Hi Team ,
I would like to bring to your notice the kind of mismanagement being done by LIC and also misguiding customers resulting in loss of money.
My father had started few policies with LIC in late 1990's & early 2000. The agent misguided him that these polcies will be fruitful and after 5-6 yrs even if you will withdraw them u will get handsome returns. i have attached my LIC policies along with the required details.
Now yesterday when i went to LIC office to check the surrender value of these, i was being informed that i will be getting only close to 50-60 % of actual amount that has been invested.
for ex for one Policy , we have already paid premium of close to 3 lacs and its been 9 yrs since we have been paying the premium. However, LIC guy told me that if i withdraw today i will be getting 1lac 75 thousand only. The bonus amount is close to 3 lacs but that has been taken away completely. i understand that since i am surrendering the policy so i dont have full right over bonus. but being in the policy for such a long period of time, atleast i should be getting some part of bonus.
Leave apart bonus, even they have reduced the premium value that i have paid to half even after 9 years.
Even the policy documents says that, if premium is paid for 3 yrs continously, money close to 90 % of premium should be paid.
I fail to understand there is no clarity on part of LIC regarding their holdings & even a plain bank FD doubles the money in 8-9 years, but here i am getting half of what i have invested, leave apart the profit.
I urge you to take action in this regard so that i can get my desrved money back & people like me are not fooled in future and develop faith & respect in your authority

Please feel free to revert for any queries or clarifications

Thanks for all your support
Thanks
Ankur Bhati