My name is Yogi, staying in Bangalore. My parents stay in one of the village in Maharashtra. One of friend of my father is LIC agent. He asked my father to make LIC policy on my behalf as he needed some financial support. As I was flying away from home for education, I couldnt think much on this transaction. This was back in 2007. I was 25 years old in 2007.
I am paying sum of 42000/- per annum for LIC Jeevan Anand Policy. Recently after coming back to India, I tried to check up details about what happened. I wanted to access online policy details hence approached local office and caught up with same agent. Asked him about details of what has been done with my policy.
It seems agent went ahead and did things for his own benefit. My parents are in old age and didnt catch selfishness of agent. He created 11 policies on my name and my sum of 42,000/- gets divided in such a manner that all 11 policies get paid. After discussing with agent, he said that I made 11 because there are 12 months in Year and you will get money each month !!!! This is disastrous explaination. He did this knowlingly and to raise count of policies he made.
I dont wish to have 11 LIC policies on my name. I feel thats unnecessary. I have been thinking of cancelling all other 10 policies and making up only one policy – easy to keep track of and access.
Can you please suggest what shall I do?
1. whether I continue having 11 policies? Which I personally feel wrong option
2. Or shall I cancel 10 (or different number) and make it one policy?
Your inputs are appriciated.