On 23/05/2011 I issued a cheque of Rs. 14,291/- for the proposal of my new policy of Rs. 35 lakhs. The same cheque was cleared on 28/05/2011. As per request from LIC I have done medical examination. After some days there was requirement of Income tax return proof which I have submitted of lat 2 years. As I have not filed my return for the F. y. 2010-2011. I have submitted soon after my filing the return in the month of August. I have not received any communication from LIC regarding development in my policy. As per IRDA norms if I does not get any feedback in writing within 15 days of my proposal of policy, the same is automatically become valid policy. I was enquiring with my LIC agent regarding my policy. Afterwards I gave deadline to my agent that if I does not receive my policy till end of September, I will complaint IRDA. On 29th September, my agenet told me to do again medical checkup which I have done and I personally taken the report and given to agent which he submitted on 30th September. Still there was no sign of my policy. On 7th October I have written email to you asking for termination of licenseof LIc for not making of policy. On 11th October I received email from LIC regarding unability of doing policy for Rs. 35 Lakhs, and can make policy for Rs. 25 lakhsa only. The same email is forwarded to you and I asked LIC regarding the reason for unability of making policy of Rs. 35 lakhs. I asked the Development officer, Branch Manager regarding unability of policy. Nobody answered me. I decided to go personally and I visited the branch on 1st November. Still nobody answered my question. I was then been told that my policy is passed for Rs. 35 lakhs. I asked them whether LIC is having ‘AMRIT’ or LIC is GOD. Because when they have written about inability of policy of Rs. 35 lakhs and suddenly the are giving policy of same amount. I am sure there is something wrong going on. I wanted the following facts to be cleared and action to be taken on BRANCH MANAGER, DEVELOPMENT OFFICER etc. Till now I have not given my consent for making policy of Rs. 25 lakhs.
  1. WHY THERE WAS SO MUCH DELAY – FROM 23RD MAY 2011 TO 11TH OCTOBER
  2. REASON FOR NON APPROVAL OF MY POLICY OF RS. 35 LAKHS.
  3. WHAT ACTION IS BEEN TAKEN ON THE ABOVE REFERRED PERSONS.
  4. WHY SHOULD I ACCEPT THE PROPOSAL OF POLICY OF RS. 35 LAKHS AFTER RECEIVING LETTER FOR NON APPROVAL OF POLICY OF RS. 35 LAKHS.

Recentely I received the policy of Rs. 35 lakhs dated 03/11/2011 which i sent back on 16/12/2011 for cancellation and asked to refund the amount with interest @ 12% p.a.

WHAT SHOULD I DO ? WHETHER I WILL GET MY AMOUNT BACK OR NOT?

Rushikesh Kuncolienkar