Saturday, April 19, 2014

Are the LIC Branches really working?

I had taken two Market Plus policies investing Rs 10000 each in my Name and in the name of my Mrs.The policies   were issued by  Palakkad Branch Code Number 700 .The close ended scheme matured on the 31st March and even after a lapse of three weeks,the branch has failed to reimburse the proceeds although instructions and formalities have been fully complied with well in advance by handing over the documents to the Manager in person by the agenton the 31 st of March itself through whom I normally deal with LIC products This sort of delay is avoidable unless the corporation has ulterior motives to use such funds from millions of  investors amounting to crores of rupees.The Chairman and the staff are accountable for such misuse of funds and loss of revenues to the middle class and timely availability of liquid funds. This is nothing  but blatant display of Public Sector character of inefficiency, lack of commitment and  involvement on the Job.The tolerance of such delays by investors and Jane do attitude also make the staff lethargic and casual. Hope this will attract the attention of the top management and make them answerable. They cannot divert investors funds fallen due for payment and make money for themselves. Investors have also ALM in their own way and this cannot be overlooked.  

The Chances of our Country prospering are remote when such Vital Institutions have no concern for public and no sensitivity to their own survival. My efforts to put on this feed back in LIC's website have miserably failed and website also needs to be looked into if the Institution is serious to have some feed back both good and bad.


Dr.T.V.Gopalakrishnan

(This feedback has been sent to LIC Chairman).

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