Agent fraud
1 year ago
My father died of corona and he had a lic. After 1.5years we got our 1 lakh rupees. My mother and i had two existing insurance policy which premium we had not paid for one year. So when we got the money, we paid 44 thousand through check to the LIC agent who is also one of our relatives. He told that as LIC had given us the money we had to take one more policy and it's in guidelines. And we told to take 6000 policy. He signed from my mother on that paper and as he's our relative, we believed him. But he opened a 45000 rupees policy. And when we knew about it it's too late and the cooling off period had passed. Now my mother's previous policy is still pending and we have another burden of paying 45000 per year. What can i do?
If you want to cancel your LIC policy because you do not like its features and benefits, then you must make this decision within 15 days of receiving the policy documents. According to LIC, you have all the rights to cancel a LIC policy, before 15 days of receiving the policy documents. However, in this case, it is advisable to consult an advocate well-versed in this regard.
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