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PMy mother is an elderly govt. school teacher. She started LIC scheme 25 years ago when it was all offline. So, she used to pay the annual premium via this agent whose daughter is her student. This year when she got very little maturity, she got suspicious. My parents via another agent got to know he had not paid the premium all these years, which is around 15-18 lakhs. When my parents met the previous agent, he begged to my parents to not tell anyone and his family or else he will commit suicide. My parents told him to return atleast the premium excluding the maturity ( naive forgiving people).
My mother has filed income tax accordingly all these years citing that she has ongoing LIC policy.
My mother doesn’t have any savings. She bore our entire family expenses all these years. Only when we needed lumpsum amount it was done from dad’s account. Dad has savings, eventually it will be inherited by primarily mom and us siblings. But, I think something should be hers entirely.
What can be done legally in this scenario? How can the money be recovered? Could there be any issue with income tax?
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I1. Gather all evidence, including original policy documents, maturity statements, and premium payment receipts (even if few).
2. Collect bank statements showing payments made to the agent or to LIC.
3. If possible, obtain evidence of acknowledgment from the agent accepting that he has misappropriated funds.
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File an FIR u/ s316(1-2) , 318(4).
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Submit a formal complaint at the local LIC branch, including relevant documents and a copy of the FIR, to request a thorough investigation.
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Send a legal notice to agent, followed by a recovery suit under Order XXXVII. -
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