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LIC agents gave wrong information verbally
Hi team, I have a LIC policy, Jeevan Aadhar (114) with me as life insured and my mentally retarded sister as nominee. The agents(2 agents) told this is a special plan for differently abled children. They gave the following wrong information about the LIC policy while taking it. - my parents can't be the life insured as they have crossed the age the policy allows( mother was less than 60 & father less than 65 at that time) and told to have it on my name(I was 26 years then) have and my sister as nominee. - we will get the maturity amount after the completion of the policy premium term which is 10 years, there is life coverage for 100 years or till the policy holder dies. - the policy has to be taken as multiple policies with small premiums instead of a single policy as the benefits would be more with the former. All these were informed to my parents VERBALLY. And My parents took 10 policies with smaller premium amounts. All these 10 years they paid the entire premium. This August 2023, the policy premium term completed and the agent gave us the forms to be filled and took it back for claiming the maturity amount. A few days later when my parents didn't hear back from him, they called him and enquired. Then he told that we'll get the benefit only when the policy matures which is in 2112 or if I die. And now they are claiming that they had explained this while taking the policy. Will anyone in their right mind take a policy which will mature only after 100 years or if the 26 year old dies, for the benefit of her sister who is only 4 years younger than her? We feel cheated. I want to give my parents their money back. Is there a way to do it,? If I approach lic grievance, will it be of any use as there is no proof for any of this and it was all verbally communicated? What are the legal options I have? Should it be against lic or the 2 lic agents? Please advise.
Kolkata
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