Life Insurance Corporation of India [LIC] Complaints & Reviews

This is with reference to policy number[protected] Jeevan Chaya Plan 103, in the name of Shyam Sachdev.
I wish to bring to your notice that at the time of signing up the policy, LIC agent Mr.Prabhat Kumar of branch office 31A had given me a break up/summary details/quotation for the policy and had assured me that the figures/details given by him on 21/03/2006 were absolutely accurate. The bonus rate quoted/given by him per 1000 sum assured on Endowment type plans was @ 55, and he had calculated the entire bonus sum with the average figure @ 55 for the entire policy term of 21 years.
Now to my utter dismay and shock I have come to know that since the commencement of this policy the bonus rate per 1000 sum assured has been paid @ 48. There is a discrepancy of Rs 7 in the bonus rate which translates into a shortfall of 3500 per year. This would result in a shortfall of Rs. 73500 (seventy three thousand five hundred only) over the full term of the policy till maturity.
I am sure that Mr.Prabhat Kumar was fully aware that the rate of bonus would be 48 before hand. I find this unprofessional and unethical and certainly not the most effective way to increase client interest in financial products, specifically risk based products like life insurance and long term care.
I informed Mr. Bhagwan Singh, the branch manager of branch office 31A vide my email dated 18/03/2013 about this discrepancy. Having not received any response from him to my email, I called him up personally and spoke with him regarding this matter. He informed me that the matter was being investigated and that the department would inform me about the same. It was shocking and disappointing to hear from him that his agent Mr. Prabhat Kumar could not resort to unethical methods to get customers to sign life insurance policies, and enhance his commission payout, because he was one of the so called 'star agent' who had contributed greatly to LIC's revenues.
On 26/03/2013 I received an acknowledgement to my complaint reference number [protected] from the Grievance Redressal Officer of the Branch office/Zonal office stating that the complaint would be resolved within 15 days.
On 28/03/2013 I received a reply that the complaint had been redressed stating that “the bonus rates are declared every year by our corporate office. These rates cannot be predicted in advance. Inconvenience is regretted”
I find this resolution very contradictory. If the bonus rates cannot be predicted in advance then the LIC agent has no business to predict the bonus rate for a period of 21 years in the summary/quotation and mislead people and give false information to them? This means that his real intention is to only sell insurance policies and enhance his commission payout at the financial cost of the customers. I find this unacceptable.

LIC agent Mr.Elias was entrusted to take 4 policies for children between 5 and 11 by guiding 2 poor families with a proper insurance policies for which the families eldest brother living in Dubai wanted to pay the premiums of Rs.10000/ p.a. to safeguard these families(as his younger brother suddenly passed away due to dengue).The family completely trusted him on his advice but unfortunately on completion of the Tenure of 5 years,it was found that the policies were market related and after 5 years,these families were getting a mere Rs.1500/- more for the payment of Rs.50000/-.We want the agent to compensate these 4 policy holders with an interest amount @9% p.a.,as he had benefitted by these policies!(on my visit to the Head office,even the manager was shocked by agent's giving thesemarket related policies to these young children).I had been trying to contact but he does neither reply to my email or accept my phone calls. Emails attached below:
SAntanu Nundy
[protected][protected][protected][protected][protected][protected][protected][pr...⇄
From: [protected]@hotmail.com
To: elias.[protected]@gmail.com
CC: [protected]@licindia.com; [protected]@rediffmail.com;
Subject: Unreliable & Untrustworthy LIC agent must COMPENSATE!
Date: Thu, 16 May 2013 13:15:16 +0530

