Complaint sent to IRDA on Jan 14, 2010
misleading advertisement by LIC employees
i am a policyholder of LIC. Please see the advertisement LIC has sent me. It claims to provide 30% returns.
This is not an advertisement from an unscrupulous agent. But seems from the LIC branch directly.
I called the cell number provided and the person (Mrs. Jayasree Krishnan) claimed to be a
Chief Manager of LIC's N.R.Square branch. She claimed that 10 lakh invested in this policy
would become 1 crore in 10 years. This is an IRR of around 30%.
I feel that this kind of advertising is misleading and customers are being cheated.
According to IRDA guidelines the project returns should be based on a nominal returns of 10%
and 6%. In light of this, this advertisement is a violation of IRDA guidelines.
I hope you take action against such practices so that customers are not cheated.
Please find a copy of the advertisement attached.