Life Insurance Corporation of India pulled up for returning premium 3 yrs after receiving it

The LIC of India has been pulled up by the apex consumer commission for its failure to issue the policy to a woman in her life time despite receiving the premium from her and retaining it for nearly three years. The National Consumer Disputes Redressal Commission (NCDRC) also ordered the Life Insurance Commission of India to pay late woman’s kin a compensation of Rs one lakh.

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HDFC Standard Life Insurance asked to pay Rs five lakh

Insurance Ombudsman in Chandigarh has asked private insurer HDFC Standard Life Insurance to pay Rs five lakh with interest to an NRI complainant after holding the company responsible for mis-selling a policy.

“An award is passed with a direction to the insurance company to make payment of Rs five lakh with interest at rate of eight per cent from the date of complaint that is March 2, 2010,” said Insurance Ombudsman (Chandigarh), Manik Sonawane in his order.

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