Mr.Elias,
as you are dodging me since months with respect to my policy & my friend's ( from Dubai)
brother's family which are all related to Market Plus/Market Related under your expert advice,i need
to inform you that these 4 Children's (FAMILIES LIVING ON POVERTY LINE,AS YOURSELF VISITED THEM TO GUIDE & ADVICE) policies taken out by yourself,you need to compensate them for the LOSS INCURRED (WHILE YOU WERE MAKING A FAT COMMISSION !) comparing t with Bank's interest @9% PA starting from 29.08.2007 till 28.8.2012 which works out Rs.65233.35 less LIC Surrender Value of Rs.51532,so on average approx Rs.13700 x 4 policies= Rs.54800.Even after knowing that FATHER OF 2 KIDS HAD PASSED AWAY suddenly,you did not resist from your INHUMANLY BEHAVIOUR and personal GREED.
On visiting the Branch 919 at Sir P.M. Road,Mumbai on 12th May'13 and after putting up these cases in front of the officer,they too were shocked & astonished of how could any agent advice such ridiculous Policies for children !
All the facts as mentioned below:
1) I requested you to GUIDE & ADVICE to take out 2 policies each for 2 families having children between the age of 7 & 16 whose uncle Mr.Thomas Dsouza from Dubai wanted to help & secure both his brother's children (both families living on POVERTY LINE and one of the brother had passed away suddenly due to Dengue).
2)Under your expert suggestions,you provided all 4 of them with Market Related policies (policy nos.[protected]/6 favouring Master J.J.DSOUZA AGED 15 YEARS & Miss J.J.DSOUZA AGED 7 YEARS) for insurance premium of Rs.10000 with sum assured of Rs.100000 for the term of 20 years (as i understand now after visiting the branch 919 that actualy you were making the mother beneficiary incase her children dies?? Is this a policy to safeguard and benefit these children who are of 7 & 15 years of age ?!!!).

As they did not understand these policies and trusted on your advice completely (due to my reference) and now they are completely shattered after knowing the facts of these policies from a friend of Mr.Thomas Dsouza (Dubai).
I am requesting you to give by cheque an amount of Rs.13700/- each (Calculation on the basis of interest @9%),favouring all 4 children,else i will take up this matter with Government officails and also Legaly..
Santanu Nundy

Dear Sir/Madam

With reference to the above file number i would like to bring to your notice the following issue which i'm facing since last Oct 2011.

My EMI was supposed to be around 14,000 as told by the executive and the manager, vijayanagar.
Unfortunately the EMI deducted was 6,419 and i had written a mail to LIC HFL on 11th Oct 2011 to deduct full EMI.
After Few EMI's drawn for 14,238 again it started for 6,438.And i was shocked to know my personal loan which was applied in Jul 2012 was rejected due to 8 check bounces from LIC HFL (Which was not in actual there were sufficient funds in my account and no were my bank statement reflects these check bounces).

I wrote the 2nd letter on 19 Jul 2012 to deduct the full EMI.I was asked to visit the collection department and met Ms.Bhavani on Jul 25 2012.Then i was told that there was some technical problem so it was reflected as check bounces and it was rectified/adjusted by Ms.Bhavani on the same day. (I have a letter duly signed by Ms.Bhavani stating it was a technical problem from LIC HFL)

I was told the reports will be sent to Cibil and it would be updated which dint happen.
Again after waiting for 2-3 months i again visited the branch to get it rectified in CIBIL on 9 Oct 2012 and got assurance for the 3rd time for the rectification of the mistake done by LIC HFL which din't happen.(I have a 2nd letter duly signed by Ms.Bhavani)

Since i had fed up of these false promises/assurances to correct their own mistake, i decided to stop making payments.

After which they started calling every month saying your account will be moved to NPA if you dont pay, when i asked to rectify the mistake they again said pay 15,000 and we will rectify that (This time it was Mr.Kannan who dose'nt open his mouth)

3 times i paid 15,000 cash every month hoping my problem will be solved. But it has not yet been resolved.

I am requesting to correct the mistake which is done by LIC HFL which you are not ready to do inspite threaten me of moving my account into NPA and so on. Now they are saying you clear all the dues and it will be updated/rectified.

How do you expect me to believe after so many false promises/assurances that my problem will be resolved. I have no issues to clear the dues once my credit ratings are normal in CIBIL.

As a last option before taking any hard decision my executive wanted me to write to you so that the issue will be resolved.

I request you to solve my problem which is not of my mistake, but still i have given plenty of chances to rectify the problem created by LICHFL.

I will be forwarding the mails written to deduct full EMI and send the scan copy of the letters issued by LICHFL stating it was technical problem if required.

1) After updating the mistakes in LICHFL system/technical why din't your people send mail/update the CIBIL?

