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As pandemic rages, manufacturers, service providers must increase warranty, push back submission dates
Covid-19 and the resultant lockdown have created many unexpected, peculiar situations. For example, when an Octogenarian resident of Bengaluru decided to deposit
Covid-19 and the resultant lockdown have created many unexpected, peculiar situations. For example, when an Octogenarian resident of Bengaluru decided to deposit Rs 15 lakhs in the Pradhan Mantri Vaya Vandana Yojana (PMVVY), he never thought that Covid-19 would come in the way of his investment.
A pension scheme for senior citizens, PMVVY, implemented through the Life Insurance Corporation of India, offers an assured return of 8 per cent for ten years. On March 17, the 83-year old man met an LIC agent , who explained the benefits of the scheme to him and said the scheme closed on March 31.
The senior citizen immediately rushed to a couple of banks in which he had the money, put Rs 15 lakhs together (the maximum deposit accepted under the scheme) in one account and on March 21, handed over the cheque and the filled form and other required documents to the agent, who in turn gave them to a development officer the same day. This was to be deposited in the LIC office on Monday, March 23, well ahead of the March 31 deadline.
However, as luck would have it, Karnataka announced lockdown of nine districts including Bengaluru from March 23 and the Octogenarian’s money and form could not be deposited by the development officer in the LIC office. The senior citizen says he tried to make the payment online, but could not do so with his Rupay/debit card limitations. So his cheque and the form are stuck with the development officer and his hope of earning a decent return on his investment hangs in the balance.
Locked down at home, he’s now desperately writing to the finance ministry, the LIC, the Insurance Regulatory and Development Authority and even the higher courts, urging that his application and cheque be accepted, as the delay in submission of the form and money was caused on account of circumstances beyond his control.
I am sure there are many other senior citizens like him, who are in this predicament and it is only just and fair that their applications are accepted. In fact because of the lockdown, many senior citizens have lost a great opportunity to invest in a good pension scheme in the last week of March and earn a decent interest on their investment in this age of fluctuating and low interest rates on savings. So the government must respond positively to the appeal by the All India Senior Citizens’ Confederation to postpone the last date for submission of deposits in the scheme.
It has already deferred the last date for tax saving investments from March 31 to June 30. Even for linking Pan Card to Aadhar card, the deadline has been extended to June 30. There should be similar extension of the cut off date for the Pradhan Mantri Vaya Vandana Yojana to June 30
While on the subject of deadlines and time limits, I must mention that today, several companies are on their own extending the warranties in view of the lockdown and informing the customers. This must become universal and all manufacturers and service providers, without any exception , should suitably stretch beyond the earlier deadline, their warranties and guarantees, service contracts and extended warranties. For example, there should be an extension of time for free check up and servicing for all new vehicles- keeping in mind the fact that the vehicles have not moved at all during the lockdown.
Likewise, the time limit for free servicing of all machines, including home appliances and air conditioners should be adjusted depending on when the lockdown is lifted. Similar logic should apply to paid service contracts and too.
Battery manufacturers/dealers should also offer special schemes/ assistance to vehicle owners whose batteries may have died down due to non-use. Lives of many batteries could have also got reduced because of disuse.
