Life Insurance Corporation of India [LIC] Complaints & Reviews

Jul 13, 2022

Updated by atchayamahes Sir,
Sub: Lic policy No.[protected] &[protected] – maturity – reg.
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I am remitting premium of Rs.510/- each for the above two policies under LIC – salary savings scheme only wef. 1.8.2012. my LIC Agent is Smt. Ramathilagam. In my application the proposed maturity is mentioned as Rs.1, 25, 000/- On receipt of the claim voucher only I was shocked that my maturity value is only 46240/- wherein I remitted Rs.61200 towards premium for both the policies (death claim Rs.1, 25, 000/- Life assured 10 years each for both the policies) which is less than what I have remitted for 10 years towards premium.
(Flaw No. 1) I visited LIC office Dindigul to enquire the matter. Wherein I saw posters in the walls exhibiting (1) LIC’s target (2) prize scheme for LIC agents for selling 3 policies one lunch box; 5 policies one hot box; 10 policies jolly trip to courtalam so also for the staff and heads working there. LIC trigger the staff and agents to fetch innocent policy holders for the unprofit/heavy loss (risk as referred by LIC) failure policies and enjoy the offerings / prizes etc. at the cost of aggrieved policy holders. Before 15 years this kind of forgery are not exists in LIC. It is a govt. organization is the wonder.
(Flaw No.2) I enquired the staff how the maturity sum was worked out? They showed a table for Rs.100/- premium policy and at the age of 57 years with 10 years of savings the sum assured showed is Rs.9248/- and she multiplied it with 5 = Rs.45240/- which is less than Rs.61200/- I remitted in 10 years. All these things are not explained while applying for the same and I have not accepted and signed for the amount. They don’t have the table for Rs.510/- premium per month.
Any body can cheat poor citizens. All the forums reiterates LIC’s fraud policy bond status and don’t even read the problem. India is a democratic country! Fine.
I request your goodself sir, kindly look into the matter and redress the grievance.
Maheswari.

Jul 18, 2022

Updated by atchayamahes Sir,
Kindly look into the matter. LIC will reiterate its foolish, fraud reply again and again. while joining the scheme the sum assured was 1, 09, 000 + loyalty addition = Rs.1, 25, 000/- but later(after 10 yrs) it was Rs.45240/- showing a wrong table designed for Rs.100/- premium p.m. Poor people will depend on Govt. and confident to have due redressal sir. Hence my case may please be considered for redressal. They said it is a high risk policy. Yes. High risk of disappearing the precious savings of poor citizens. Cheating LIC may please be punished appropriately. I have not signed in the bond. The sum assured was not explained to me and i have accepted for the 1/3rd of the sum assured. A good decision in this regard will enhance the confidence of citizens on government.
Thanking you.

Jul 05, 2022

Updated by [email protected] Non settlement of MC Pol.No[protected]