I am posting this seeking for your help and guide of forum members.For last six months my family is going through financial crisis and harrasment due to LIC.In December 2007 my mother invested 3.5 lakhs in a ULIP Policy through a agent who is my cousin in single premium mode.But the agent by commiting forgery invested the money in regular premium mode and tactfully captured all the policy bonds.After 3 years locking period we discover the misdeed and it’s already created huge financial loss as the policies become foreclosed and LIC deduct points every year by the name of various charges.We move to LIC to resolve this grievance upto vigilance level but they remain silent.I registered my complaint to igms.irda.gov.in then LIC told us they will resolve the complaint within 15 days as mentioned in the IRDA website. Then LIC E-mail me saying that they will resolve the complaint within 15 days time as mentioned in the IRDA Website and seeking further informathon from us.But when I reached to them to provide further information and material evidances to reveal another act of forgery by the agent who submited false age proof documents as the DOB of each policy bonds appear different.But they suprisingly refuse to take any information and told me this forgery will affect me by penalty of deduction points of my ULIP account as a partner of crime.After a long debate I submit those evidances to them but they resolve 1 complaint out of my 4 complaints within the stipulated time.Hence I fail to avail the chance of ‘cooling off’ they are now unable to help me.After the period of 15 days I escalate the complaint to IRDA for further action. But 3 months have been passed and my complaint statues remain in ‘escalated’ mode and get no response either from IRDA and LIC. I would like to know something to my forum members..
1.what is the procedure to resolve an escalated complaint to IRDA and how many time it will take?
2.Is LIC continuously deduct points from my ULIP account in the name of various charges though the 3 yeas lock in period is over?
3.New guide lines of IRDA regarding ULIP will be applicable to my case?
4.If I Surrendar all the policies to LIC now hence the matter is now under IRDA. Will LIC permit me?
Please help me and Guide me forum members and administators.My mother about to loose all her retirement benefits due to lack of insurance education and mis-selling of ULIP,dishonest Agent and lastly the inaction of IRDA. Guide me.
Thaks