Life Insurance Corporation of India / Cheated by the LIC Agent Mr. Sanjay of Vasant Vihar, New Delhi Branch

Dear Manager Dt. 3rd April, 2010
Life Insurance Corporation of India New Delhi

We had been sold a Unit Linked Policy by your insurance advisor Mr. Sanjay Chaddha (Mobile No. [protected]), who sits in Unit 127 Development Office, Vasant Vihar Community Centre, New Delhi.

The annual premium was Rs 60, 000. We had given him a cheque (Cheque No. 534533, drawn on Axis Bank Limited) of Rs 60, 000 favoring LIC on 31st December, 2009, which was cleared on 4th January 2010.

We were not provided any receipt by Mr. Sanjay and after persistent follow-ups for the receipt and policy documents as was required by our tax consultant for investment declaration; our medical test was conducted by their team of doctors on 7th Feb’10 at our residence.
(The co-ordinator for medical test was Eliza M.# [protected], from Aakash Hospital, Malviya Nagar, New Delhi)

Our grievances are:

1. We had planned our investment much before the financial year end i.e., 31st March’10 and had also paid the first installment but were not issued any cover note or policy for more than three months after paying the said installment.
2. After several follow ups, we were told that the medical tests has to be done again and there was a blood test (Sugar, HIV and ECG) needs to be done. We gave the blood sample on 1st April’10 at Akaash Hospital, Malviya Nagar, New Delhi. On ECG test the co-ordinator Eliza told us that it was not required.
3. As we did not get any policy / cover note or receipt of payment we could not submit it in our company for income tax rebate which was a huge financial loss to us.
4. On doing further follow-ups, we were told by Mr. Sanjay that there would not be any loss because of not submitting our investment declaration (Tax loss of Rs. 12, 000 i.e. 20% of 60, 000) and he will co-ordinate with Income Tax department for our refund. It was this statement that alerted us as whatever little we understand, now when we have not produced any investment document and our tax has already been deducted, all we can do it is put it in IT Refund Claims.
5. The money (Rs 60, 000/-) was with LIC for three months and we suffered the interest had we invested this money in some term deposit. (Plus 12, 000 of tax loss)
6. Who would compensate us for the extra premium that we will now have to pay as we both have turned an year older in January.

We have great trust in LIC and hence we decided to invest in it but this entire episode has reflected the darker side of the working of LIC

We would appreciate if my installment along with interest be returned to me immediately. We would also like to have LIC’s response on the age factor because of which we will have to incur an extra premium payment year on year.


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