LIC fraud about Jeevan saral policy

chiragwadhwachiragwadhwa Junior Member
edited September 2014 in Government Department
Jeevan-saral.jpgI had taken Jeevan Saral policy of Rs 24020/- pa premium for 35 yrs witn SA 5 lac. At the time of Policy I have shown the attached chart which shows the Guaranteed maturity amount of Rs. 16 Lac after 20 yrs. But later I came to know that this is fake and in all over India agents are taking policy by showing this chart . I made a meeting with the district Chandrapur LIC branch Manger but he says we can not do nothing,eventhough they are not telling actual maturity also because it depens upon the loyality declaration by LIC after 10 yrs.If LIC is doing such miscommunication to customer then it will lose the trust which LIC had!!!!!!!!!! Your urgent and immediate intervention is required.

The surprising thing is that All Branch Managers of LIC in all over India are aware of this cheat yet they are not taken any action.





How to surrender lic policy and how to download surrender form

Comments

  • edited April 2012
    LIC jeevan saral is big cheater policy of them. I paid 24020 for three years and after three years they return just 41,250 rupees. big loss to me. stay away from such policy salers....but the time selling policy, they will say goldern peacock award and will show a fake return document based on fake percentagae 10%.
  • edited April 2012
    LIC Jeevan Saral is big cheater policy. I paid 24,020 for three years {Insurance cover 5 L} and after three years they returned just 41,250 rupees. I have surrendered the policy, No body from their department will tell you truth about return of policy in 3 years, 5 years, 10 years .
    at the time selling policy, they will say golden peacock award and will show a fake return document based on fake return percentage 10% and will say lots of fake things based on loyalty addition bonus point etc. they will also compare, policy is better than RD in return.
  • edited May 2012
    Jeevan Saral Chart shows 10% Returns which is fake leading to danger to LIC Agents reputations. Kindly discard it from market.
  • edited September 2012
    If you see the Jeevan saral chart of Rs. 2000 per month i.e. 24000 PA but if you surrender the policy in 3rd year before maturity date; LIC will pay you just Rs. 40,964. All the customers are know if policy surrender before maturity date is loss of the customers.
  • edited October 2012
    SIR,
    Jeevan saral is never a cheating policy. because the loyalty addition starts to come after 10 years of completion of policy tenure. if anybody surrenders before 10 yr of policy term then he/she will loss.it is obvious. second thing the maturity value is assumed with 10% rate of growth. it is possible with LIC OF INDIA.Because it is the only company with history in india. so u people who do not know about jeevan saral do not misled it. it is sure loyal addition is a matter of performance, but it is purely a traditional investment plan with lic of india. so i think this plan is the best plan for the customers of lic
  • edited November 2012
    Hello,
    I have jeeven saral policy, I have completed the 5 year of premium . Yearly premium is comes 24000.
    Now i am going to surrender the policy. Please let me how much amount i can get ?

    AS per the LIC agent , If i can surrender after 5 year , then i will get Total premium paid amount ( 24000*5= 120000). Is this right ?
  • edited November 2012
    I have jeeven saral policy, I have completed the 3 year of premium . Yearly premium is comes 24260.
    Now i am going to partial withdrawal the policy. Please let me how much amount i can get ?

    AS per the LIC agent , If i can partial withdrawal, then i can reduce my policy to 1200 pa benifits instead of 24000 pa
    is that correct
  • edited November 2012
    Dear Sir, I have seen the same fraud chart published online also at given link.

    Request you pls do something so that people do not get misguided by these cheatwrs charts.
  • edited December 2012
    Hello,
    I have jeeven saral policy, I have completed the 5 year of premium . Yearly premium is comes 24000.
    Now i am going to surrender the policy. Please let me how much amount i can get ?

    AS per the LIC agent , If i can surrender after 5 year , then i will get Total premium paid amount ( 24000*5= 120000). Is this right ?


    take it easy guys.. if you will submit the policy before 10 years they will cut the 1 year premium... as far as bonus % is concirned it is near about 6.5% not 10%... even though it is a cool policy not bad al all.....
  • edited December 2012
    may be good one if evaluated properly but pl note for investment go for separate way like PPF and go for term policy for insurance
  • edited December 2012
    Hello,
    I have jeeven saral policy, I have completed the 5 year of premium . Yearly premium is comes 24000.
    Now i am going to surrender the policy. Please let me how much amount i can get ?

    AS per the LIC agent , If i can surrender after 5 year , then i will get Total premium paid amount ( 24000*5= 120000). Is this right ?

    Answer is ="NO"....
    # You get only 70% amount of total paid premium before maturaty date....
    # If lic do not deduct 30% of paid paid amount (24000*5) then people do not maintain policy till maturaty date.....
    # lic deduct 30% for cover your risk till you paid premium....
  • edited January 2013
    I see many confusing thoughts here. I have also researched this policy and thought of taking it but thinking of not to take. I will try to answer some of the points:

    1. AS per the LIC agent , If i can surrender after 5 year , then i will get Total premium paid amount ( 24000*5= 120000). Is this right ?

    >> No. That is not right. They will deduct the mortality charges and penalty for withdrawing earlier that the policy tenure. You wont be getting 1,20,000.

