Nov 30, 2017 05:43 PM
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(Updated Nov 30, 2017 05:46 PM)
My father had taken educational loan from SBI for my higher studies and it was mandatory to make a LIC policy for loan. Lic take money once in a year for the policy and in our case it was the month of july.
After 3 consecutive years they have not collected any money from my father's account. My father cound'nt understand it and asked me to look into this matter. When I asked in the bank they told me that the policy is being lift of and a sum of money is being transferred to my father's account.That policy was for 10 years but they put an end to it knowingly in the 3rd year because after reaching 4rth year they have to pay some interest as per the policy.
They smartly put an end to the policy without informing the policy owner. Policy that my father took needs atleast 4 years to avail interest.The money that they transfer was even less than the money they take from us and said this is because u didn't completed the mandatory 4 years, so LIC FINE US FOR IT.
Was helpless, never gona open a LIC in my life for sure.
