I would like to know why LIC of India has been deducting my units every month in the name of administrative charges. Please suggest me a remedy to get rid of these admin charges. Is it legal on their part to deduct the same?
- Mohan Bhatt
It is and this query suggests that you have relied mainly on your agent while buying the policy. Had you gone through the policy brochure and policy document before buying it you would have found mention of these charges. It is clearly mentioned in this policy that Policy Administration charge of ₹60 per month during the first policy year and ₹20 per month thereafter will be charged throughout the term of the policy. It is quite legal on part of insurer to deduct this expense and you cannot get rid of it till the time this policy is in force.