2) Why did LICHFL(employees) assure me if i clear 15k it would be updated/rectified in the CIBIL? (this has done for 3 months continuously)

3) What action has been taken against the people who have done the mistakes (Initial technical problems and for not updating the CIBIL after rectifying the problem in your systems?

4) Why should i not file a suit in consumer court and civil court when i have all the written document s(proof) that it was not my mistake and also when i have given plenty of chances to rectify the mistakes done by LICHFL?

Regards,
Suresh Ediga

Ref : Loan Account No.[protected]

Dear Sir,

We have availed a housing loan from LIC Housing Finance,prabhadevi branch, for Rs.32,50,000/- Dt.28/06/2012 against our flat purchased at Hira Panna CHSL,Gandhi Nagar,Dombivli(E) 421201, in the name of Mr.Kunjilikattil Anoop Sivadas & Suchitra Anoop Kunjilikattil.

The above loan was sanctioned and disbursed through DSA agent Mr.Manoj Agarwal. Mo No.[protected] & [protected] Email: [protected]@yahoo.com

At the time of sanction of the loan,we were informed by the agent to take a Insurance policy for Rs.40,000/- and said, it was mandatory to take the policy against the loan approval.

And now from your LIC Housing Finance,prabhadevi branch, we came to know that, there is no such mandatory system,on taking the policy to get the loan sanctioned.

Moreover we have not received the original policy or any premium paid receipt of the policy,and the agent Mr.Manoj Agarwal is not responding to our calls or giving any feedback.

The payment for the policy was made by cheque,bearing cheque no.689612 Dt.20/06/2012 for Rs,39,033/- favouring LIC of India. We have sent a complaint letter to lic email id [protected]@gmail.com but of no use.


I kindly,request you to take the necessary action against this matter.

Thanking You,

Mr.Anoop K Sivadas
Mo.[protected]

POLICY NO .[protected]. I took policy from LIC branch A 14 kailash colony new delhi. the policy matured on 28/1/2013 but havent received any kind of payment. Please look into the matter and iform me for the same.

K K SRIVASTAVA
SE SHASTRI NAGAR GHAZAIBAD

i have taken loan from lic housing finanance limited new delhi,in month of april 2012 ,my loan a/c no[protected] ,loan sension-1800000,and loan dispursed 1000000 ,at started floating 10.4% rate of intrest than tillnow 11.9% floating when i contected personal dpt they told me for our existing customer are paying 11.9% floating.they are not providing correct information
so kindly help me to resolve this state
thanks
premsingh patel
[protected]
[protected]@yahoo.co.in
loan a/c no is[protected]lic housing finance ltd)

Jabalpur divisional office is required to ensure that monthly pension to the pensioners is credited to bank
accounts of respective pensioners on 1st of every month. though they have issued instructions tothe banks to transfer pension through ECS to pensioners account, they fail to ensure if the bank is following the instructions. every now and then the pension is not credited to pensioners account on 1st and there is inordinate delay of 2-3 days making life of pensioners difficult. their only excuse is that the amount is transferred to the bank responsible for onward transfer to respective bank accounts of pensioners. no action is being taken by Divisional office jabalpur to claim interest for the delay. this is a sizable amount and the bank keeping the amount with them are liable to pay interest to the pensioners for delayed transfer. divisional office jabalpur has not taken any action on requests made through them to the bank to pay interest.

Housing loan - LICHF - LIC Agent - Hosur. "R.M.ATHAVULLAH SHARIEFF"
I applied for the housing loan in LIC housing finance, Hosur. I applied through the agent "R.M.ATHAVULLAH SHARIEFF" <[protected]@gmail.com>. Till apply for the loan and attending the interview with LIC, this fellow was normal.
He asked the people to pay the processing fees only against his name. He got extra money as well.
To add pain to the wound, after all these things, he didn't help for processing the loan. He cheated and started behave
very rudely. He never behaves as per his age. When I approach the LIC, they told to come via the agent.
It was very bad experience. I strongly advise you people, dont go via this rude agent. "R.M.ATHAVULLAH SHARIEFF" <[protected]@gmail.com>. Better avoid. At least by seeing this post, if the official takes some steps, all the future customer will be benefited and never be cheated cheap person like "R.M.ATHAVULLAH SHARIEFF" <[protected]@gmail.com>.

