Life Insurance Corporation of India [LIC] Complaints & Reviews

Increase in Interest Rate for Loan A/c #[protected]

Dear Sir/ Madam,

I would like to share that for my loan for Rs 45 Lacs there is a revision of ROI without assigning any reason

The current hike in interest rate to 11.35 % ( which was recently showing as 11.4 % on LIC website) , I am a bit disappointed as I do not see a similar move in the market. Most of the banks I have spoken to are offering 9.9 – 10.4 % to both new and existing customers.

The local manager mentioned that ROI is applicable as per original sanction and is up for review each quarter and more so existing customers are charged higher than new customers. Further the communication of loan rate never reached me ( I realize though that I did not update my address ) , and the manager response here was to keep checking the LIC website for any increase. the manager mis-represented information saying that new rates are 11 % which again is incorrect information and tried to justify the revision in rate.

I enjoy very good credit history with LIC , however this is clearly a blow to the trust i had on LIC HFL.
It seems to me that because of my recent down payment , they have decided to increase the rate and have not provided any clarification.


I hope that LIC will revert with appropriate correction on this and not disturb the long term relationship I have enjoyed and hopefully true vice-versa.

Regards
A Singhal

pl give me detail polecy no [protected] santosh patki polecy primium is not receiving any branch

due to polecy transfering under process last nine month , i dont no how many time is required ,

pl give me detail on my mob no..[protected]

Sub: Complaint against LIC, Kalyani Branch[protected] creating dispute at the time of surrender of policy

trating it yearly instead of Single premium.

Sir,

I have the honour to beg to state that Sri Mithu Das, a LIC agent met and convinced me on 8/11/2007 with an insurance scheme proposal of single premium only assuring a high return.Accordingly I paid one single premium of Rs. 25000 only on 8/11/2007 and received a bond certificate issued by kalyani LIC branch bearing policy no.[protected] dated 8/11/2007 stating clearly on it as “single” & “ fully paid”.

In the last month when I proceeded to LIC kalyani branch for surrendering it as I needeed money urgently for my medical treatment ,the kalyani LIC office has denied to accept single premium certificate saying that in the proposal form it was retained as yearly mode in stead of single and policy has been lapsed and a very minor amount will be available after cutting charges.The officer also stated that agent sometimes subsequently used to change to yearly mode from single mode for grtting higher commission.

I submitted one representation on 16/8/2012 to B.M. LIC, kalyani (westbengal) to see the matter and for proper rectification in his office. But till date no response has yet been received inspite of several oral requests.

In view of above its now placed before you for proper judgement and appropriate action from your side so that the policy is considered as single premium only taking intio consideration my following arguements:

I. That the bond certificates issued by kalyani branch have not been ammended/ rectified and intimated to me yet.

II. I have never given authority to the agent to change the mode.

III. There is no lapse on my part in any way.

IV. Klayani LIC branch is not serious about the matter to settele amicably and early which I need badly as my present financvial condition really bad.



Early action is solicited please.

Thanking you,

Yours faithfully,

SUJIT KUMAR KAR

(policy holder of P.NO.[protected]

A/10x/133, p.o. kalyani, dist: Nadia, W.B

PIN:741235

(ph:[protected]

sir,
My son Milan Patel has paid Rs. 51000/- for Jeevan Vruddhi policy for Rs. 50,000/- in the month of June 2012. Right now he is away

The payment was made from ICICI Bank thru Cheque No. 43677 for Rs. 51545/- which is cleared on 2nd Jul 2012

We were surprised when we have the policy only for Rs. 30000/-

The details are as under

Policy no.[protected], commencement date :28/06/2012 policy Amt. 30,000/-

In fact we have paid for policy Of Rs. 50,000/-

Till date, In spite several reminder to our agent (Agent Code : 04530871 they said that it is under approval for balance 20,000/- amount as there was a mistake.

It has taken so far almost 3 months to correct the mistake, taking the approval and till date we have not received the balance amount policy

Pl. do the needful in this regards at the earliest

I am waiting for your confirmation and action taken in this matter

Regards...

