Nagpur: A Nagpur-based Life Insurance Corporation (LIC) policyholder has alleged that negligence on the part of the insurance giant has cost him his money-back claim amount of Rs 19,200.
According to Ashish Uday Bagde, holder of LIC policy number 979858313, he had submitted a written request three months ago to update his bank account details. In his application, Bagde clearly mentioned that his earlier account with Axis Bank had a negative balance and requested that the maturity proceeds be credited to his new IDFC First Bank account in Raigarh, Chhattisgarh.
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18 Aug 2025
Despite the instructions, LIC’s assistant officer R. T. Shende allegedly transferred the amount to Bagde’s old Axis Bank account. The payment was subsequently adjusted against the outstanding negative balance, wiping out the entire Rs 19,200.
Aggrieved by the loss, Bagde has demanded that LIC immediately credit the amount to his new account, compensate him for the financial damage caused, and ensure such lapses are not repeated in the future.
The matter has raised serious concerns over procedural lapses in handling customer requests at LIC, with the policyholder urging accountability and corrective action.
