refusing interest for delay settlemens

Location/place: Bangalore Doddaballapur

Name of company/service: L.I.C.Of India

Refuesting interest on delay settlement
Hence This complaint.

srikanth acharya

May 2

to customerzone_b.

Doddaballapur

27/04/2012

To

The Manager,

LIC of India

M.G.Road Branch,

Kasturba Road,

Bangalore

From

K.V.Satyavathi,

“Padmasri”

Hospital Circle, Doddaballaapur

Bangalore dist.

Dear Sir,

Subject:Interest on the Matured Policy – delay in settlement.

Ref:- Policy No.363569700 Matured on 4th Nov 2011

With respect to the subject, I hereby bring to your kind notice that the said policy had matured on 4th Nov. 2011. After continuous attempt on telephone I could get the instructions/ procedure to surrender the policy to get the matured amount. I surrendered the policy on 18th Nov 2010.

But there was no news for 2 more months & after continuous attempt on telephone & physical approach it was told by your officials that I won’t get the amount. It had already converted into pension & if at all I want the amount I was shocked to hear that I need to produce a false medical report stating that I need amount for major operations otherwise I won’t get the fund. This was told to me by your officials after three months. i.e, in January 2012. For which I approached several M.D. Doctors & one of them took Rs 1,500/- & given a false certificate. The same I produced to your Office to get the amount.

But again your officials told me that the file has to go to zonal office for clearance & it will take min three months. I had no options but to wait. & now as you know after 33 tele calls(more than 500 attempts ) & referring matter to Divisional Manager, D.O.2, Your officials told me after 5 months that I need to give one more letter to get the amount.

Now the question is

1) Why your officials have not informed me to surrender the policy within the required date? From September 2011 onwards I started to call to know about this policy features after maturity but no one lifts the Phone no. 22966876 & even if anyone lifts they used to cut off the line & if I attempt again I used to get continuous engage tone.

2) If the policy is automatically converting into pension why this is not informed me even while taking the application to get the maturity amount on 18th Nov 2011& further delayed for payment? Why your officials are not caring about the interest rates of policy holders cash?

3) There is no communication from any of your officers about the inability to convert the pension to deliver the amount as per the request by me.

4) Why it is mandatory to get a false certificate to get the matured amount?

5) You have taken a letter from me about my acceptance for surrender charges after 33 successful (not attempts) telecons in the month of March after almost 5 months. Why this is not taken before & delayed unnecessary?

6) You have paid the amount to me after deductions only but why you have not given the interest for 5 months for this amount which is delayed payment from your end?

Here by I claim for the interest for the said amount from the date of surrender before going to consumer forum within 15 days from the date of receipt of this notice.

With regards

K.V.Satyavathi (first letter sent on 29th March 2012 by post)