| Address: Visakhapatnam, Andhra Pradesh |
I have taken a LIC JEEVAN PLUS policy vide policy no.[protected] D/[protected] plan 173 and paid an amount of Rs 20000.A policy was also issued in my name i.e Vanka.yathiraja valli with nominee as V.V.R.Shyamkumar..This is an invevestiment under LIC'S JEEVAN PLUS GROWTH A UNITED-LINKED SCHEME UNDER PLAN NO.173. As per the charcterstic of this scheme this amount will be invested in debt/equity market with a ratio of 50%:50% in government securities and equity shares respectively and interest/dividend and profit earned as the case may be will be adjusted to my credit each year to be utilised as further premiums of this scheme. Thus the liablility of further due premiums of the above scheme is reduced to this effect and balance income on this scheme supra above shown as credit balance in my favour every year and the staments thus arrived be sent to me to alert the the further liability if any on this schme. Thus in the process a paper was also published as on[protected] that this scheme was benifited by 29% since october2005 to[protected]. this gave me a hope that my capital appreciation is Rs 5800 during this period and would contribute a lot towords my liability of premium payments to this extent.But the LIC has not sent the annual statements as such and now a letter was received on[protected] vide their letter no nil dated[protected] asking me to pay some amount vaguely without giving the period or the basis for their contention.I approached on[protected] the dvisional manager,VISAKHAPATNAM .But he is not in a position to sbstanitiate the contents of the letter and vaguely asked me to remit some amount .The basic requirement to any due amounts is the specific demand for the due amounts in advance every year for the same based on the above terms of this scheme as explained above supported by proper annual statements reflecting the credits and debits for the relevent years.Unfortunately the LIC chosen to ignore all norms and vaguely sending letter after6years saying that you may fall due of amounts and remit some amounts or prepare for foreclosure threatning of dire consequences unilaterally which are arbitrative and aganst the HUMAN RIGHTS.Hence I request to kindly arrange to send the ANNUAL STATEMENTS SHOWING DEBITS CREDITS IN VIEW OF THE EARNINGS out of intersts,dividends and profits on the intial investment of Rs 20000 in 2005 as explained above as per the terms of JEEVAN PLUS OF LIC notified at the outset of this scheme.KINDLY ARRANGE TO SEND MY STATEMENTS OF MY ACCOUNT SINCE 2005-06.2006-07,2007-08,2008-09, AND 2009-10.PLEASE ARRANGE TO ESTABLISH BASIS FOR LIC'S INTIMATION TO REMIT SOME AMOUNT VAGUELY.Kindly arrange to send the above basic.LIC has sent an Email in which particulars of appropriation of Rs 20,000 kept at their diposal transferred to LIC account almost completely exhausting my RS 20,000 since 2005 november asking me to remit further additional amount to continue the process without mentioning the figure of the amount to be remitted endlessly. In this regard the follwing unusual methods were adopted deviating from the LIC norms linking period of policy,term and the premium of the policy as per the procedure norms and LICs dignity in extending social security to the senior citizens like me adopting unfair practices voilating simple principles of Justic and Human rights While the LIC policy Issued to me contains Annual premiums as mentioned you have grabed the premiums every month as per the statement supplied to me in spite of my repeated requests.Had these are spared for an year as mentioned in LIC policy the financial scenerio would be different (2)The duration of the policy is to be mentioned.However as per the due date of last payment i.e[protected] noted by you inthe policy the duration of policy is 40 years in my case and dedudcted a total amount of Rs 26,351 up to end of[protected] for 65 months at different rates i.[protected]@324.90 for 9 months,Rs354.59 for13 months,389.30 for 12 months,Rs.428.80 for13 months Rs.472.55 for 13 months,Rs520.90 for3 months,544 and Rs574 for one month.At this rate if I go on remitting the amounts demanded by LIC .The total amount will go up beyond the SUM ASSURED in your policy unlike the other LICs policies . Hence I request you to kindly arrive at a judicious premium amount corresponding to sum assured for a period of 40 years as per your TABLES and fix up the annnual premium to be consumed from my account credits. (3) In the amount allocated coloumn of the statement of appropriation of amounts sent by LIC certin amounts are shown as amounts allocated similar to the DR.and Cr amounts amounting to Rs.26,350 which means that an amount of Rs 26,350 outstanding credit with LIC in my favour as the same is transferred from out of the proceeds of the sales of my units in my account and there are no outstanding dues from me in this regard.As such this amount of Rs 26,350 is avialable for surrender in case of emergency and/or for foreclosure as envisaged in clause10.a charge for premature surrender as per the terms mentioned in my policy.But some staff of Visakhapatnam Dn. of LIC office irrelevently disposed my querry in this regard that nothing is payable in case of surrender/foreclosure,This is to be clarified now as the safety of my very hard earned money with LIC in this regard as shown above under ALLOCATED amount by LIC is thretended only to be whisked away making me a victim of your JEEVAN PLUS policy plan173. This is against principle of fundemental Principal of justice and human RIGHTS.This may be clarified early to save my hard earned . .(4me)It is also not justfied that the benefit of extending BONUS as desided by LIC from time to time is not extended to this scheme i.e JEEVAN PLUS plan 173 as has been extending to other products of LIC.This may be cosidered and add the element of BONUS also in ALLOCATED amount as explained above which may reduce the incidence of further premium amounts .As gone through the conditions on the polcy there is no bar on extendig the BONUS elent. (5) I request the CORPORATION to be spesific in amounts to be remitted,period in advance athe intimation which is totally absent in LICs letter d/[protected] without reference number received by me on[protected].LIC has a healthy practice of giving notices containg all these particulars in avance was the greate tredition..Kindly arrange the needful as requested.
Aug 13, 2020
Complaint marked as Resolved ![Life Insurance Corporation of India [LIC] Logo](/thumb.php?bname=1&src=life-insurance-corporation-of-india-lic.jpg&wmax=280&hmax=280&quality=90&nocrop=1 "Life Insurance Corporation of India [LIC] Logo")
S.K.Verma,
Retd. Director, GSI
S-3, Girija Palace, Friends Colony,
Katol Road, NAGPUR
(Camp address for present correspondence)
SUB: Non- payment of the pension on maturity of the policy under Pension plan : - Jeevan Suraksha with option for direct credit of pension amount through NEFT
Sir,
This is a matter of great concern and gross ignorance on the part of the LIC Br : Kankarbagh, Patna; in observing that my pension which was due to be paid in the month of February, 2011; remains unpaid in my bank account (through NEFT) till date i.e.- May’2011. This amounts to the breach of contract/confidence executed between either party in the matter of payment of pension upon maturity of the policy, besides unnecessary harassment to the undersigned (party) .
The detailes are as follows:
Policy No :[protected]
Maturity Date:[protected]
Pension due: Rs.9, 823/- HLY, starting from[protected] payment due on -February, 2011; through NEFT at
Bank Name : Uco Bank, Kankarbagh, Patna;
Ac/no: [protected] with IFS Code:[protected].
Particulars of Annuitant:
Name : SUBHASH KUMAR VERMA
Address: Flat No. &HF-&/43, HIG Colony, South of T.V.Tower
P.O: LOHIANAGAR, Kankarbagh PATNA- 800020.
Mobile No: [protected]
Email Id : skverma.[protected]@gmail.com
Under the circumstance may, I now request your good office to look into the matter for this in-ordinate delay towards making the timely payment of my due pension onwards.
Yours faithfully,
( SUBHASH KUMAR VERMA )
Retd. Director, GSI, Govt.of India.