Please aware of this person "R.M.ATHAVULLAH SHARIEFF" <[protected]@gmail.com>

RESPECTED SIR,

I PERSONALY VISITED THE OFFICE REGARDING MY SIX INSURANCE POLICIES.BECAUSE WE DO INSURANCE BY THE LOCAL AGENTS AND ONCE THE POLICY IS DONE THEY DO NOT BOTHER TO MEET AGAIN.SECONDLY THE INFORMATION OF DUE PREMIUM IS ALREADY STOPPED BY LIC DEPTT..
OVERALL THE STAFF & EVEN SR.BRANCH MANAGER REFUSED TO GIVE THE DETAILS OF MY POLICIES EVEN THEY DO NOT TELL THE PREMIUM DUE ON ALL POLICIES.I WAS TOLD TO STAND BEFORE CASH WINDOW FOR DEPOSIT OF AMT DUE.CASHIER WILL TELL THE AMT DUE FOR EACH POLICY.
IT IS REQUESTED THAT I SHOULD KNOW THE AMOUNT DUE ON EACH OF MY POLICIES-SO THAT IT CAN BE REMITTED WELL INTIME.

IF IT IS POSSIBLE THAT ONE CAN CHECK HIS POLICY STATUS ONLINE OR THE CONCERNED OFFICE MAY SEND INFORMATION FOR DUE PREMIUM ETC.TO THE CUSTOMER.

Sir
I purchased a Policy (Policy No[protected] from Agent Miss Rashmi Jha/Agent Code 01993542 W/o- Parveen Jha. Who didn't disclose me the terms and conditions of the said policy, by which I have suffered a loss of Rs. 50,000/- because the policy was share based. So, I want you to take necessary action regarding this complaint.


With Regards

Meera kumari

W/o Sanjiv Kumar Yadav
Policy No.[protected]

REF MY APPLICATION DATED 12/4/13 ( DESPATCHED THROUGH REGD POST NO.[protected] FROM CGO COMPLEX ,NEW DELHI ON 18/4/13) FOR TFR OF POLICY NO.[protected] TO LIC CAB SALT LAKE ( CODE NO.4017) (.) CONFIRMATION REG TFR OF POLICY TO LIC CAB SALT LAKE KOLKATA( CODE NO.4017) STILL NOT RECD DESPITE ELAPSE MORE THAN ONE MONTH(.) REQST POLICY MAY BE TRANSFERRED TO KOLKATA BRANCH( CODE NO.4017) FORTHWITH AND CFM///-

I am a recipient of the bonus from LIC in April 2013. My policy number is[protected]. I have been going to the Dadar branch where i have submitted my docuemnts , cancelled cheque for the NEFT payment is telling me that the amount was credited on 14th May 2013 . However, this is not yet come into my account. I have been told to wait and wait. Can someone please confirm on the status to me? My bank account for the NEFT ends in ********0911.

Hi LIC Team,

I'm unable to pay my premium Online for the policy number[protected] & some others also, I'm facing with following error tag -
'Premium cannot be collected through this channel.Please contact LIC branch for the premium payment'.

Can you please help with this as I cannot my premium through any other channel due to my personal constraints.

Regards,br...

sir ,
i know one lic agant name pankaj halder, he did sahara , himagini, and any other policy. as per your rulas one lic agant only did lic policy,
he cant did any other policy, he did totaly wrong because that the non baking sector it can affect your company emage.

plese stop that agant to do that work. his addreas is purba putiary,shyama prased
pally, kolkata-700093 .i know this is not good for yours company raputation. plese take action in that agant as soon as posable.that would be improve your fuature in lic company....

Dear sir/madam,
With due respect & humble,i am to inform you that i have policy no[protected] in name of Dharashree Nayak.The money back amount has not received in my a/c no-[protected](in name of Dharashree Nayak,Ifsc code-ORBC0101386,Hassanpur)despite repeated telephone & fax to you & your Agent .Although More than 2 months has been passed.there is no response from your side as well as from your agent .Therefore,you are requested to remit the fund with interest at the earliest.

