POSTED BY September 22, 2014 5:12 pm COMMENTS (7)ON
Date of commencement : 03/03/2000
Date of vesting : 03/03/2013
Date of 1st Pension : 03/04/2013
Q1: As per Policy Bond Pension Amount per month Rs.2533.00[under option:Without Commutation].
Through Option Form [dated 26/02/2013] LICI is reducing this amount to Rs.2338.00 [-7.7%].
We appealed through RTI for justification. LICI is stating that some error was there in their
Initial calculation. As per Incontestablity clause [of 2 years] no arbitrary amendment of terms of
Policy Bond is valid.
Q2. Loyalty Addition: On RTI appeal LICI stated that in 09/2012 no LA was declared. Initially LICI
Agent stated that around 5% of Sum Assure would be considered for LA and Pension Amount
would be enhanced accordingly. His statement was based on the then accounting policy on
distribution of surplus amount. It appears that LICI has changed their distribution of surplus
amount in 2010 [Not less than 95% of the surplus would go to stake holders of Participating
Policies]. Though LICI generated a lot of surplus, Plan 122 [Nonparticipating Policy] got no LA.
Kindly provide your valued suggestion.