Sir, During Dec15 i expressed my wish to invest in pension fund investments. accordingly for comparative study i requested for the yearly interest amount for an investment of Rs300000/- from your office at LIC Luz church road.I was informed by your Development officer sh. Thirumurugan The interest amount would be Rs 32355/. Considering it being better return on expressing my desire the Lic collected a chq 2********007 for Rs 310875/ cashed on 29/12/15. After 15days I recd a communication that The Annuity Inst is Rs 22695/-. A Shortage of Rs.9660/- as against the annuity amount assured/informed.
On taking up the matter with the BM.R.Christopher, he instead of pleading guilty he shouted at me infornt of Mr.Ramalingam. one of my acquittance, as to how i recd the said communication. he refused to believe that the document was delivered to me by post &showed him the letter envelop. Even after he was communicated about my status he refused to lower down is voice. I was humiliated for no fault of mine. The BM should be drawing less salary than my IT paid. It was decided and gave letter in Jan16 to withdraw the investments narrating the reasons for the decisions and I was also informed the document is not prepared and they will act once the same is made available. Finally the amount of Rs 310820/-was credited to my acct on 9th march16 after a lapse of 41 days.
On a rough calculation I lost Rs 4100/ at 12% interest. and the amount credited was short by Rs 55/-
Now for no fault on my part I lost RS 4155/-. The LIC induced me to invest with false annuity amount over and above I was humiliated by the BM.The Status report- the document sent to me indicated the rate of interest is at 9.5% which works to Rs 28500/ as against Rs 22695/ indicated by the LIC. My request for compensation evoked no response, hence as a prelude to IRDA this complaint is be taken notice & if no compensation is worked for humiliations and for misrepresentation, I may have to escalate it further. The act of the BM wasn't becoming of his status of a BM.