Have you lossed money in Jeevan Anand policy?

[sksalem]

I am sure many of you had lost your hard earned money by investing in this policy, as i could find many complaints posted on the net when googled.

Here is my story, i paid 3 premiums about Rs.1,20,000 in Jan2009 for Jeevan Anand policy and could not continue further, due to my personal financial issues.

I was not aware by the time of signing up this policy i had risk of loosing my amount if the premiums are not paid in time and no claim is entertained for this policy, my agent too had not warned me of this.
Last year when i approached my local LIC office, the staff present there told me i should wait minimum of 5years to claim the paid amount and believing him i waited for another one year and today i went to the same LIC office happily as it has been 5 years completed from the policy commencement date and to my shocking i was told i am unable to claim any amount for this policy!!

This has totally put me upside down, i never knew a government organization like LIC would draft a policy in such way they can easily cheat money from common people like us.

yeah, i know its my fault for not going through the T&C before signing up but you know, i am just like any other common Indian who does things blindly...

I learned a lesson of my life but the cost is too high for me or any Indian, now a days the economy has made such high terrible impact in running our day to day life and loosing my hard earned money with LIC is not justified.

The purpose of me writing this post here is, i like to join with others who are in same situation like me and see what can be done or if possible form a group and approach for any legal help in big way, there is no point in fighting individually - i think united we can get some help and find possible ways to fight for our money back from LIC.

I may be wrong but what i feel is there is nothing to loose further to try for some legal action, please let me know your thoughts and do post here if you are one of the looser in Jeevan Anand policy.

Hope i am not violating the forum rules here, if so sorry and do delete this post, i am only trying to get back my hard earned money, which will be a big help in leading my future.

Thanks.

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[Rahul]

First thing - It is the insurance policy cum investment policy. Not a investment. Do your research don't go on anybody comment.

You can get the surrender value if you have paid 3 years premium of LIC Jeevan Anand Policy. You will get the guaranteed surrender value, which is 30% of the basic premiums paid, excluding the first year’s premium. Any extra premium(s) paid and premium(s) towards Accident Benefit are also excluded.

[mona]

why cant you get surrender value after 3 yrs? Just make it paid up, whats the issue? What LIC gave you?

[himalayan]

This is really a bad experience and a large amount involved through insurance premium but here I want to say that any situation going vise-versa, if you are gone through financial crisis that time then you should consulting it with the agent. An agent clear all the possibility, benefits and other required information regarding the policy before opt for it. We should take care of these things first rather blaming the company, I am not supporting but this is matter of concern.

[sonyjaura]

It is the responsibility of the LIC Agent to make customer educate about the terms & conditions on non-payment or discontinuation. However, when you get your policy document, you get the year wise surrender value in %age printed on your policy document, but as you said that like most people, you did not notice the same.

There is nothing wrong about the Jeevan Anand Policy or other plans. The only wrong thing is about non-communication about terms and conditions by the Agent.

[LICagentdel]

You should contact your LIC agent. There is always a surrender a value that you get back even if you stop paying installments. You should consult your LIC agent once again

[iswariya]

Jeevan Anand is a very good whole-life policy. Please don't spread false news on it.

It is because of improper communication by agent you are facing this problem. You will also have the agent contact number in your policy, please try to reach them.

If you have paid 3 years of premium, you can get back the money.

*LIC insurance is saving many people"

[Lucifer656]

You should contact your LIC agent