Hi, We had submitted 2 LIC policies for redemption on 8.10.2013 of policies No 925029703 and 925029705 at Vasai branch as we were in some urgent need of money though there is loss of about 4000/ of principle amount. I was told the amount will be credited to our account within a week time. As there was no action from their side I contacted Vasai Branch Office on 18th Oct 2013, where they told us that our payment will be credited by 21th Oct.2013. as there is audit going on..but still we have not received any payment yet. Also there has been no communication in this regards and we ourselves had to call the branch nearly 3 to 4 times for updates. I have submitted another policy for redemption on the same date at Nallasopara branch and got credited my payment on 14th Oct.2013. Till today we have not received our payment..If I dont know whether LIC is ready to pay us interest for delay or will they pay the higher NAV rates.as the rates are increased This is the worst service I have ever seen and I am really frustrated at this point of time and would think twice before investing in lic in future as first they have not credited the amount on time and plus there is a loss as compared to principal amount and also there was no formal communication in this regards from them. As we were in some urgent need of money we had to bear some personal troubles. would be grateful if you could look into this matter and help us.

I just want to make sure they understand their mistakes and they dont repeat this to any other customer in the future. and its upto you to decided what best the relief would be as this is something intangible and cant be replaced in monetary terms.

Complainant Information
name- wjcrasta