Insurance
Apollo Munich Insurance penalised for delaying policy document by 5 months

While IRDA rules mandate that the policy document is required to be sent to the policyholder within two months there was a delay of more five months, which prompted the consumer forum to penalise the insurer

 

A Delhi consumer forum has held Apollo Munich Insurance Company guilty of deficiency in service and has ordered it to pay Rs5,000 as compensation to its customer for not sending the renewed policy document within two months, which is mandatory under Insurance Regulatory Development Authority (IRDA) rules.


The District Consumer Disputes Redressal Forum, North (New Delhi) observed that, “In our opinion receipt of the contract writing representing the terms and conditions of insurance policy is the right of the subscriber of the insurance policy and non-receipt of the insurance cover within a period of two months as stipulated in regulation referred to above is a deficiency in service, irrespective of the fact whether actually any damage or loss has been caused to the complainant or not.”

The case relates to New Delhi-resident Vivek Sharma who bought a family health insurance policy from Apollo Munich, valid from 4 September 2008 to 3 September 2009, after paying a premium of Rs9,500. The same policy was renewed in the name of his two sons on paying the premium of Rs2,416 through a cheque. The cheque was received by one, Devender Dhingram, company’s agent and was encashed on 23 September 2009. Further, even two months after encashment of the cheque, he did not receive his policy document. Despite repeated telephonic reminders to Apollo Munich, his issue was not resolved.

Aggrieved, Mr Sharma sent a legal notice, dated 15 February 2010, to the insurance firm, asking to send his policy documents and ID card along with payment receipt. Accordingly, Mr Sharma received the policy on 2 March 2010, more than five months after encashment of the cheque.

He approached consumer court citing that delay in sending the policy documents amounts to deficiency in service and claimed Rs40,000 as compensation. The counsel for Mr Sharma argued that under the guidelines issued by IRDA (Protection of Policy Holder’s Interest) Regulation, 2002, the policy documents are required to be sent within a period of two months from the date of receipt of proposal form by the insurer and failure to send the policy document after 30 days is deficiency in service.

Apollo Munich argued after the receipt of the legal notice, the policy   documents were sent to the complainant on 27 February 2010 in compliance of his notice and no deficiency is attributable to Mr Sharma and he is not entitled for any relief. The company also cited a judgement where it was held that “unless complainant has made allegations of negligence and deficiency in service in the complaint, no amount of evidence could be looked upon a plea not put forward.”

However, the consumer forum did not accept the plea of insurance company stating that there is no such issue involved in the present case and held Apollo Munich guilty for deficiency in service for not sending within a period of two months.

User

COMMENTS

Kamath

4 years ago

Hinduja Global Solutions have been anouncing dividend per share of Rs 20.00 during previous 2 years.

With very good results this year again Rs 20.00 dividend has been anounced.

My wife had purchased 250 shares at Rs 315.9 , Current price is Rs 339.

The dividend yield works out to more than 6 % and We can accumulate additional 1000 shares and hold. Kindly advise we can do so now or wait for correction ?

Study warns repeat of “maniac behaviour” that led to 2008 crises

The 2008 global meltdown revealed the inability of experts to foresee such a situation and act on it. A new study has warned that the situation could well happen again

Professor Mark Stein, the award-winning academic from the University Of Leicester School Of Management, in his award-winning paper-A culture of mania: A psychoanalytic view of the incubation of the 2008 credit crisis-had argued that that the financial world was suffering from collective mania in the two decades running up to the event. The paper was published in the Sage journal Organization.

"Unless the manic nature of the response in the run up to 2008 is recognised, the same economic disaster could happen again," warns Professor Stein, who yesterday was awarded the iLab prize for innovative scholarship.

He adds that, "Observing-but not heeding-the warning signs from the collapse of the Japanese economy in 1991 and the 1998 crisis in south-east Asia, the financial world in the West went into an over-drive of denial, escalating its risky and dangerous lending and insurance practices in a manic response."

Professor Stein defines the manic culture in terms of the four characteristics-denial, omnipotence, triumphalism and over-activity. "A series of major ruptures in capitalist economies were observed and noted by those in positions of economic and political leadership in Western societies. These ruptures caused considerable anxiety among these leaders, but rather than heeding the lessons, they responded by manic, omnipotent and triumphant attempts to prove the superiority of their economies."

He explains that increase in credit derivative deals, industrializing credit default swaps and the removal of regulatory safety checks, such as the repeal in the United States of the landmark Glass-Steagall banking controls were a manic response to the financial crises within capitalism.

According to Professor Stein, this behaviour was also strengthened by 'triumphant' feelings in the West over the collapse of communism. "Witnessing the collapse of communism, those in power in the West developed the deluded idea that capitalist economies would do best if they eschew any resemblance to those communist economies, thereby justifying unfettered financial liberalization and the destruction of the regulatory apparatuses of capitalism. The consequences of this manic response have been catastrophic, with the on-going Eurozone crisis being-in many ways-a result of this."

He adds, "Whether one examines the actions of banks and hedge funds, or the limitations of ratings agencies, auditors, regulators and governments, a more worrying and deeper question emerges concerning why so many parties, more or less simultaneously, were implicated in such unprecedented and extreme risk-taking."

