Settlement includes surrender of policy
CHANDIGARH – Punjab State Commission has directed an insurance company Bharti AXA Life to reimburse a non-resident Indian, hailing from Mohali, Rs 25 lakh. A part of the amount, the company had “fraudulently” taken from the complainant for a policy he had not bought.
In his complaint, Jagmohan Singh Rana had claimed that he had an insurance policy for Rs 5 lakh, issued by Bharti AXA Life Insurance.
When the premium of the policy was due, a representative of the company contacted his father to collect it, but he fraudulently took two cheques from his father and issued another insurance policy, which Rana hadn’t intended to buy, with a premium of Rs 20 lakh to be paid annually for 20 years.
The cheques were cleared without any intimation to Rana. Rana was not in India at the time and when he learnt about this, he approached the insurance firm for a refund, but the company refused.
The matter was settled by representatives of both parties before the commission’s bench comprising Justice Arvind Kumar and S Chattopadhyaya.
The settlement includes surrender and liquidation of the earlier policy on completion of three years as well as a refund Rs 20 lakh for the second policy.
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