Archive · 29 May 2025
LIC Ordered to Refund Elderly Man's Investment After Complaint
An elderly man, Annappa Poojary, invested in an insurance policy hoping for a good return.
However, the agent didn't fully explain the terms, and the man was left with less money than he expected.
After complaining to the authorities, the insurance company was ordered to give him back his investment and pay for the trouble they caused.
An 83-year-old man was awarded a refund of ₹15 lakh from LIC.
The refund was ordered because LIC failed to obtain informed consent from the man before selling the policy.
The man invested after selling his property, seeking assured income.
The agent advised him to invest in schemes but didn't clarify the differing terms of the two policies.
The Udupi Consumer Disputes Redressal Commission also awarded ₹20,000 for mental agony and legal expenses.
- Who
- Annappa Poojary and the Life Insurance Corporation of India (LIC)
- What
- LIC was directed to refund ₹15 lakh to Annappa Poojary.
- When
- May 21, 2025 (Court order); Investment in 2021
- Where
- Udupi, India
- Why
- LIC failed to obtain informed consent, leading to a misleading sale of a policy.
- Plaintiff
- Annappa Poojary
- Age of Plaintiff
- 83
- Location
- Udupi, India
- Amount Refunded
- ₹15 lakh
- Compensation for Harassment and Legal Expenses
- ₹20,000
- Issue
- Misleading insurance policy and lack of informed consent
- Background
- Sold property for income
