Act of misleading, cheating, fraud & criminal breach of trust by lic agent (not by lic)
Act of Misleading, Cheating, Fraud & Criminal Breach of Trust by LIC AGENT (NOT By LIC):
LIC Agent presented Money-back Plan Returns by giving wrong & INFLATED figures of projected bonus in illustration on his own letter-head with official Name & Logo of LIC. The policy has now matured after 9 years with the ACTUAL BONUS DECLARATION by LIC @ Rs. 40 per Rs. 1,000 sum assured as against Projection of Rs. 240 per Rs. 1,000 sum assured.
The Illustration is mentioning:-
(1) Disclaimer: The figures presented in this entire illustration are indicative and solely for the purpose of understanding the possible benefits from the proposed insurance. The benefits are not guaranteed and the actual results may depend on the future performance of the insurer.
(2) BONUS PROJECTIONS: On applicable Plans, last declared reversionary bonus of their respective matching discontinued plans has been considered for the purpose of projected Risk cover and Returns.
The declared bonus for the last 3 years was @Rs. 110 per Rs. 1,000 Sum Assured BUT IT WAS MENTIONED IN THE ILLUSTRATION @Rs. 240 per Rs. 1,000 sum assured. The Sum Assured was Rs. 30 Lacs & the Projected Bonus was INFLATED & shown Rs. 7,20,000 at the end of maturity of 9 years, WHICH SHOULD HAVE BEEN ACTUALY PROJECTED @ Rs. 3,30,000. It is now declared by LIC @ Rs. 1,20,000.
The policy had 2 money-back installments of Rs. 4,50,000 each at the end of 3rd & 6th year. Upon knowing the fact of such impractical infected figures of bonus, we surrendered the policy pre-maturely at the end of 6 years (rather than waiting for actual maturity of 9 years), incurring capital loss of Rs. 3,75,000.
IS THERE ANY CHANCE OF CLAIMING THE CAPITAL LOSS OF Rs. 3,75,000 on the basis of Act of Misleading, Cheating, Fraud & Criminal Breach of Trust by LIC AGENT? (Outside the Scope of their Disclaimer)