Page 50 - Insurance Times March 2022

furnished all the documents that were sought. Pending the towards litigation cost. It gave the Insurer 30 days to com-
final loss assessment, the insurer released Rs. 30 lakh as ad- ply, after which the interest rate would rise to 12 per cent.
interim relief. The surveyor submitted a final report on Feb- Both the Insurer and the insured appealed against this or-
ruary 3, 2010, assessing the total loss at Rs. 48,43,268 on der. The National Commission observed that insurance is not
market value basis. The surveyor also recommended pay-
taken for any commercial gain, but for loss indemnification
ment of the balance Rs. 18,43,268 after adjusting the so the complaint was maintainable
amount disbursed as interim relief.
It also observed that there was no evidence to show that
As the claim was not settled on reinstatement basis, the change in loss assessment from reinstatement basis to
insured filed a complaint before the Chandigarh State Com- market value basis was done at the behest of, or after in-
mission, seeking Rs. 19,61,749, on the basis of the differ- forming, the insured. It pointed out that when any change
ence between the two loss assessment methods. In addi- is made without a fresh proposal, the Insurance Regulatory
tion, the insured also sought interest, compensation and
and Development Authority of India's regulations require
costs.
the messes insurer to confirm the change with the insured
The insurer contested the complaint. It raised a technical and record it in the policy. As this was not done, the Com-
objection that the complaint was not maintainable as the mission accepted the insured's contention that the change
insurance service was availed for commercial purpose. It was made without its knowledge or consent. The National
also contended that the insured can't raise a dispute after Commission concluded that the change was made unilat-
having given full and final discharge for the settlement. erally, which was permissible. It concurred with the State
Commission's view that the Insured was entitled to a fur-
The State Commission held that the I claim should be
settled on reinstatement basis. It added that the Insured ther amount of Rs. 1,953,745.
was entitled to receive the remaining Rs. 19,53,745, along Accordingly, by its order of February 3, 2022 delivered by
with 8 per cent Interest from October 15, 2009.1n addi- C. Viswanath presiding over the Bench along with Justice
tion, it granted interest for delay in payment of the claim Ram Surat Ram Maurya, the National Commission dis-
disbursed. It also granted Rs. 20,000 as compensation for missed the appeals and upheld the State Commission's
physical harassment and mental agony, and Rs. 10,000 order. T

Bharti AXA Life launches Guaranteed Wealth Pro

Bharti AXA Life Insurance has launched their Bharti AXA Life Guaranteed Wealth Pro plan - a comprehensive product
that will provide life insurance coverage along with a competitive and efficient savings avenue.
The company says, people increasingly seek financial products that offer guaranteed returns on investments, along
with liquidity. This Wealth Pro is designed to help save for future milestones or needs across various life-stages such
as planning for retirement or early retirement, children's higher education, a luxurious holiday or safeguarding ones'
financial independence by securing a supplementary income that allows one to pursue their passion without a worry.
The plan offers liquidity in the form of tax-free income from the second year onwards with its early income variants.
This could help secure the policyholder's family by guaranteeing the elimination of uncertainty of future income
streams.

The plan offers two pay-out structures - 'Endowment' and 'Income', wherein policyholders can receive pay-outs based
on their requirements and financial goals.
Y The 'Endowment' option to receive pay-outs under the product as lump sum enable planning for future milestones
and life goals
Y 'Income' option offers a choice between short-term, long-term income and lifelong income with two early income
variants as well.
In addition to the built-in cover, the plan enables customers to opt for additional rider(s) which can be taken along
with the policy. The riders available with the product are Term Rider, Hospi Cash Rider, Accidental Death Benefit
Rider and Premium Waiver Rider. One can also choose a premium payment term or policy term based on their needs
and preferences.

50 The Insurance Times, March 2022