Life Insurance Corporation of India [LIC] Complaints & Reviews

There is considerable delay in deciding on policy proposals if medical involved and persons with even small deformity like a scar due to fracture several years before submitting the proposal. Documents are accumulated for 3 months and despatched at the whims and fancies. staff show the different section and never answer though they know well the reply . They fail to understand Policies are sold by agents and no one comes to branch and buy . If policies are attractive and high returns giving everyone will buy on line and there is no need to pay commission to Agents at all. The salary one enjoys sitting in AC rooms are all hard work and perseverance of each devoted Agent.

My File # [protected]
I had bought a ready built flat in Pratap Vihar, Ghaziabad on 11th of March and for which i applied for a housing loan of amount Rs 15,00000 (Fifteen lac) out of which 2 Cheques for the total of Rs 14,00000 (Fourteen lac) were disbursed from LICHFL. As per the communication, i was supposed to get the remaining 1 Lac on my name for renovation purposes. But, i did not get the remaining 1 Lac from LICHFL.I was told that the Rate of Interest (10.25%) will only be charged for the Loan amount 14 Lac.. However, when I calculate, the EMI's that they are deducting from my bank account is more than what the deduction should be.
The mentioned EMI on the Sanction letter is Rs 14725 at the intrest rate of 10.25% (For 15 lac). EMI's that are being deducted every month from my bank account for Rs 14,744 (even though i have received just 14 lac from LICHFL and not 15 lac).How it is possible that the EMI for the sanctioned amount 1500000 is 'Rs 14725'(as per mentioned on the sanction letter) and for 1400000/ the EMI amount is 'Rs 14,744' ? Please clarify.
I have already renovated my flat now and I do not require the remaining 1 Lac loan now.

I paid an amount of Rs.3749.40 through netbanking of Allahabad bank against premium of my wife's policies to LIC of India on 15 May 2013.

ibteam of Allahabad Bank has confirmed the transaction successful. A receipt No PRO[protected] dated 15 May 2013 for Rs. 3749.40 is being shown in premium payment history in LIC's portal but LIC is not accepting receipt of the subject amount.

I am making regular correspondence with both the parties since 15 May 2013. Bank is confirming correct payment whereas LIC is refusing having received the same. My policies have since been lapsed.

Please suggest me what to do in this matter so that the above amount can get credited to my policies.

Thanks and Regards

G N Pandey

LICHFL is a great finance house w.r.t their low interest rates. I had good experience with this LICHFL(whitefield branch) in the past and so went to the JP nagar Branch for my new loan. I was referred to Agent T.R.Ananthanarayana. (Ph [protected], [protected]). The poor service started from day one when this agent asked me to buy a file to keep my documents at the HFL. No big deal but then started constant delay in my processing and strange excuses for delay from this Agent. He put me in difficult situation time and again and due to pressure from the seller I ended up paying this agent about Rs. 7000 bribe. This agent tried to rip me off again asking me take registration service from his recommended Lawyer who was charging around 20K whereas there were others who were ready to do this for less than 10K. After consulting my friends I decided to stop getting bullied by this Agent and refused to accept his recommendations. This led to complete non-cooperation from the Agent to getting my file cleared, he kept the file under wraps for several days and didn't show any interest in processing the same. I took me atleast 20 trips to the office to find out the status of my file and constantly check on this process. Thankfully some of the LIC staf[censored]nderstood my situation and helped me out in getting the loan processed. I was after almost 6weeks from when I applied when my loan was disbursed.

The unprofessional behaviour of the LIC agent baffled me, It was as if he was owning the place. No wonder people stay away from Govt run companies where corrupt people like him go scot free. I still believe LICHFL is a great organization and is among the best of the HFLs but unprofessional agents like this can keep customers away.

Dear Sir,

Sub : Non receipt of annuities from January 2013

Ref : Annuity No. [protected] , Master policy-303310

This is to bring to your kind notice that I have received my pension cheque of Rs.3120/-/- per quarter. upto 2012. . But since January 2013 , I am yet to receive my quarter annuity payment. In this regard, I have already sent letters to The Manager (P&GS) dept., Delhi for annuity payment through NEFT/ ECS but didn’t received any reply / payment from the department.

This is to inform you that I have given my confirmation on the above subject on 8th Jun’12 duly filled in and signed by me on the format sent by you but I have not received acknowledgement so far.
.
I have also send a letter on 8th Jun, 2012 through registered post with the followign attachments:
1. LIC letter duly filled with bank details.
2. Cancelled cheque & passbook copy showing my S.B. A/c No.

You are requested to kind confirm the receipt of the same and arrange to send my Pension Amount through Oriental bank of commerce India. My Account No. is [protected] and IFSC code (For NEFT payment) ORBC0100032 , MICR no[protected]. My PAN No. of annuitant is: APBPS5125G
Kindly do the needful at your end.

