Lic agent misappropriated insured premium money
Ritesh Rathod
(Querist) 09 October 2017
This query is : Resolved
Dear sir i get insured my self with LIC by taking insurance from agent. Every time agent collect the cash for premium and gives the receipt for same but since last many time agent just collect the premium amount and did not give me a receipt i come to know that due to non payment of premium my policy lapsed. What remedy i have?
Sudhir Kumar, Advocate
(Expert) 10 October 2017
revive the policy by paying the premium.
share the action of the agent with the company.
Ritesh Rathod
(Querist) 10 October 2017
Sir but i had already paid premium amount and around 1 Lakh to the agent. For the act of agent principal is liable?
P. Venu 
(Expert) 10 October 2017
What is your proof for the payment? Bring the matters to the notice of the LIC.
Rajendra K Goyal
(Expert) 10 October 2017
Revive the policy first.
Lodge FIR against the Agent if have proofs of payment.
Kumar Doab
(Expert) 10 October 2017
Is agent still active in the records of LIC?
LIC can act on your complaint.
If you can establish, you have the merit.
If you can establish you can lodge police complaint as well.
In future prefer to pay either in person or by cheque, or on line.
Ritesh Rathod
(Querist) 11 October 2017
Sir may i knock the door of consumer court?
Sudhir Kumar, Advocate
(Expert) 13 October 2017
Since company never authorized the agent to collect premium in cash they are not responsible towards you for his unauthorised act.
However, they may not like to continue with his agency.
You may file civil suit/criminal case against him.
Guest
(Expert) 13 October 2017
You will not be unwelcome in the Consumer court if you decide to file any case, but final outcome would depends on competence of the forum, whether your case falls within its jurisdiction or not, as you have not decided against whom you want to knock the door, the agent or the LIC and why.
Guest
(Expert) 13 October 2017
Consumer Forum will not be competent to decide your case. So far as LIC is concerned, it cannot be blamed for deficiency of service, as agents are not authorised to collect cash on behalf of the LIC. So far as the agent is concerned, he was not obliged to give you any service after issue of the policy. Any transaction with him would be your private dealing.
Kumar Doab
(Expert) 03 December 2017
Go thru the T&C in policy schedule.
After certain time the policy may lapse and LIC may send you the cheque of SV as per T&C of the policy.
Act against agent without delay.
Guest
(Expert) 04 December 2017
It is a private matter between you and the LIC agent, as LIC does not authorise any agent to collect premium from the insured persons on its behalf. No court can help you in the absence of any evidence in your hand. You took risk for your own convenience by paying money to the agent, not of the LIC.
So, you are required to settle the issue mutually with the agent..
However, for revival of policy you will have to approach only the concerned LIC branch to get the policy revived after payment of the the due premia along with penalty, as the terms of the LIC. Otherwise, get your policy treated as paid up as per the terms of the LIC.
P. Venu
(Expert) 04 December 2017
You are posting too many a query? Is there any real issue or are you in pursuit of competence of this Forum or its experts?
Guest
(Expert) 04 December 2017
Nothing realistic. Even in this case, instead of questioning the concerned LIC agent for default or approaching his own LIC branch he put straight question before the experts, as if every issue can be sorted out only through the courts of law, not by the concerned executive office to which the problem relates.
Moreover, he even did not think proper to mention whether he questioned the agent, whom he gave money and whether he was ready or not to refund the amount or to pay to the LIC.
Apparently, he can only be a shortsighted law student, who could not think beyond the premises of his law class.
