Policy lapsed, death claim denied, insurer to pay ₹7L
Synopsis A life insurer denied a seventy lakh death claim after a policy lapsed. The policyholder had paid seven lakh as the first year premium
Synopsis A life insurer denied a seventy lakh death claim after a policy lapsed. The policyholder had paid seven lakh as the first year premium.
The consumer commission ordered the insurer to refund this initial premium payment. This decision prevented unjust enrichment by the insurance company. Policyholders must pay premiums
on time to maintain active life cover.
The BriefWire