My LIC policy was getting matured and as usual Life Insurance Corporation sent me an intimation letter along with n ECS form asking me to send them back the filled in form along with original policy documents and a cancelled cheque which I adhered to as LIC mentioned that the maturity amount will be released only through ECS.
I was surprised that instead of ECS payment, the company sent me a cheque. The surprising fact is that when the company mentioned in their intimation letter that the amount shall be released only through ECS then how the company has now despatched the cheque.
I took up with the company as to why no ECS payment when the company got ECS form filled up. It was further shocking to receive a confirmation from the company in writing that the company has no system of ECS payment. Then a question arise as to why the company got the form filled up and taken crucial details about bank accounts. The first step was to ask the company to send back the filled up form alongwith the cancelled cheque so as to ensure safety of the data. The company refused to do so. Then I sent a notice with the deadline that if I fail to receive back the said documents in original, I will be compelled to approach legal authorities. After receiving the notice by the company, I had now received back the said documents.
I have every reason to believe that the companies are un-ethically collecting such data and selling them for commercial gains. The question is if we should allow such un-ethical business practices being adopted by business houses be it PSU or private for un-lawful business gains. Meanwhile, the LIC customers are advised not to send such details other than giving a bank account number.
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