Acceptance of form 15G for the deposit of Survival benefit with LIC

POSTED BY Mohan N ON September 21, 2014 10:31 pm ONE COMMENT

Hi Manish ,

We had taken a LIC Jeevan Sneha Policy in the year 1999 ( Now defunct) in my daughter’s name  when she was 19 years old for a sum assured value of Rs 1.00 Lakh. On the advise of my daughter the survival benefits of Rs 20,000 each  accrued on Oct 2004 and Oct 2009  were kept with LIC  at 11% compound interest .

Now my daughter wants to claim her Survival Benefit  due on Oct 2014 along with the earlier sums with interest accrued . The LIC Adyar branch in Chennai says TDS at 10.3% shall be deducted as per the union budget notifications  2014-15 even  on providing her PAN details .  Why can’t they accept from her form 15G as she is a home maker and not having taxable income and pay her dues in full . Please clarify on the budget notifications

One reply on this article “Acceptance of form 15G for the deposit of Survival benefit with LIC”

  1. Hemanth Chandra says:

    I think, there is no change in the 2014-15 budget on the submitting of 15G.

    They have to accept 15G and don’t have to deduct TDS.

    Just mail to LIC grivience cell asking about the same. If there is no response from them, as LIC is govt. company, you can file RTA to get more details if you have time to do.

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