Thanks
Parveen soni

I have opted for a money back LIC policy No.[protected] for Rs.350,000/-, taken through LIC Agent Gulzar Ahmed on[protected] at LIC Branch Budgam, Jammu and Kashmir State. I used to deposit my half yearly installments at the said branch regularly amounting 11590/-. As per the policy I had to get 20% of the insured amount after every five years, as the first installment was due on[protected]. I was expecting and waiting for the said amount to be deposited in my account. However, to my surprise I could not found any response from the company. Finally I approached LIC head quarters on[protected] at Lal Chowk Srinagar to claim for my money where I was asked to submit my 16 digit bank account number, bank transaction statement and pan card details. I submitted these documents on the same day and was told that the money will be transferred into my account within 7 days. However, I could not get any amount credited into my account by LIC till[protected] i.e. even after 20 days. To enquire about the delay for getting my money I went to the LIC Unit Budgam where to my utmost shock and surprise I was told that a cheque amounting 70,000/- has been handed over to a LIC agent namely Mohd. Maqbool Lone bearing code no. 0079614A who has fraudulently put my signatures and other details and managed to get my money (Proof attached).
Even if this fraud was not sufficient the concerned Manager at LIC Br. Budgam misguided and mishandled my complaint and asked me irrelevant questions. He has been very non-professional and non cooperative to me.
Having said all this let me confess that I am having great trust with LIC being a leading insurance company with a great name and fame across the country. However I am highly embarrassed and disappointed by LIC seeing higher officials involved in cheating of the customers.
This is how the LIC agents over here in Kashmir cheat customers with less knowledge of LIC and its benifits. Can the LIC now do anything to get my money from the LIC Agent. Can LIC take any action against the Agent for cheating the customer and bringing bad name to LIC Of India as a whole.
Will LIC of India advise on this or can they take action against such agents by stopping their monthly commission on policies.

I paid premium through online bearing transaction ID[protected] on 05-08-13 for the Policies No[protected] for Rs.8425.[protected] for Rs.679.[protected] for Rs.1181.00 total Rs.10285.00 but I have not received any receipt . You are requested to kindly send my receipt immediately through my e mail.

The last 1 year I am trying to get an online account for LICHFL so that I can print statements and make pre-payments online. I wrote to the account managers, area managers several times - but no response.
My loan account number is[protected]. I have moved to Bangalore and hence I cannot come down to Pune everytime to make a payment.
Please help me in getting the online account up and running....

I am Tanmoy Mukherjee, resident of Kolkata, Some year back one Development Officer of LIC named Dipankar Chatterjee convinced me for multiple LIC policies and after several year payment of premium I want to cancel these policies as per terms and condition. However Ms Snigdha Basak and Mr. Chatterjee of City Branch 22, New India Assurance Building. 4,Lyons Range, not heeding to my request of cancellation and sending me discouragement letter over and over again. I tried to reach them over phone but Ms Basak declined to came over and Mr Chatterjee is now asking me to pay visit to the branch in person.
This is absolutely insulting and act of fraud as for last 2 months LIC continue to deducting the premium from the bank. My first letter was issued on 10-May-2013 and till date (2-Aug-13), I have not received any money back or communication on the same.

Dear Sir
Subject : Agent portal id no
I am a Lic Agent My Name Is Mrs Manjushri AShok Maheshwari Surat Branch 86R City Centre Ring Road.
I Have Requested many times for Agent Log In Id & Pass Word .But Haven't Recived It Till Today .
So Please Send me my Log In Id & Pw..at my mail id given below.
Information Agent Detail :Mrs Manjushri Ashok Maheshwari -A-8 Vanita Park Society B/H Ashirwad Palace
Bhatar Road surat Agency Code:4090786R Do Code :0019019
Mail Id:[protected]@hotmail.com contact No.[protected]

Hi My name is Avinash Sharma residing in Jaipur since last 20 years working in private college.I want to register a complaint against LIC which I took 5 years back.

One Lic agent Suman Trivedi came in touch,and offered a policy of 5 years.When I got that policy they told that you have to give 24000/- every year and after 5 years you will get 1,35000/-..After so much of questioning he took his senior Mr,Nakul Sharma and explained my query.Now on 25 July 2013,my policy has matured and now I got only 1,00,000/-. out of my policy.

These people are bull .all are fraud,making use of a firm which is known and they are talking politly and publickly doing the fraud for common man,,

Chota fraud Mr suman Trivedi and his senior fraud Mr Nakul Sharma are biggest frauds in Jaipur city,
They just have to complete their target and they do not even think of even any other thing,selfish .

