LIC Annuity Plan - Claim Difference - Help
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Hello Dimers
I am looking for information on the below scenario.
Assume an annuity plan (Jeevan Shanti/ Jeevan Akshay) is taken on May 1st, 2016 of say 10L
An annuity of 60,000 was being paid yearly on May 1st of every year.
Now in the event of the death of the annuitant on say December 1st, 2023, on providing the required documents, LIC has processed only 10L as the claim amount, on requesting information for the annuity/interest for the period from May to December, the agent informed that it is normal procedure to not pay interest for partial years, only for complete years.
I asked for documentation that shows this, and he is unable to provide it.
Can someone help get these details from a known LIC agent or any personal experience?
Dates and Amounts mentioned above are arbitrary, the actual claim difference is large, so I want to explore the options. Please help.
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Thank you for your response, but i still need to understand how to get this sorted one way or other.
There is/was a well known LIC agent in DD, he might help on this (at least in theory)... I forgot his username though.
Stay away from lic and their agents