LIC is not giving me the amount promised at Maturity
8 months ago
My LIC Afent made me take 4 LUC Policies and also give me a table that after 12 years I get 11 Lakhs back but now on maturity they are giving only half the amount. What should I do. Pls advise
A.Dear Client,
If the LIC Policy is matured without any interruption in payment of regular premium, then the policyholder is eligible for full maturity value as assured in the Policy. Misinformation or misguidance by a licensed/authorized agent to the policyholder in the course of the sale of policy/promotion of insurance business is termed as professional misconduct as per IRDA(Licensing of Insurance Agents) Regulations, 2000. So, you can lodge a complaint against the concerned Agent to the Insurance Company and IRDA for necessary action. As regards less payment of MV than the assured value payable on maturity of the policy, you need to represent your grievance before the Grievance Redressal Officer of the Insurance Company, and if you don't get any response or unsatisfactory response, then serve a legal notice to the Insurance Company and file a complaint against them before the Consumer Court u/s.35 of Consumer Protection Act, 2019 for deficiency in service and unfair trade practice claiming maturity value of the Policy along with compensation for harassment and cost of litigation. Reach out to an Advocate for guidance and steps.
If the LIC Policy is matured without any interruption in payment of regular premium, then the policyholder is eligible for full maturity value as assured in the Policy. Misinformation or misguidance by a licensed/authorized agent to the policyholder in the course of the sale of policy/promotion of insurance business is termed as professional misconduct as per IRDA(Licensing of Insurance Agents) Regulations, 2000. So, you can lodge a complaint against the concerned Agent to the Insurance Company and IRDA for necessary action. As regards less payment of MV than the assured value payable on maturity of the policy, you need to represent your grievance before the Grievance Redressal Officer of the Insurance Company, and if you don't get any response or unsatisfactory response, then serve a legal notice to the Insurance Company and file a complaint against them before the Consumer Court u/s.35 of Consumer Protection Act, 2019 for deficiency in service and unfair trade practice claiming maturity value of the Policy along with compensation for harassment and cost of litigation. Reach out to an Advocate for guidance and steps.
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A.Dear client,
You have to visit the nearest office to you, of the insurer, or call the insurer to begin the process of claiming money. In case the LIC agent refuses to pay back the money, you can file a police complaint against him.
You have to visit the nearest office to you, of the insurer, or call the insurer to begin the process of claiming money. In case the LIC agent refuses to pay back the money, you can file a police complaint against him.
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