[Resolved]  Life Insurance Corporation of India [LIC] — extreme penalty levied over surrender of policy no[protected]

Address:

H/No 294, Vill. Chhatwal, PO. Jandwal, Pathankot (Pb.)-145001 (Mob 8968811404), Pathankot, Punjab

I prakash narayan pandey, an ex-serviceman, am a resident of jharkhand and residing at pathankot to earn fee amount of my daughter shyama rani who is undergoing a professional course at nift, bhubaneswar (Odisha). Keeping in view the future financial requirements i had purchased a lic policy no.[protected]New endowment plan) of my daughter shyama rani on 15 jun 2014 when she was a minor and was studying in class viii. The premium of the above said policy is borne by me. The cumulative subscription till date without interest amounts to rs. 1, 66, 000/- (Rupees one lakh sixty six thousand only). The 3rd semester fee rs. 1, 21, 700/- of my daughter is due to be paid by 09 sep 2019. To meet the financial requirement i had to surrender the said policy as there was no other option with me but lic (Branch no 2, saili road pathankot) has been remitted only a sum of rs. 1, 23, 329.12 which is an extreme brutal act with the customer having expectations to meet urgent financial needs. I want justice and at the same time urge to kanow from lic that on what account a sum of rs. 43337.88 have been levied after utilising my hard earned money for five financial years. I urge this is an extreme penality over the innocent customer. I urge to kindly look into the matter and direct lic to pay me at list my full subscription of the policy so that i can pay my daughter`s semester fee please.