harry (teamlead) 20 October 2013

Lic not giving amulaya jeena term plan

I had applied for Amulaya Jeevan (25 Lakhs, 35 years) for myself. It has been over 2 months since I approached the LIC agent for the submitting my application for the plan.

The medical tests (by LIC appointed hospital) are done and the reports are also fine. Initially one cheque (1000 was submitted to LIC before medical test). Later on after the medical reports came I was asked to submit the remaining Rs 7600 for my policy. Both cheques have been credited to the LIC account. I was told that I would be getting the policy document within two days.

But after waiting for the policy bond for a month I was told that the LIC can only provide cover of 10 lakhs for me under a different plan called Anmol Jeevan whose term is only 25 years. And the excuse they are giving is that they are getting many death claims so the LIC SDM is not approving any new Amulaya Jeevan term plans.

But they are not responding to my emails.They Only replied telephonically.

Is LIC bound to give me the reason for not giving the Amulaya Jeevan Plan. Is LIC justified to change their decision of not giving me the Amulaya jeevan plan even when I am eligible for it.

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2 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 01 February 2014

This plan has been withdrawn by L.I.C.

Kumar Doab (FIN) 02 February 2014

>> Apparently LIC has collected proposal form from you in beginning of Dec13.

LIC has discontinued policies from 31.12.2013.

However pls check the details at your end.

>> Record all calls.

>> The act of LIC is in violation of Insurance Regulatory and Development Authority (Protection of Policyholders’ Interests) Regulations, 2002. Section:4(6)………..

Instead of remaining entagled with agent and others who have been calling you on phone you may submit your representation addressed to Div. Manager-CRM in local office and narrate everything that you have posted and mention the representations made by you so far with dates, names of LIC personnel, brief discussion, and conclude that during each phone call you have demanded to supply you the policy bond thru redg. Post only and despite your representations till date the policy bond has not been supplied and LIC should supply you reply in writing on its letterhead under priginal seal and signature of the Div. Manager-CRM.

You must mention date and number of proposal form submitted by you, date of medical tests, cheque numbers, amounts etc………………..

Obtain acknowledgment with original, seal, signature, date, diary number and tell the Div. Manager-CRM that you shall be sending the acknowledged copy to Chairman, and you should not be disturbed on phone and a certified copy of proposal form collected from you, medical tests reports, comments of Managers/underwirters in case of issuance of policy to you, any communication sent to you with POD be supplied to you by redg. Post only so as to reach you in next say……………………7 days.

Did the LIC supply you the propectus, copy of proposal from signed by you, reciept of cheques collected from you…………………………

>> You may go thru:

Insurance Regulatory and Development Authority (Protection of Policyholders’ Interests) Regulations, 2002.

Carefully and especially :

4. Proposal for insurance

(1)……………….

(6) Proposals shall be processed by the insurer with speed and efficiency and all decisions thereof shall be communicated by it in writing within a reasonable period not exceeding 15 days from receipt of proposals by the insurer.

5. Grievance redressal procedure

10. Policyholders’ Servicing

11. General

(4) Any breaches of the obligations cast on an insurer or insurance agent or insurance intermediary in terms of these regulations may enable the Authority to initiate action against each or all of them, jointly or severally, under the Act and/or the Insurance Regulatory and Development Authority Act, 1999.