Life Insurance Corporation of India [LIC] — Wrong LIC Policy Issued instead of Required Pension Policy

Address:

Bangalore

I WAS ISSUED WRONG LIC POLICY INSTEAD OF REQUIRED PENSION POLICY.

THE BELOW EMAIL WAS WRITTEN TO THE LIC ADVISOR ANANT SETH WHO ISSUED A WRONG POLICY.

I HAS ALSO SENT A LEGAL NOTICE TO LIC - NO REPLY FROM LIC
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Mr.Anant Seth
Good Evening

This has reference to the discussions I had with LIC branch manager regarding the Wrong Policy given by you.

Despite my busy working / travel schedule, I am forced to write this detailed email.

I visited the LIC branch on 2nd August to surrender all my policies.

LIC Branch manger met me and I informed him all my grievances and informed about wrong policy given by you.

I told LIC manager to call you to LIC officiate immediately and speak to me in front of him.

He called you and you informed that you can come only by 2nd half and you wanted to speak to me on telephone. I refused to speak to you as I was very frustrated.

Suddenly on August 3rd 2019 evening, I receive a telephone call from[protected].
Mentioning that “I am Anant Seth” and you wanted to speak to me (and spoke to me for close to 39 mins.)

I told you the following points during our conversation.

1)I informed you that I was introduced to you by my AOL friend Ms.Smitha Yadhav

2)I trusted her and agreed to meet you,
When we met for the first time, I told you that I belong to a middle class family working in a private sector company.

3)I informed you very very clearly that I dont have sufficient savings nor any inheritance of property, I have to take care of my family including my aged mother.

4)I asked to to give me a PENSION PLAN from LIC that is suitable for my above mentioned requirements.

5)You explained to me that there is a suitable policy which will give you MONTHLY PENSION and Lumpsum Amount after my retirement.

6)I asked you that what will happen, if by chance I cannot pay the premium for the policy till the end, You also mentioned that I can stop paying premium / discontinue after couple of years and get back my full money immediately with interest what I have paid.

7)I was very happy and I paid my 1st Premium cheque.

8)After you collected my 1st premium cheque, later I was surprised to get 16 SMS's from LIC mentioning 16 different policy numbers and premium amounts.

9)Immediately I called Smitha Yadhav who was in your office at that time and mentioned to her that I needed only 1 PENSION policy from LIC and I have received 16 SMS's.

10)I was informed by your office that Pension Plans are done like that only.- I trusted and kept quite.

11)Couple of years later when me and my wife was discussing about our future saving and plans, I also reminded her about the LIC Pension Plan which your had given me.

12)We both read the policies and there were no mention of any Lumpsum amount or Monthly Pension

13)I called up Smitha and she told that it’s better to meet you once and that’s how she arranged a meeting with you in your office.

14)When myself and my wife visited to meet you, your statement shocked both o[censored]s when you did 360 deg turn and told us that there is no Lumpsum amount for this policy after my retirement.

15)I felt that I been cheated, at that time itself and after coming out I discussed with my wife and decided not to continue with these policies any more.

16)After that I got busy with my work related travel outside India and could not visit LIC office to stop this policy and get back my money.

17)Later I came to know thru Smita in MAY 2019, that one of my 16 policies has expired from JAN 2019 and ECS has not happened for one out of 16 policies from Jan 2019.

18)Again I was shocked that there was no SMS / letter / Call / email from LIC side for this lapsed policy and I was also asked to pay the late payment fee for lapsed policy.

19)THIS WAS VERY VERY DISTURBING FOR ME.

20)Immediately I sent am email to LIC on 25th May 2019 mentioning all the details.LIC DID NOT BOTHER TO REPLY TO MY EMAIL

Then it became very clear that I cannot trust LIC anymore as is not bothered about my policy.
God forbid if any claim comes, then me and my family will be made to run from pillar to post for claims.

21)Then I decided to visited LIC JP Nagar office to surrender all my policies and get my money back with interest.

22)Nobody was ready to tell me how much I had paid for these policies, After demanding I was informed that I will get email from Zlic mentioning the details of how much money I had paid and value of money I will get back.
I protested and asked what is the meaning of how much money I will get back as I need my full money with interest back.

Later that night I received email and was shocked again.
I had paid close to Rs.10 lac as premium from last 5 years and I will get back only Rs.5.57 lac for my surrendered policies.

23)Then I decided to file police complaint / consumer court complaint.

24)I am very very frustrated when I came to know that the policy given to me was not a Pension policy and there is no lumpsum amount after retirement

25)when you called me on August 3rd and told me that you wanted to visit my house and meet me.

26)As I had mentioned to the JP Nagar LIC Branch manager, I was not interested to speak to you,
But out of respect and frustration I spoke to you for 39 mins and explained how you broke my trust / how you mislead me and gave a wrong policy where I don’t get any pension after my retirement.

27)Later I checked the LIC website and was shocked to know that there is NO RETIRE AND ENJOY policy from LIC.

28)Then I got confirmed that you have designed your own policy and mislead me.

At the end of the telephone call, you requested me not to file complaint at police or consumer court and you asked me what I want?

As I told you very very clearly that I need my full money with interest immediately and LIC can take back all my policies.

You requested me for time till Wednesday (7th Aug)

LIC have to take back all my policies and I need my full money what I have paid till now with interest immediately.

I am writing this detailed email today (Wednesday)as I did not receive any call from you to inform when I can get my full money with interest back.

Matter Urgent.

Regards
Sudeep