Bansilal A Patel
(On behalf of Of my son Milan Bansila Patel)
Mob No. [protected]

Note: I have addressed this complaint to appellate, grievance cell in Baroda 10 days ago and matter is 3.5 months old, till date there is response to this matter and at all level there is a silence on the matter.

.SUB: REGARDING FIXATION OF MY EMI ON DISBURSE AMOUNT FOR MY LOAN ACCOUNT NO.-[protected]

SIR/MAM,
I am here by informed you that I (RAVI PRAKASH GUPTA) borrow loan from L.I.C H.F.L. My loan A/c no.is [protected] . My deduct EMI from my A/C from 5-8-2012 is more than eligible amount every month. My LIC a/c show Rs 80000 more outstanding principle Due to which my EMI in august month deduct more interest and less principle.Regarding this matter I have already send mail to LIC branch and I call many times regarding this matter .They told me to solve this problem very soon .But till now I have not get any response so kindly solve this matter as ealy as possible and oblize me. I hereby request you to kindly fix my EMI only on my disburse amount or on outstanding principal which is now Rs755626
Details of loan-
[protected]
DATE LOAN AMOUNT DATE EMI PRINCIPLE INTEREST
27/2/11 368781 5/3/12 35595 27117 8478
30/9/11 412000 9/4/12 35595 27338 8257
29/11/11 136700 4/5/12 10100 2070 8030
20/1/12 125912 10/5/12 400000 348380 628
22/7/12 122714 5/6/12 10100 4547 5553
5/7/12 6177 1026 5151


TOTAL 1166107 TOTAL 497567 410478 36097
50990 return this excess amount by
LIC on 23/04/2012
Balance 446577

TOTAL OUTSTANDING LOAN ON 5-8-2012 IS Rs[protected]=755629
SO MY DEDUCTED EMI AMOUNT SHOULD BE AS FOLLOWS

DATED O.S.PRINCIPLE EMI INTEREST PRINCIPLE
5-8-2012 755629 8158 6140 2018
5-9-2012 753611 8171 6123 2048
[protected] 751563 6107

( Borrower)

RAVI PRAKASH GUPTA

Respected Sir,

I have taken a housing loan form LIC Housing Finance. My first EMI was not deducted automatically from my SBI bank account, so LIC has charged a fine on me. I was not informed in prior about the fine for the same. I spoke with the area manager Shyam Gowane, but he straight away refused and said it is not his fault if the ECS was not cut automatically. I had followed all the process as informed by the LIC agent for ECS but still I am being asked to pay for the fine. I also told Mr. Shyam Gowane that they could have collected a check from me on the very day when ECS was not cleared, but he refused.

Please help me Sir. Please suggest me what i can do about it, coz i cant pay fine for every month till the ECS gets cleared.

Regards,
Rajesh Philip
[protected]@gmail.com

Sr No Policy No FUP Prm Amt Inst Service Tax Edu Cess Late Fee Tot Amt
1 [protected] 27/09/2012 1,041.00 1 0.00 0.00 0.00 1,041.00


Above Transaction Through my Axis bank credit card

Payment is already Debited in my Axis Bank Credit Card, But No Online receipt Generated.

Please e-mail me For LIC Receipt For Policy No.[protected]

Last 7 Days To Not Credit Amount 1061

Please Given Suggession to Return my Debited Amt.

Regards,
Chandresh Mesvaniya

sir i am lic agent of lic of india i am using the portal of lic since long time but from last few days my portal login id saying invalid so please do the need as soon as possiable

thanking you



your faithfull
lic agent ( m.prabhakar )

I am an LIC agent with agent code 02716309 in MG rd branch. Recently I submited a policy and i should get around 15000 in whole and apart from that the Bonus. After submited the policy and i got the policy bond with FPR. they transfered the commision also. after few days they took the money out of my account saying that i need to submit some more policy then i wil get this amount. they said my license is going to expired in fewdays.

