Page 32 - Life Insurance Today May 2016
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Case No. AHD-L-029-1314-0101 dent and issued a Life Insurance policy for regular premium
mode for 10 years. Complainant requested to cancel the
Shri Jitendra Ratilal Shah policy and refund of premium paid amount which was
rejected by the Respondent stating that cancellation re-
Vs. quest not received within 30 days from the date of com-
mencement of policy. On scrutiny of available documents
LIC of India of both the parties, the Forum directed to cancel the poli-
cies and refund the premium paid as a special case. In the
Non receipt of Annuity amount result complaint succeeds.
Complainant's deceased mother had purchased an Annu- Case No.AHD-L-033-1314-0086
ity policy price Rs.5.00 Lacs and mode of payment of an-
nuity was yearly. Death occurred in the month of April, Shri Manilal C. Modi
Annuity due in July hence the broken period annuity is not
payable as per policy terms and conditions. On scrutiny of Vs.
documents of both the parties, the Forum also denied the
complainant's request for payment of July to April. In the Metlife India Insurance Co. Ltd.
result complaint fails to succeed.
Case No.AHD-L-0019-1314-0082 Short receipt of Surrender Value
Ms. Ashvini Vyas Complainant misguided by representative of the Respon-
dent and issued two policy for annual premium Rs.60,000/
Vs. -for 3 years thereafter insured can surrender the policy
HDFC Standard Life Insurance Co. Ltd. and get additional 12% interest. But after surrendering the
policy Complainant received only Rs.1,53,977.83 instead
Refusal of Cancellation request for two policies of paid amount of Rs.1,80,000/- + interest comes to
Rs.2,26,759/-. On scrutiny of available documents of both
Complainant misguided by representative of the Respon- the parties, the Forum came to know that the Respondent
dent and issued two policies for regular premium mode sold policy illegally hence directed to pay premium paid
for 11 years instead of Single premium policy, so complain- amount with interest. In the result complaint succeeds.
ant requested to cancel the policy and refund of premium
paid amount which was rejected by the Respondent stat- Case No.AHD-L-029-1314-0092
ing that cancellation request not received within 30 days
from the date of commencement of policy. On scrutiny of Shri S.H. Prajapati
available documents of both the parties, the Forum di-
rected to cancel the policies and refund the premium paid Vs.
as a special case. In the result complaint succeeds.
Life Insurance Corporation of India
Case No.AHD-L-0019-1314-0088
Non receipt of interest for late payment
Mr. Saurabh H. Modi
Vs. Complainant demanded 12% interest for 17 months late
receipt of maturity amount of GSLI Scheme. Complainant
HDFC Standard Life Insurance Co. Ltd. retired from LIC but failed to produce supporting evidences
relating to his savings component. This is a tailor made
Refusal of Cancellation request of policy Employee-welfare scheme and revised from time to time
and the exact calculation of saving portion differ from
Complainant misguided by representative of the Respon- category to category and not uniform all the time so it is
If you want to know how I feel, I'll summarize it in one word - terrible.
32 May 2016 Life Insurance Today
