LIC Annuity Plan - Claim Difference - Help

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Last Comment 2023-04-27

2023-04-26

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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3 Comments |

3 Dimers

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https://www.desidime.com/discussions/lic-annuity-plan-claim-difference-help?page=1#post_9233579

kukdookoo

2023-04-26

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Sorry for your loss. No in depth documents will be available on their site and no agent and office will provide you those, I am talking about the detailed terms and conditions stuff. Even if u get them there are chances that they don't pay partial amount. Too many ifs and buts. Send the issuing office a registered letter asking the same, they are supposed to reply back in writing.

Stay away from lic and their agents

https://www.desidime.com/discussions/lic-annuity-plan-claim-difference-help?page=1#post_9236458

jainashish85

2023-04-27

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kukdookoo wrote:
Sorry for your loss. No in depth documents will be available on their site and no agent and office will provide you those, I am talking about the detailed terms and conditions stuff. Even if u get them there are chances that they don't pay partial amount. Too many ifs and buts. Send the issuing office a registered letter asking the same, they are supposed to reply back in writing.

Stay away from lic and their agents

Thank you for your response, but i still need to understand how to get this sorted one way or other.