Lic policy
venkatkrishna
(Querist) 03 January 2013
This query is : Resolved
I have taken LIC Market Plus Plicy in the year 2006 and invested Rs.1L. It was matured after 5 years and I have forgotten to surrender and claim the same. Even my Agent also did not inform me. after 6 months when I realised and enquired for the same I am told that the total maturity amount is Rs.1.25 L only. It was shocking to me, if I invest even in fixed deposit I would have get much more. Above to this shock I am told that the policy is converted into pension scheme where I cannot take back my money. but early I will be paid Rs.8000 only. Being a small employee and my earnings are very meagre wish to invest some benefit schemes but it turned to loss invest scheme. the said amount can be released only in case I fell sick and bed ridden. in such case also 25% will be deduct and balance can be paid to me.
Is not just cheating by govt organisation. How any govt organisation can focefully convert and put nasty conditions to take my money back.
Can you suggest any way out please to withdraw my money.
ajay sethi
(Expert) 03 January 2013
markets have not given good returns during period Januray 2008 - till 2011 . hence you have not got returns you anticpated . markets have moved up after june 2012 . by that time your policy had already matured .
it is necessary to read terms of policy whether you have authorised LIC to convert said policy into penson scheme . contact your LIC agent
Raj Kumar Makkad
(Expert) 03 January 2013
Everyone admits that this is cheating but you have given in the hands of such people who have further made agreements to hand over even retail sector to such MNCs.
