LIC’s Jeevan Saral policy intended to provide investors with more insurance cover has miserably failed to take off. Negative returns have proved counter-productive to senior citizens and those in the post-retirement phase of life.
They are unable to redress their grievances. It was also reliably learned by our Sprout’s Special Investigation Team (SIT) that even after LIC officially withdrew the Jeevan Saral policy but the premium collections continued instead of canceling the policy and refunding the premiums paid till then, commissions also continued.
As a result, people got caught unawares. There are a host of complaints about the lack of response on part of the insurance regulator, IRDA as well as the LIC field agents, or even higher-level management.
An RTI query made by Suresh Rao regarding this matter has failed to shed any clarity. Besides, people who are faced with losses have nowhere to go. Matters have turned worse for people living on their lifetime savings.
Aged people who have no course in social security are currently left stranded with no relief and in agonizing distress.
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