These people are talking politly and fixed u in a trap,
Chotta fraud Mr Suman and hi senior fraud Mr Nakul Sharma explained me the benefits but now im n debt.compleete loss....This mistake realised me that people who faied to do anything in their life,thy came to LIC as officers and making common man fool..

I am requesting every one in this forum that please be aware of these two frauds..
I don’t have thise two people AGENT IDS other wise I will drag them to court,
But through strong influence of internet,I will make sure that this case will be viral in every consumer forum.

My money is gone, im depressed and in loss,,I only know jaipur and adjacent areas fraud peole in LIC but i don’t know how many are there...

How govt are giving these people job,god knows

Avinash

Recently I have surrendered my Policy No.[protected] under (SSS) to LIC branch 95Y(Yerwada) and written them on 2nd July to provide me with (1)the calculations for the refund amount against the policy and (2) stop cutting further premiums from Salary.

I wrote to them again on 8th July but there was only a mail from Manager Customer Zone Pune saying that Yerwada branch will write to me. I have written them on 14th, 16th and 25th July for an reply from them but they have not replied.

On 26th July I again wrote to stating that the premium is deducted from Salary to this they are replying that 'the Demand Invoice for deduction of SSS premium from Salary is sent to the Employer in the 1st week of every month'.

My complaint is that LIC has not replied with the calculations for the refunds, they have not even bothered to stop deducting premium for the policy already surrendered in month of June.

I am expecting that LIC furnish with the calculations, stop deducting any more premium for this policy and thirdly refund the extra amounts deducted as premium at the earliest.

Regards,

Balraj
[protected]

the LICIOF INDIA South Zone _DO ! P&GS DEPT deducted Rs.10946/ as TDS from the Annuity Pension paid to annuitant No 25703 in May/June 2012 out of the gross amount of rs.124753/ payable to Mr. Shankar Menon annuitant


The annuiitant has not received the FORM NO 16 Certificate U/S 203 of the I TACT for proof of deduction of this TDS amount, till now in spite of reminders to LICI
The annuitant has claimed this TDS OF Rs.10946/ in his Incometax Return filed for for A>Y>2013-14. But it appears this TDS deduction i has not been credited to his 26 AS statement of the ITDEPT in his PAN- AMGPS8566F

UNLESS IT APPEARS IN 26AS THE I TDEPT WILL NOT ALLOW HIM CREDIT FOR THIS AMOUNT
iT APPEARS THE LIC P&GS DEPT DO CHENNAI ! HAS NOT REMITTED THIS TDS AMOUNT QUOTING HIS PAN NO CORRECTLY OR THEY HAVE NOT REMITTED IT AT ALL TO THE GOVT.
REMINDERS TO THE LICI HAS NOT BEEN RESPONDED
PL HELP THE ANNUITANT TO GET CREDIT OF THIS TDS

PL INFORM ME OF ACTION TAKEN AS HE IS MY CLIENT

RAJAMONY IYER CH.ACCT

Our loan re-payment have started from the month of June 2013 and since then the ECS payment fails continuously for the second consecutive month.

The reason for the failure told by LIC HFL was that the ECS Mandate was not active in the bank.

But when I checked with the bank, they cannot notice any problem and they gave me the below proofs:
• An email communication was sent on 11-Apr-2013, confirming the ECS mandate was activated (attached for you reference).
• Required funds were available in the respective bank account on the ECS instruction date. (attached bank statement for your reference).
• There were no ECS return charges incurred in the bank account, which stands proof that there were no ECS requests received by the bank and failed. (attached bank statement for your reference).
• If LIC HFL can produce an evidence for the failure, we can look forward to attend to it.

Because of this we are facing the below difficulties:
• We have only our elderly father to wander around the respective offices to fulfill the required procedures.
• We are unnecessarily end-up in paying penalties for those reasons that we are not at all responsible.
• And on top of everything, we are losing our reputation as a defaulter.

Given below the details of our loan:
Loan Number [protected]
Date of Sanction 23-Apr-2013
First Disbursement Date 22-May-2013
Re-Payment Started Date 10-Jun-2013
ECS Instruction Date 10th of Every Month

Given below the details of the re-payment:
S. No. Date Amount Remarks
1. 10-Jun-2013 13,315.00 ECS request not received, but LIC records says it as a default and we paid through DD with fine on 26-Jun-2013.
2. 10-Jul-2013 32,262.00 Still not received the ECS request and obviously this might have been recorded as a default in LIC HFL and we may again need to pay through DD with fine.

I would request you to look into this matter and streamline the process or suggest me an alternative methods for failure-free re-payments.

