Forum president Pranali Sawant and member Sujata Patankar issued the order on Wednesday in a plaint filed by Arvind Chandrakant Bankar of Maurya Garden Society in Kothrud and his son Aniket on December 23, 2010.
The Additional District Consumer Redressal Forum has ordered Peerless General Finance and Investment Company Ltd to settle a life insurance claim of Rs4.20 lakh, which had been rejected by the company, and pay 9% interest on the amount with effect from November 16, 2009 to the survivors of the policyholder in 30 days. The forum has also ordered the insurance company to pay suit cost of Rs5,000 to the plaintiff.
Forum president Pranali Sawant and member Sujata Patankar issued the order on Wednesday in a plaint filed by Arvind Chandrakant Bankar of Maurya Garden Society in Kothrud and his son Aniket on December 23, 2010.
Bankar had purchased two policies of Peerless in the name of his wife on October 21, 2003. The policy rules said Bajaj Allianz would pay 50 times the amount of monthly instalment, in case of policyholder’s natural or accidental death within the seven-year term of the policy. The plaintiff’s wife died a natural death on January 21, 2009.
As Bankar had already paid Rs4,200 each for both policies in 5 years, he contacted the Peerless officials and claimed an amount of Rs2.10 lakh per policy. However, the firm sent him only two cheques of Rs5,075 each towards the capital investment and bonus.
Bankar received a letter from Peerless on May 6, 2010, saying the policy did not attract any compensation for natural death, since the policies had been issued under column 49.
Bankar, in his plaint, stated that change in the rules of policy without taking him into confidence was deficiency in service and demanded dues of Rs4.20 lakh, as per the original policies along with interest.
Firm said that as Bankar had accepted the full and final settlement amount, he had no right to complain. The consumer forum gave the order after observing that this was a rare and unique case.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}