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2023 Insurance July 2023

Imagine the plight of illiterate Insured lady misled by the Insurance Agent

July 15, 2023 deliljosh

Imagine the plight of illiterate Insured lady misled by the Insurance Agent, in the facts unfolded in the judgment dated 15.6.2023 of the NCDRC

Eye opener for all of us and also all the stake holders in the insurance sector.

Facts – Consumer complaint that the complainant – an illiterate and her husband – an agriculturist – were allured that she could withdrawn amount after 3 years or receive the double amount after 10 years and to pay one time premium of Rs.4,60,000/-. The thumb impression on the papers was obtained and wrong policy was given concealing the information. After 3 years, the Insurer refused to pay under the Retirement Plan. It was found that the agent filled in the English form and took thumb impression of the insured.

You may read – Imagine the plight of illiterate Insured lady misled by the Insurance Agent

HELD that it is illogical and unpalatable that paying premium of Rs.4,60,000/- and thereafter, receiving merger amount of less than 10% i.e. Rs.32,079.10 as refund itself appears to be unjust enrichment of the insurance company. The Insurer is liable to be refund premium amount after deducting 10% and with interest.

Revision Petition No.1872 of 2016 – Amarjit Kaur Vs. Kotak Mahindra Old Mutual Life Insurance Ltd and another. Decided on 15.6.2023

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