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. Read more

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. Read more

26/7 deluge victim wins 4 lakh insurance payout

Seven years after the July 26 deluge, a consumer forum recently ordered the New India Insurance Company Ltd to pay a Juhu resident Rs 3.84 lakh he had claimed after his car was severely damaged due to the flood waters. The company will also pay the complainant A B Gupta Rs 10,000 as costs of the complaint. Read more