce from them. I have also given full details of premium before 4 months but no any reply from your said branch till date.

I request you to take up the matter urgently and do needful otherwise i have no any other way to complaint at consuner forum or to start legal action in the court of law if any reply received from you.

Thanking you.

B v dafda
(M) [protected]

My policy no is[protected] since last week i am trying to login for payment of premium but i forgot my id/passward so unable to do so. I put request for recovery of id/passward but so far i have not received any mail regarding that. Please make it fast & provide me my id/passward so i can login & do payment of premium. Secondly please make your site user friendly & start providing information of id/passward on registered mobile also so such compalints can be resolved more fastly.

I have taken a policy (No.[protected], and i have paid some 6 premiums and unable to continue the premium payment and the policy lapsed on june 2014. After that i have been asked through a special revival campaign to pay the balance premium amount and revive the policy.
But when i intend to pay the amount they have asked to me to go through a medical fitness examination (My age is only 32 at present) and submit a report. I have raised a query that then why they unwantedly wasting our time (Wasted 2 days for this by travelling to chennai from madurai for revival) by not mentioning anything about this on the intimation letter.
I was irritated by the response from the officials and i withdrawn my plan to revive the policy.
Now, help me how to get the paid premium as refund from the lapsed policy..

To,
The branch manager,
Lic, sector-18 branch,
Noida.
G. B nagar.
U. P
Sub: revision on interest rate towards my housing loan no.[protected]_.

Dear sir,

When the undersigned visited to your branch regarding the mentioned subject, was told that the this account is defaulter, therefore revision on interest rate request cannot be entertain.
Undersign was surprised and deeply hurt by such false comment and allegation by the lic because repayment installments are through ecs and none of the ecs are returned, if any installment will bounce then immediately payment done through cheque to directly in lic office now till today i. E. 14/06/2017 no any emi pending from my account therefore such baseless allegations are not acceptable, no to say defaulter.
You are advice to kindly revised my interest rate on current prevailing rate and tender your apology on above stated facts asap.

One thing is more that when my office assistant came in your office then office staff behaviour is not good. Boss i m not lawyer and not thief see my histroy. But today which is happened too wrong.

Attached document which is received in your office.

Thanks
Shivendra nath
4 attachments


Ar. Shivendra yadav
Attachmentsjul 10 (11 days ago)

To crcell
Dear sir /mam

Please refer to trail mail.

I had sent application directly in branch office regarding revision of loan interest rate.

After no any response i had sent below trail mail at 14/06/2017.

But no any response and neither reduced my home loan emi.

Kindly do need ful regarding this.

My all detail are mentioned in attachment and mail also.

Warm regards

Shivendra nath

4 attachments


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Sir my name is nandkishor gupta i bought agency for lic back 1 year but my pan card is not exist so please update my pan card on irda portal. My agency code is 0215712t my mobile number is [protected] my pan card number is blhpg9874r.
Urn no is lici[protected] on 22 june 2016 at delhi on 14:30 pm so please update my pan card on irda portal
Thank you

I had purchased a 20 year plan for the jeevan saral policy (165) in 2012 and have since paid 4 annual premiums (The 5th one was due in august 2016 but it has not yet been paid) according to the fine print, the special surrender value of the policy after paying 4 premiums is 90% of the maturity sum assured and the special surrender value after paying 5 premiums is 100% maturity sum assured.

I have gone to the lic office 3 times in the last week, i have spoken to their rep over the phone. The quote that i have received for surrendering my policy after paying 4 premiums is no where close to the formula they describe in the policy and no one is ready to explain how they have arrived at the figure that they are quoting.

I was spoken to very badly at the office. Papers were snatched out of my hands on multiple occasions and they said that they will not give me any additional details as i may committ fraud - i fail to understand how a paying customer can be spoken to that way.

I need to know how the special surrender value calculation is done for each year that i would/already have paid premium.

I worked for tata ceramics ltd kakanad kerala so the employer deposited an amount in lic under superannuation scheme after leaving my employer the lic paid superannuation for around 7 years now without any explanation or mail they stopped paying the superannuation they do not give any information or status of scheme when i tried to send the email the email is not going their in box is full

Dear sir,

Lose my premium receipt december-2016, hly please issue duplicate receipt to send my email id :- [protected]@gmail.com, it is most urgent for
Me.

Life insurance corporance of india
Sl no policy no date sum assumed instalment premium payable
Mode of payment
1. Policy no[protected] branch code :- 832, half yearly
2. Policy no[protected] branch code :- 832, half yearly

Thanking you

The lip bearing number[protected] got matured on march 2017, the family member of life assured submitted all relevant document during bihu festival and the employee concern assured to release them maturity amount after bohag bihu. But not received the amount through rtgs. After persuing the matter in the month of may 2017 finally a cheque bearing number059635 dtd.
31/03/2017 received on 19/06/2017 for an amount of rs.45, 404/ drawn on
Axix bank maligaon branch. Finally the cheque resulted stale cheque and returned to us. The cheque found issued dtd. 31/03/2017 but retained by some
Employee the reason best known to him. Now, the lici is liable to pay interst
With penalty with further action against the erring offcial. The life assured is
Now a disasble following operation of hip joint. The repeated follow up actionfound not honoured by lici, maligaon branch.

