LIC of India, Central Office,
Re: Premium Rates for enhanced Floater Covers for Rs 25 lks & Rs 30lks
I invite your kind attention to my email sent on 19th inst. Many pensioners are making enquiries as to what will be the premium rate for the above two Sums insured before they can exercise their options before 10/3/2016.
Some enquiries made by pensioners with officials in the Personnel Dept of your office have been orally responded to with the reply that the premiums will be released only after April 2016 when the rates of premium for 2016-17 are finalised. So calling for options before letting the pensioners know the likely premiums will be putting the cart before the horse.
If the Corporation wants to take the options before the premium tables are released, it will be fair to include a sentence in the option form that in case on being made aware of the premiums for 2016-17 after the options are exercised, the premiums are found unaffordable, the pensioners are free to revoke their option exercised earlier.
Kindly consider the matter urgently and inform all the ZOs/DOs suitably for enabling the pensioners to take decision on exercising the option before the deadline.
C H Mahadevan