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

To: The Manager,
LIC, [protected]
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.


Surabhi Sharad Macwan
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Jan 6, 2021
Complaint marked as Resolved 
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