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[Resolved]  Life Insurance Corporation of India [LIC] — LIC Jeevan Saral Policy

To: The Manager,
LIC, [protected]@licindia.com
Santacruz, Mumbai

Subject: LIC Jeevan Saral Policy payment issue.

Dear Sir,
I have surrendered my Jeevan Saral policies (with profit) in September and October 2020, policy no.[protected] with receipt 54395 received and policy no.[protected] with receipt inward no. 1323 received from LIC branch 887 Santacruz (W), Mumbai.
I have received settlements of both the policies, however,
The total amount paid by me for both policies were 127 months x Rs. 2, 799 per month = Rs. 3, 55, 473 x two policies = Rs. 7, 10, 946.
Total of Rs. 6, 43, 216 was credited for above policies into my account as surrender value. That is total Rs. 67, 730 LESS than the actual amount I have paid over 10 years period and not received any profit or bonuses!
I am a senior citizen of 60 years and a house wife. I was hoping to live on this LIC savings but I was disappointed after what I have received as a final statement from LIC and I have not been given any explaination of the surrender value amount I have received.
I would like to know therefore:
a) Why was I not paid the value of all my all installments?
b) Why no profit and bonuses added to the surrender value when that is what I had opted for?
My LIC agent had clearly told me when purchasing the policy that, after 10 years I could exit and be eligible for profit + loyalty addition amount.
I request you to kindly look into the matter and hope for a favourable answer.

A very dissatisfied LIC customer.

Sincerely,

Surabhi Sharad Macwan
[protected]@hotmail.com
LIC Jeevan Saral Policy
LIC Jeevan Saral Policy
LIC Jeevan Saral Policy
LIC Jeevan Saral Policy
LIC Jeevan Saral Policy
LIC Jeevan Saral Policy
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Complaint marked as Resolved Jan 6, 2021
I have to delete my page as some fraud number is calling to solve my problem. Guys be careful and do not place your telephone number or bank details on the site. Check any documents for the same before uploading.

Complaint Status


[Jan 06, 2021] Life Insurance Corporation of India [LIC] customer support has been notified about the posted complaint.
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    Life Insurance Corporation of India [LIC]
    Customer Care Service
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    39%
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    Life Insurance Corporation of India [LIC] Phone
    +91 22 2217 8600
    +91 75 5267 6254
    Life Insurance Corporation of India [LIC] Address
    LIC Central Office, 2nd Floor, Jeevan Bima Marg, Mumbai, Maharashtra, India - 400021
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