Regards,
Mohammed Sadiq

This LIC Home Loan works like a typical Indian Govt. offices. They always make you run from here to there and everywhere. I have had a terrible time dealing with LIC home Loan as it takes many months together to get any file to move. The LIC Home Loan General Manager there is not at all approachable and I have never seen him whenever I go to their office. Their website as well does not work and is always under maintenance. Please take your own time in getting a good financing company for your house loan and do not get pressurized by the builders as these loan companies are always tied up with the builders and they get a commission out of it and do not bother about you. As I know LIC is in the news all the time for lots of scams and I am not even sure whether LIC Home Loan is financially strong anymore.

I applied for a Loan for 10 Lacs LIC HOME LOAN. As soon as they asked i immediately submitted all the documents and waited tolerantly for it to be approved, which they said would take 8-10 days max. But, every now and then, they came back asking me for extra docs, which I had already submitted. The LIC Home Loan Agent ripped me off by taking some money for handling charges. I was told I would be charged somewhere around 1% of the loan amount as processing charges. But to my surprise, I have been charged more than 2%. I tried to contact the LIC Home Loan branch, but all the phone lines just goes ringing and are never answered. Finally when I spoke to them, I was told that it was their mistake, but they didn’t know how to reverse the transaction or the amount. At last, I received the Sanction Letter and the EMI mentioned in it is different from the amount that I signed for on ECS form. I have given up now and have lost all my tolerance by dealing with them. LIC HOME LOAN WORST Experience.

Hi,
I have availed loan with LIC HFL, chennai. When I was enquiring with them about the procedures the process for switching to other bank, they have disabled by online account and I'm not able to login. When I call the tel. no. in website someone picking the phone, keeping on hold and dropping. Their Rate of Interst is very high and extremely poor and cold service.

SIR
I availed housing loan in lichfl at trichy. I already registered my loan number in lichfl. Now i am unable to login in lichfl. The reason is my email is not registered is occured while i login in lichfl. Ineed a solution how to register my email id. My lichfl housing loan no-[protected]. My email id is [protected]@yahoo.com

Hi,
You might have heard or seen many positive and good reviews about LIC Housing Finance Limited. But I don’t want to talk about how genuine those reviews are. Whether it’s been written by LIC Housing Finance Limited officials themselves or it’s really by the LIC Housing Finance Limited customers. I am here to share my horrifying experience and the bank has made my life more problematic, especially the LIC Bank Manager of the LIC Housing Finance Limited Koramangala Branch. His name is Vijay and he is acting like a very helpful person if you want to get a loan. Let me brief what exactly is happening at this branch, and the branch manager.
I have purchased a flat near Koramangala. We are almost 16 o[censored]s who have purchased in this project. We are few o[censored]s who applied for a home loan with the LIC, Koramangala Branch which has bought us a great disappointment amongst ourselves. I feel I am trapped by the builder and the bank. I do not wish to disclose my flat/builders name. Our home loans were approved.
After 3 months the Corporate Town Planning Officer came and asked me for the sanction plans, but as I do not have any such documents, I approached my builder for the same. They instructed us that it is with the LIC Housing Finance Limited. When we went to LIC Housing Finance Limited, they weren’t able to give me a satisfactory answer to us. After so much of struggle we finally managed to get hold of Mr. Vijay, LIC Housing Finance Limited Bank Manager of the Koramangala Branch. We threatened him in all possible ways to give us all the details. Obviously he didn’t help us at all.
When we tracked about his previous sanctioned home loans for other customers, we found out that he has illegally processed and approved home loans for more than 20 of them. By looking at the fake documents from the builders, he has gone ahead and taken bribe money of Rs. 1 Lakh from the builders and still went ahead and approved the home loans for them. As I mentioned before we have noticed that the same thing has happened for 16 o[censored]s till now and I am sure there are many others who would bring the same experience to light very soon. I really believed LIC Housing Finance Limited from many ages and never expected this pathetic service from a Government Institution like them. We have even planned to file a case with the police. I am taking time and writing this review, just not to ruin his career or anything, but I don’t want other customers to go through the same horror experience as us. I would be sending a copy of this email even to Mr. Vijay. We are also planning to send this to the Deputy Commissioner of Police, Bangalore.
I request you to take this matter very seriously and you can even visit the LIC Housing Finance Limited, Koramangala Branch yourself and have a look at the current issues going on there. I will be in touch with you all, and would even reveal my identity in the next conversations that we would share.
Regards,
Victim of LIC Housing Finance Limited,
Koramangala Branch www.lichfl.com

It is intimated that my policy no. is[protected] in the name of rajeshwari goel and survival benefit due on may 2013. I have already sent NEFT form and cancelled cheque to your office on 07/06/2013 but i have on received any payment cheque till date. Kindly take keen interest in above matter and solve my problem as soon as possible. Kindly inform to my e-mail account rajeshwari.[protected]@gmail.com for any action taken.