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Monday, September 21, 2015

Payment of 20% to the pensioners


Normally in any Institution, payments made to its clients,(in case of L.I.C. to its Policyholders, Mortgagors, Staff, and others) has to be supported by Calculation Sheets prepared by its Case Workers, Checked by the Supervisory Staff, and Approved by the Competent Authority,and then only payment will be made. But, it is surprising that, LIC, being a Leading Financial institution of the country, has thrown all the procedures to the wind, and credited amounts (whimsical?) to the Pensioners' bank accounts here and there, without, first sending the Approved Calculation Sheets to the Pensioners before making the Payment.

A question now arises, whether, LIC is making payments in the similar manner to its clients and others. Most of the recepient Pensioners to whose bank accounts amounts were credited, do not know the basis of calculations. Hence, at least now, LIC should inform the recepient Pensioners, the details for the amount credited to their bank accounts.

K.G.Ramachandra