Dear Sir,
I Shabbir Badsha had taken Bal Vidya policy in my son Murtaza name.
Policy details:- Policy no: ********1, commencement date: 15th Feb 2003,
Murtaza birth date: 30th July92.
As per the contract document monthly payable amount had to increase from
2% to 4% from March 2010 but same is not the case. I still receive 2% and
letter written to LIC, branch 89A has evoked no response. I have personally
visited the branch but no one had answer to my query.
Yes, I too am facing a similar issue, the terms have been changed from what was originally promised and now they are asking me to refund Rs. 6000/- which they claim is the excess they have paid, well I will never take another policy from this company again, NOT EVEN FOR FREE.
Shabbir Ji,
My case also is similar to yours. LIC is going back on the commitment given in policy (and subsequently issued endorsement).
1) Can LIC change the commitment given to customers, in such an adhoc manner, when it comes to disbursing the sum assured, without any default from customers?
2) Is there any sanctity/legality of the policy document and associated terms and conditions communicated to customer while selling the policy to customer?
3) Usually when it comes to commitments from customer, the policy T&C become binding on customer (by default) after free look-in period, if no correction is indicated. Why this should not be equally binding for insurance company as well?
Based on my research on net, I believe, that many LIC Bal Vidya customers are being made to sufer in the same manner. This, in my opinion, is extremely unfair and un-ethical on part of an esteemed organization like LIC. This betrays the trust of so many of the loyal customer's like you and me.
An email communication has been sent to LIC of India on January 14, 2011, 6:40 pm
I had taken LIC BAL VIDYA POLICY without profit in 2003.
LIC was supposed to pay 4% Sum Assured from Jan 2017 this year .
The same same is also Written in Black n White in the Policy. However, LIC is simply refusing to pay the money.
I ll be losing about 1 lac in 1 year.
They have even sent me a mail stating that as you can see below. They are violating their own policy.
(Sir,
As per provision of the policy Rs. 8000/- will be payable w.e.f 28.01.2018 that is the date of policy anniversary after attaining the age of majority of the child.
Regards
AO
BO-11X )