My question is when my license was not in force why the branch accepted teh proposal. they took the policy and blocked my commision of 15000. DO was not supporting me also. i checked with other branch also they said i should get the commission since my account was active when i submited the proposal.

kindly take immediate action on this.

My name is S Ramachandran. I have availed loan from LICHFL While closing the loan they have told me to charge penal interest and overdue interest. But based on my case the LICHFL TRICHY has kind enough consider the case on the merits and waived all the extra costs.Thanks to LICHFCL TRICHY,and I humbly ask the publishers not to publish the previous my anguish in your column Thanking you

My Name is S Ramachandran. I have availed loan from LICHFL TRICHY TAMIL NADU last year. Now 15 days back i have paid Rs 14.27lac from my Own sources At that time they told to remit Rs 14.52lac. After enjoying and accounting the amount in LICHFCL AC. now they have informed me to remit furthet Rs 37500/_ with pre pay payment penalty and broken interest of Rs 7500+ closing charges Rs 3700/_Actually they have accepted the amount of Rs 14.27lac without penalty. Pls advice them accordingly immediatly to release me original documents

What basis LIC announcing Highst NAV

i have taken wealth plus march2010 ,NAV is 10 and number of volume is 3700 for Rs.45000.
What is this ????????????????
i am not able to get break up of service chages.it mean hiden charges.

NOW,the premium is 3 years and 8 years completion time. i have paid only 1 year premium,becs of non surity of LIC and NAV not grown.

this policy will be possible to claim after 3 years mentioned in online.

if any body suggest to me, what will be the my return 2010 to 2013.

Sir,
I am Unable to login in LIC online Portal while Registering in its portal they ask to enter policy No. and the premium paid by me,but while entering these data they give me a message that ' your policy No. submitted by you is not valid.

Numerous times i have mailed them but i have not received any answer from LIC.

Please make some arrangements.

Thanking You

Regardsbr...

I have taken Loan From LIC housing Finance Limited on 20th Sep 2010 of Rs.28,50,000/- tenure is 22 years
EMI was set @ 25308 / Month,

Now i have given written request to the Pune, Baner Branch as process suggested by Bank Executive to increase EMI amount from 25308 to 30,000.

I am calling them every alternate day once they did not pick the phone if they do then they give one or the other reason to update the details

i have submitted my application on 1st Sep 2012 and bank executive has promised me to complete it by 5th Sep 2012 & EMI of 15th Sep 2012 WILL be increased to 30,000/-

Now Executive is refusing saying that system is not accepting, i will try, you can make prepayment every month, why to increase EMI, etc

Please help me and give solution to over come this problem

Today I was going to pay premium of 2 Policies[protected] and[protected] of my son through LIC site but found they are lapsed

with last payment received on 27 Mar 2010. The commence date is 28/3/2008.

I am sure I had paid cheque's and then through net banking (Citi bank). But since my account is closed in citi bank am not able to

get the details. I had also not got intimation/notice of policy getting lapsed by LIC or from Agent.

LIC should have sent me policy lapse intimation if my premium was not paid after the grace period, so that the reinstatement amount would had been marginal. I am getting to know on my own after the lapse period gone for 2 yrs.

I request the concern authority to look in to this matter and resolve my complaint at the earliest.

Thanks,
Pranav Gandhi
[protected]

Sir,i have a complaint regarding the non updation of premium amount.
my name is Girish solanki
my policy no.[protected]

I am living at Ahemdabad and my policy maked from Kerala.
Actually the policy has been done in kottayam division but since 2 years we are living in Ahmedabad and last premiuam deposit from Sirohi (rajasthan).
My brother had deposited the premium amount was 03,October 2011 and next premium is in 24, September 2012.
But thing is last premium is not updated on the account as a result of which when my wife gone for depositing premium amount today in Ahmedabad branch , he was told that the premium amount of October is also left and still it has not been updated and also policy is closed .

After complaining to the LIC office at Ahmedabad (Gujarat), where i used to deposit money they told that"they are not the authorize person to do any changes or updates in the account".

Now you tell me what to do,will i think that my money has just gone and i again have to deposit the amount or there is alternate option.