I have a online lic user account and have enrolled my policy, now i have purchased another one policy and want to enroll that in my existing account. But when i click on the enroll policy it takes me to the new login portal screen and ask me update missing field like pan, adhar. On the successful feeding of data on those pan, adhaar i clicked to proceed button, but then it shows registration failed. And one error message fill all * mandatory fields. I dont what i have to fill anymore, since i have given all the data missing there. Can you please look into this issue. I have notice this for a month time. First i thought server down somthing like that.. But its some thing else.. Please help me enroll my new lic policy..

Sir
When i was posted at pune maharashtra i took a lic policy bearing no[protected] after posted from there i could not pay the premiums on time and when i asked for the refund of my money the policy has already lapsed and i am is not in position to pay the balance and revive the policy thus the money may please be refunded in pune itself i am willing to all the formalities in pune itself

Sir i anuradha poojari nominee of the policy holder ansuya kathare. Sir we had made jeevan akshay plan of policy no[protected]. Sir i was to receive the pension amount/interest of 10 months which i didnt. I kindly request you to solve this matter as soon as possible and notify me about this matter as soon as possible as i am in a urgent need of money and etc sir. So kindly inform me fast sir

Policy no.[protected] inst-prm inr.50, 000/- doc 15/02/2007 mat. Dt 02/2012. Name of policy holder : christumony jaganathan, issuing branch: 74g. Policy holder address:- 130/32a8, kamaraj nagar, t. B. Road, vallioor, tirunelveli, tamil nadu. Five years finished afer maturity. Please help me to get the maturityamount and also interest from february 2012 to still now.

This is regarding the following lic policies, which i had started/ opened in 2009 through the lic agent sadhana singh thakur c/o mr. Dharmendra thakur (He is working in western railway, establishment department, pratapnagar, vadodara and his mobile no. Is [protected]). I would like to inform you as under:-

I have received notice from lic office (Copy attached) that loan against my above referred policy is due. I want to inform you that i have never applied for any loan or availed any money against this policy. We have following lic policy also with your branch as detailed below.

Policy no. Date of commencement name of policy holder maturity amount maturity date

[protected] 8/13/2009 riya regi varghese 112, 424.00 8/13/2029

[protected] 8/13/2009 jerry regi varghese 100, 000.00 8/13/2028

[protected] 8/13/2009 riya regi varghese 1, 830, 388.00 8/13/2039

[protected] 7/28/2009 varghese thomas regi 200, 000.00 6/28/2021

[protected] 7/28/2009 jaisy regi varghese 165, 077.00 8/13/2034

[protected] 7/28/2009 jaisy regi varghese 96, 444.00 8/13/2029

Mr. Dharmendra took loan against our above policies giving bogus signature on our behalf and took lakhs of rupees. Our original policy is also with him.
We have been regularly paying the premium amount to this mr. Dharmendra thakkur, but he had not payed the premium to lic against our policies. Now with our continues follow up mr. Dharmendra paid the premum, but the loans still pending. He is not ready to pay the loan he took by giving bogus signature of our. He took loan from our kid's policy also. Request you to take strict action against this dharmendra and help us in this regard.

Your kind cooperation is solicited.
Thanking you,

Jaisy regi varghese
D-79 sundervan society
Abhilasha char rasta
Sama, vadodara, gujarat

The housing loan of rs.14, 60, 000/- has been sanctioned during 2009. My loan account no is [protected]. I have paid my emi of rs.16, 002/- through ecs regularly. Let me know the out standing amount, payment details so as to file my income tax return. Kindly send the above details through my e-mail id.
Name : v. K. Jeyakumar
Loan a/c no. [protected]
Mail id: [protected]@gmail.com
Cell no. [protected]

Dear sir i rajasekaran. R have 6nos of lic policies surrendered 10days back before they gets maturity.in which i have produced all the relevant documents for missing of bond and as per the lics terms and conditions. Though it is not yet credited or processed and no other information about the delay in process. While contacting branch manager there is no proper solution or guidance, hence i kindly request you to provide the legal aspects for further process. Here are the details of branch
Lic of india, arni branch, no.286 sathiyamoorthy road,
Arni., tiruvannamalai district, arni. Pin 632301

I rajasekaran r, ready to produce the details which i have submitted to branch office.

Thanks & regards
Rajasekaran r

Respected sir, i am a lic agent. I need user id & password login lic portal. I purchase lic agent software but not update online lic data policy holder. So please give me my user i'd & password in my e mail. My name : kambampati anjaiah, agency code : 2013670, branch : bhongir, mobile no : [protected] with thanks. Kambampati anjaiah, lic agent, agency code : 2013670, d. O code : m19670.