Life Insurance Corporation of India [LIC] — Policy Number[protected]. LIC Jeevan Shanti (Non-Linked, Non-Participating, Single Premium Annuity Plan}. Plan No.850.

Complaint of Cheating and Mis-Information while selling LIC policy.
I have raised this complaint with all available avenues in LIC organisation, IRDAI and none of them have taken any action / reverted to me with any explanation / resolution to this complaint. I have infact recently even approached the Insurance Ombudsman Office with the complaint but they all Seem to be partners in crime and the public ultimately suffers.

I would like to file the following complaint against LIC for mis-informing me about the their policy returns and resulting in getting my money {Rs.10, 00, 000, Ten Lac Rupees only} stuck with them at a very low rate of return {5.94% instead of the promised 7.9% at the time of offering the policy).

The details of my complaint are as follows :-

1. Name of Complainant :- Mr. Soumane Chandra Kar
2. Communication Details :- H.No.76, 1st. Floor, Pocket-22, Sector-24, Rohini, Delhi-110085.
3. Email ID :- [protected]@yahoo.com
4. Contact No. :- [protected] {Mobile No.}
5. Insurance Type :- LIC Jeevan Shanti (Non-Linked, Non-Participating, Single Premium Annuity Plan}. Plan No.850.
6. Insurance Company :- LIC Of India.
7. Name of Policy Holder :- Smt. Mridula Kar
8. D.O.B. of Policy Holder :- 16/06/1945
9. Policy No. :[protected]
10. Form No. :- 112162
11. Date :- 21/09/20
12. Policy Serving Branch Code :- 108
13. Policy Serving Branch Address :- 6/32-33, 1st. Floor, Gurudwara Road, Karol Bagh, New Delhi.
14. UIN :- 512N328V02
15. Complaint :- At a very grave crisis situation in which were during the time due to the Covid Pandemic, to safeguard my hard earned saving and to earn some respectable return on it I had opted to invest the money in LIC, I had actually approached the agent for PMVVY but he instead informed me that Jeevan Shanti is a better option due to its Tax Saving feature, higher return and loan against investment feature. It was a no-brainer that this policy was much better based on his promise of 7.9% return PA on the investment. But shockingly when I received the Policy document on email I found out that the return was only 5.9% and that too with a “Deferment Period of 1 Year“ which makes the rate of return even less than 5.9%. I had much better choices of other investments at that time where I could have earned much higher return that 7.9% but I went for LIC based on Reliability and Trust, both of which they have “Broken”. I would also like to mention here that I had warned the agent to not present the cheque if there is any “Ambiguity” on the rate of Return but he went ahead and invested it for his petty gain. Moreover after this incident I had written all concerned personnel at LIC by email {getting their email IDs from the Website, also talked to some of them on phone} but nobody helped me and I was left out / ignored and rendered helpless and therefore no action taken on my repeated reporting of the incident and my pleas. This seems to be a “Scam” of some sort to fool “Senior Citizens” like me and get our hard earned money out o[censored]s.Please take strict action against all responsible.
I would also like you to intervene and get my Invested money freed from LIC with Interest on the amount (Senior Citizen FD rate of Interest) till the day they credit the amount to my account.