    2. The chart:

    >> The chart is calculated based on 10% return and without deducting the mortality charges. Also the candidates age is not mentioend there. If you are taking the policy lat ein ur age, then the return will not be as much shown in the chart. One should not go by chart and ask for specific illustrations and minimum sum assured at the end of the policy period.

    3. The policy:

    >> I got to know that this policy is an endowment policy. Generally, no endowmenet policy gives return upto 10%. One must safely assume a return of only 6% to avoid any disappoinments.

    >> Some expert are of the opinion hat a PPF would give better return if we keep investing in PPF with the same premium amount for the complete policy period year after year. This is because, the bonus amount in Jevan saral is not compounded.
  • edited January 2013
    LIC is a fraud company, because it's employees misguide to the peoples. LIC teases the customers and makes a fool to the customers by giving miscommitment only for selling its policies or plans. So please, I request to IRDA for stopping the activities by LIC.




    Thanks with Regards
    From A LIC User
  • edited January 2013
    Taken Two Jeevan Saral policies from two agents one from south extension, NDelhi another from Kanpur.The detail of two policies

    Purchased from South extension agent Date of commen 20/7/2009, total premium 24020/-, accident benifit 500000/-, Death benifit500000/-, maturity sum assured 518160, date of maturity 20/07/2030, period to pay premium 21 years

    Purchased 2nd Jeevan Saral from kanpur agent Date of commen 28/3/2011, total premium 24020/-, accident benifit 500000/-, Death benifit500000/-, maturity sum assured 480400, date of maturity 28/03/2031, period to pay premium 20 years

    Why delhi agent is written in term/period to pay premium 21years and also maturity is also after one year compare to kanpur agent
  • edited February 2013
    Dear LIC india ,

    Please publish maturity amout chart with LIC LOGO and register number metion only one policy one chart. Upload in LIC site.
    Best regards,

    Mahadev.
  • edited February 2013
    This is what I've read about this JEEVAN Saral policy as per (Table No. 165)

    1. High life risk cover at very low premium.
    2. 100% of Maturity Sum Assured in case of surrender after 5 years.
    3. Guaranteed Surrender Value after policy being in force at least for 3 years.
    4. Premiums are payable monthly, quarterly, half-yearly or yearly.
    5. Liquidity & a lot of flexibility.
    6. Maturity amount payable will be Tax Free under section 10-10d of income Tax act.
    7. Premium paid in this policy is income tax exempted under section 80c of income Tax act.
    8. Higher cover available through Term Riders.
    9. Death cover is same irrespective of age at entry and term.
    10. Loan available after 3 years @ 9% p.a.
    11. You can withdrawal partial or full maturity amount any time after 10 years without any extra charges.
    12. Death Benefit is 250 times of monthly premium + Total premium paid, less 1st year's premium & Extra premium paid + Loyalty Addition, if any payable in lump sum.

    Is that all true? any LIC staff or representative available here please respond.

    thanks
  • edited March 2013
    I hav the same jeevan saral policy. i hav paid my annual premium of 49000/- and i could not pay the remaining premiums. Can i surrender my policy?
    how much amt i can get?. plz tell me.
  • edited October 2013
    I have taken policy in 2011 and I am paying 36000 p.a can u tell me if I surrender my policy how much I get now I am having jeevan saral plan only
  • edited October 2013
    I have taken policy in 2011 and I am paying 36000 p.a can u tell me if I surrender my policy how much I get now I am having jeevan saral plan only
  • edited December 2013
    While taken on 15/11/2008 that time not mention by the agent that this will upto 25 years. after 3 years I wann to surrender but they told you will get only 30% of the policy in which ist year premium not been calculated. You atleast pay upto 5 years. I had paid up to 5 years. Now I asked foir the surrender they told me that you will get Rs.90910/- only. While I had paid premium of Rs.24020 yrly. As per their caluculation of surrender value formula is : No.of premium paid / Term * Sum assured. As per this my case :5/25 *500000 = 100000/- I should get Rs.100000/- But they are aksing me to take a loan against this policy and pay the premium. So tell me is it fraud or not. As per their caluse "80% of maturity sum assured if 3 or more years but less than 4 years premium have been paid; 90% of the mautrity sum assured if 4 or more years but less thatn 5 years premium have been paid and 100% of the maturity sum assured if 5 or more years premum have been paid." who can answer me correctly? please help me.
  • edited January 2014
    Dear friends, D lot of moneyont take Jeevan Saral Policy, it is totally waste of money growth, they are decting first year premium if suppose to be surrender the policy , LIC Very unconvienent, unsystemetic not helping customer, always false comitment doing with customer.
  • edited March 2014
    Dear Sir,

    I have taken LIC Jeevan Saral Policy for 20 Yrs on 2012. My Annual premium is Rs.60050/- .

    As per chart which the agent gave it says i will get Rs.4000000/- after Maturity .

    Now i understood its not the case.

    Kindly tell me how much will be the maturity sum assured after 20 years.

    Thanks.
    9551386967
  • edited September 2014
    I have an LIC Jeevan Saral (with Profit) 165 plan, monthly rs 510 as premium for 125000.00/- SA start date 20.11.2008 i.e 5 yrs 09 months.
    Till date I have paid 35500 towards this policy.
    I want to surrender this policy as I required money.
    Can you tell me what amount I will get if i surrender this policy?
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