Regards,
Dharashree nayak,

Policy no[protected],
Premium-Rs11528/

I am holding several endowment Policies of LIC. usually LIC sends Notices for payment when Premiums become due. Mine is a yearly premium Mode. However since the last few years I have not been receiving Premium Notices for some of my Policies. The result is that some Policies lapsed and I had to get them revived at some additional cost. In other Policies I have had to pay extra costs. I am aware that it is my duty as a policy holder to keep a track of due dates on my Policy but since these are yearly mode policies, it becomes difficult to keep a track. Also it is surprising that I have not been receiving Premium Notices for several years now on only some of my Policies. My complaints to LIC have fallen on deaf years.
I would like to know what Recourse I have. Also I would like to know if LIC is obliged to send Premium Notices to its Policy Holders or is it just a service provided.
Thanks n Rgds
Ashok Nayak
E-mail : [protected]@texcellence.co.in
Cell : [protected]

tds refund not received
ror detail pan no.AFIPV0049M
assessment year[protected]&[protected]
dispatch on date[protected]
retun date 9-4-2013
so please again dispatch .................my name-peeyush kant vimal
my address-Headgewar Nagar Colony
Near-(F.C.I.)D.L.W.
Maduadih Varanasi-221103

Hi ,

I have taken housing loan from LIC and my application number is :[protected].I wan to update my Nominee detail but am unable

to find the proper channel and procedure. So , can you please let me know the procedure.

Email ID : [protected]@yahoo.com

Regards,
Suman

Sir,

I, Krishna Rao, belong to a very middle class family. My parents and I struggled a lot to stabilize our financial condition.
My mum is illiterate woman and somehow we managed to teach her how to sign. My mum heard from somewhere about an LIC policy which doubles the amount in just 5 years. One day in my absence at home my parents called one known LIC agent. He said there is indeed a policy which doubles the money. He was actually talking about ULIP , but he never revealed the market risk in front of my parents. He just tried to sell the policy somehow without revealing anything about the policy and my parents are so innocent that they believed what the Agent was saying.
My mum purchased the policy and we paid the annual premium of Rs 20000 for 5 years (total 1 lakh rupees). After maturity the sum of amount reached to just 1 Lakh 7 thousand rupees. We couldn't do anything because that was Market value.
But that was not the end of our problems. We convinced ourselves that we have to accept what we are getting. I was following up with the Agent for NEFT formalities so that the maturity value can be credited to SB account directly.
But one day after maturity we received a letter and shocked to know that we are not getting the money. It will be used to purchase Pension Plan of LIC. When I complained then I came to know that it was in the contract. But we never knew it.
How can our money be snatched like this? The monthly pension amount will be far less than that of post office MIS. Why should we leave our money.
We want our money back but the company is not at all helping us.
Sir, 1 lakh rupees is a huge amount for us and we are in urgent need of the money. Please help us.

Please find attached the compaint letter that I had sent to LIC GRO. Also find the letter that we had received.

Thanks,
Krishna

My son Ankur Agarwal who is in America since october 2010 was sanctioned housing loan by LIC Housing Finance Ltd New-Delhi on 09.08.2010 under Griha Prakash scheme vide file no.118100 a/c no.[protected]. for Rs37.00 lacs.against flat no.R0170j00803 eco citi sector-137, Noida. A demand letter was tendered at LIC Housing Finance Ltd for issuing draft for Rs/-291854- in favour of Supertech Ltd.It was advised to me that first I should make a payment of Rs50000/- directly to Supertech Ltd to enable LIC housing finance Ltd to issue the draft.As per their advise I made a payment of Rs50000/- on 11.04.2013 ide cheque no.836678 drawan on PNB Prashant Vihar Delhi and proof thereof was also made available to LIC but so far no cheque has been issued by LIC nor any reason thereof has been assigned. A mail dated 01.05.2013 to Mr pramod Kumar Area Manager has also fallen on deaf ears. My son is paying penalty at 2% p.m. for the default period. You can very well see the treatment being given to my NRI son which is a cause of deep concern. You are requested to intervene in the matter and contact me at my mob no.[protected].