LIC not Accepting Demonetised Currency

S. Pannaraj, Chartered Accountant, and T.G. Vittal, secretary, LIC Pensioner’s Association, have alleged that the Life Insurance Corporation of India is not accepting currency in the denomination of Rs. 500 and Rs. 1,000 for payment of premium. Enquiry made by this correspondent with the LIC revealed that the higher authorities have told the staff not to accept invalid notes and collections at the counter have fallen drastically since November 9.

Mr. Pannaraj and Mr. Vittal, in a release, took exception to the instructions issued by the LIC without caring for the interests of the policy holders.

“The instruction has put untold sufferings on policy holders. Payment of premium by the policy holders is neither fraud nor usurious money dumping,” they said.