This is with reference to wrong calculation of surrender value of Money Plus T.No.180(GROWTH)
Myself, VIKAS SALUJA (Policy No. 313023285 with commencement date 24/02/2007) and my father BRIJ BHUSHAN KUMAR (Policy No. 313025873 with commencement date 12/03/2007) invested in Money Plus T.No.180(GROWTH) in Feb 2007 and March 2007 respectively.
We both have paid 3 premium of 10,000 each in 3 years (total 30,000 in each policy) i.e. upto feb/march 2009. After that we have not paid any premium as per advice of Agent as he told that we’ll get min 60,000 Rs after 5 years.
Well, our policy were foreclosed by LIC without any intimation / prior information.
These days when market is daily making new highs, we thought to surrender our ULIP fund and we contacted the 23M branch. Executive present in the branch suggested us to fill up the form and we will get the money in 3-4 working days.
As per LIC executive’s advice we filled up the form and the money was deposited in our respective account.When we checked the amount deposited in our account we were astonished to see the amounts.
A). For VIKAS SALUJA (Policy No. 313023285 with commencement date 24/02/2007) amount was INR 30,657 against premium of total 30,000 INR.
B). For BRIJ BHUSHAN KUMAR (Policy No. 313025873 with commencement date 12/03/2007) amount was INR 17670 against premium of total 30,000 INR.
When we contacted executive in LIC OFFICE (23M), He told that all the calculations are system generated and right.
Now there are three queries in this matter:
1. For VIKAS SALUJA – Policy No. 313023285 , the amount must be 43644 (=2601.777*16.7748 i.e. no of units * NAV of 09/09/2014) and approximately same amount for BRIJ BHUSHAN KUMAR – Policy No. 313025873.
2. When the date of commencement for both the policies is more or less same (15-20 days difference only), why the amount redeemed for both the policies vary too much by INR 13,000. It shows major blunder done in calculation by LIC OFFICE.
3. We have not received any notice / intimation regarding foreclosure of the policies.
In totality, we are in loss in both the policies. In case of VIKAS SALUJA it’s 13000 INR loss and In case of BRIJ BHUSHAN KUMAR it’s 30,000 INR loss as per NAV of these days.
Regards
Vikas Saluja
91-9435718421
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