LIC agents gave wrong information verbally
6 months ago
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.
In the prevailing situation you may take the following stemps to redress your grievance - 1) File a Grievance before the GRO of the Divisional Office of the LIC conderned, 2) File a complaint under IRDA(Protection of Policyholders Interest) Regulations, 2002 online in the official portal or in offline mode in a prescribed format available on the official website of IRDA, 3) File a omplaint before the Insurance Ombudsman concerned, 4) File a complaint against the concerned agents for violation of code of conduct laid down by IRDA.
n situations where there is a dispute over insurance policies and the information provided during the sale, here are some general steps you can consider:
Document Everything: Gather all documents, correspondence, and records related to the LIC policies, including the application forms, policy documents, premium payment receipts, and any written communication with the agents.
Contact the Agents: Try to communicate with the LIC agents and express your concerns about the misinformation provided during the policy sale. Request a written explanation from them regarding the terms and conditions of the policies.
Review Policy Documents: Carefully review the policy documents, terms and conditions, and any literature provided by LIC. Check for any discrepancies between what was explained verbally and what is stated in the written policy documents.
File a Complaint: If you believe there has been misrepresentation or misleading information provided by the agents, consider filing a formal complaint with LIC's grievance redressal mechanism. LIC typically has a dedicated department to handle customer complaints and disputes.
Regards
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