As a proof i have the receipt given by the man present at the deposit window when i have deposit the money in the 03, October 2011.


Please do reply as early as possible.
Thanks

Sir I had given cheque dated 10/10/2011 drawn on Union Bank of India amounting to Rs.30156 for paying premium to my policies and its an LIC agent who received the cheque and cleared from my account on 13/10/11 and so far my policies are in lapse condition and the sum assured is around 10 lakhs and if something has happened means my family will not get sum assured from LIC since the policy is under lapse condition. Till 20/9/12 my policy premiums are not paid. Kindly take strict action against the agent.

Dear Sir,

The undersigned was sanctioned home loan by LIC Housing Finance Ltd, Upasna Tower, I floor, Subash Marg, C-Scheme Jaipur on[protected].
The total senctioned amout for this was Rs 24 Lacs. Out of this I received Rs. 23,08,000 in two instalments.My loan A/c No. is[protected]. This loan was senctioned under under Griha Prakash Scheme with 8.75% per annum floating rate of interest with LHPLR minus 250 bps. Monthly EMI for re-payment of the loan @ 8.75 per annum rate of intrest was fixed as Rs. 26976.

As against this instalment LICHFL started charging EMI of Rs. 29359 per month without giving valid reason for the charging this higher amount of EMI. After some time vide their letter No. LA : 119208 dated[protected], Area Manager LICHFL Jaipur informed me that rate of interest has been revised by 50 bps on the housing loan scheme w.e.f. 1st October' 2010 (payable in November' 2010). Therefore the applicable rate for the loan would be 10.50% floating. Consequently the EMI stand revised to Rs. 30711 from[protected]. With this the payment period for this loan was also extended and last instalment of loan was made due on[protected], which earliar was[protected].

After few months I received anothe letter No. LA : 119208 from Area Manager LICHFL Jaipur, intimating me about further revision in the rate of interest of my loan account No. :[protected] by 50 bps with rate of interest 11% floating and started charging higher interest w e f January, 2011(payable in Februry'2011). Based on this my loan repayment period was revised to 123 months from 119 months. and last installment of the loan was made due on[protected].

After some monts , I enquired from the Area office of LICHFL Jaipur about the rate of interest being charged against my loan account. On this to my surprise it was informed that the rate of interest has been further revised to 11.90% per annum floating. For this they have further revised the loan payment period. No intimation /information regarding this revison of interest from 11% to 11.90% was received. This they have done unilaterly without keeping the customer informed.

Recently i enquired from one of the office of LICHFL about prevailing rate of interest on housing loan at which they are sanctioning the housing loan. It was informed that the rate on housing loan is 10.5% only. But against this they are charging much higher interest of 11.90% from their old customer. This act of LICHFL is beyond my understanding and I shall consider this as clear exploitation of a customer like me. If LICHFL will continue to behave like a Marwari businessman and continue to increse rate of interest without giving any reason and also without intimating me I will never be in a position to repay my loan. This government organisation is behaving worse than a private organisation / Bank.

It is requested to kindly look into my grievaces and advise LICHFL to do some justice to a customer like me by reducing the rate of interest which they are presently charging to 10.5% per annum, which is being charged by most of the financial institutions in the country.

Thanking You.

Your's Sincerely
Ramesh Chandra Meena
905, Kailash Tower
Kaushambi, Ghaziabad-201010
E mail- [protected]@gmail.com
Mb : [protected]

Hello Sir,
I just wnt to inquire from you regarding my Jeevan Anand policy which I took last year at a premium of 25000/ Rs per year for 15 year at the time of buying this policy our agent gave us Rs 6000 benefit and took only 19000/ Rs only which Know I want to discontinue it any further and he is asking 50% benefit back from us ie Rs 3000/ just want to inquire whether I am bound to pay him the amount and if so why and how much.? as I had already have loss of 19000/ as i had asked for any refund if possible and for that he said no refund as it is only possible after 3 installment ; please solve my query I will be grateful to you , Thanks in anticipation.

status of my polliy o[censored]nits thankhu