I had taken a PM Vaya Bandana LIC scheme at 6 Lacs in the year 2020 . Now the LIC has informed me that I had exceeded Rs 15 lacs cap on this scheme. Neither me nor my Agent or LIC noticed that at the time of investment. Now LIC wants me to return the Certificate and return my money after deducting the premium paid. This means I shall loose :
1. Any return on my investment for last 3 years.
2. LIC had taken Rs 52000.00 as GST.
What is the remedy and why I shall be penalized for the fault which all had committed.
Ans: As per the policy – “Total amount of purchase price under all the policies under this plan, and all the policies taken under Pradhan Mantri Vaya Vandana Yojana (with UIN 512G311V01 and UIN: 512G311V02) allowed to a senior citizen shall not exceed Rs 15 lakhs.”
But the effects of exceeding this maximum limit is not mentioned anywhere in the policy
While LIC has some responsibility for not initially flagging the cap excess, your agent also played a role in advising the investment.
Now, to get this issue resolved, explain your situation and highlight the lack of awareness about the cap. You can request LIC to reconsider the penalties.
If no resolution is reached with LIC, you can consider approaching the Insurance Regulatory and Development Authority of India (IRDAI) to file a complaint. They can mediate the issue and advocate for a fair solution.
For legal guidance and stronger representation, you may consider consulting a lawyer specializing in insurance matters. They can analyze the contract, identify potential legal grounds, and advise you on the best course of action.
Also, gather all relevant documents related to the investment, including the policy certificate, communication from LIC, and any emails/records with your agent.