User

COMMENTS

malq

4 years ago

Right next to the Planning Commission office are the offices of Delhi Metro and the station at Patel Chowk, where also they have public toilets.



And this is how Delhi Metro operates reasonably clean toilets for men and women (with a 25% capacity for disabled) on a PPP BOOT basis.



http://www.delhimetrorail.com/otherdocum....



Wonder why Planning Commission could not do this, too? These are clean toilets, and I know for a fact that visiting dignitaries of all levels are shown these toilets with pride and dignity. As they should.

malq

4 years ago

For something like the Planning Commission, which has wasted 1000s of crores on a dead-end project called AADHAR/UIDAI already, 35 lakhs is obviously like nothing!!

In another response in an RTI to me months ago, Planning Commission had informed me that they were not aware of the nationalities of the companies which were doing the UIDAI tech for them.

rgds/Veeresh

Boodugere Nagaraj

4 years ago

I feel that some of the media people have no work worth mentioning, resort to story writing. They want to make report sensational to project themselves as heroes ! I read only head lines and forget.
I donot waste my time in reading such stories. I call this as idiotic journalism ! I was spending less than Rs.5/- for my breakfast 10 years ago. Today even Rs.50/- is not enough !

Nagesh Kini FCA

4 years ago

The Planning Commission a Soviet-era anacronism an useless body that ought to have been shut down soon after 1992 in the post-liberalization scenario.
Only yesterday, the Tamil Nadu, rightly pointed out the the Planning Commission has no business to advise State Governments how to spend their own money.
Why is this Nehruvian body that is top heavy allowed to continue when they cannot come out with substantially accurate numbers for BPL.
The exorbitant expenditure of Rs.35 lakhs, as a silly afterthought sought to be justified as being 'routine, repairs, maintenance up gradation of toilet facilities', to prevent unauthorized entry of all places in a loo!
They even threw in 'facilitating the use for challenged' in a TV channel, but hastily realized it was not there!
In a land where a large population suffers from all kinds of communicable diseases because of insanitary use on the rail track, road pavements, fields it is a sad commentary that the PC goes to incur an obnoxious sum and then try a failed cover up.
The Dy. Chairman incurs a pd travel expenditure in excess of Rs.2 lakhs when the entire country is running broke.
Whether the PM likes it or not, Monteck has to go.
The Business Line some time came out a smart one - The days of bumbling Sardars Santa and Banta Singh are over, they have been replaced by Mohana and Monta Singhs - one operating from the PMO and the other from Yojana Bhavan.
Both put together are taking the country to the dogs. Their days sadly numbered.
Both need to call it a day - enough is enough Sardarjis!

REPLY

Deepak R Khemani

In Reply to Nagesh Kini FCA 4 years ago

Nagesh ji he also went on record saying that these toilets are meant for all the general public too, the only problem was that the reporters were not witty enough to ask him that why was the 5 lakh smart card machine installed at the entrance, will they issue smart cards to all?

Pradeep

4 years ago

Fine the CPWD might have constructed the same but as an Institution which plans for the country, the authorities should be aware of realistic figures for the construction of these toilets. Now that there is a hue and cry over the cost, has the Planning Commission decided to do something about it?

Why is copper not as bullish as equities?

While equity markets are rallying on hopes, copper prices, which signifies actual economic expansion, is subdued – even after China’s rate cut. Should equity markets be worried?
 

Copper is called the metal with PhD because it is the bellwether for economic activity. The metal is widely used in industrial and infrastructural sectors. Interestingly, while the equity market has rebounded from its depressed state of last week copper has not participated in the ongoing rally. Indeed, while the People’s Bank of China, the Chinese apex central bank, cut borrowing rates for the first time since 2008, by 25 basis points to 6.31%, copper has actually fallen. Meanwhile, Dow Jones Industrial Average shot up for three straight sessions and the Sensex is up by 1,000 points from its low of Monday. Markets are rallying on both the news and anticipation of monetary easing.

The recent price of copper, an indicator of real demand, is actually falling despite the euphoria in equity markets. According to Businessweek magazine, China’s biggest producer of the metal, Jiangxi, is considering halting exports to LME warehouses after prices declined. China forms 40% of the world’s copper demand.

The interest rate cut of China comes amidst a raft of gloomy news, mostly dire economic statistics from the United States, which particularly its poor employment figures—is a crucial indicator for its economic recovery. Spain has got its sovereign rating cut by Fitch to two notches above junk rating. And there are rumours that Greece will be headed for the European Union exit. However, the European Central Bank and the Federal Reserve have opted to keep rates unchanged, with the latter denying another round of monetary easing. Equities are rallying on hopes that a solution will be found to all these problems. But only copper prices—based on actual demand growth—will tell us that economic activity is indeed expanding as equity markets are anticipating.

User

COMMENTS

DKDATTA

4 years ago

Planning Commission must disclose full break-up of total exp of Rs.35 lakhs of whatever purpose it was used for TOILET/s - the tax-payers & the entire country wants to know it. Montek's remark - this is not that important thing/other imp. matters should be discussed - requires detailed explanation from Mr. Montek himself. How does he think that such expenses are petty things compared to India's GDP or other BIG FIGURES WITH WHICH HE DEALS AND MAKES THE FELLOW COUNTRYMEN FINANCIALLY COMFORTABLE.

REPLY

nagesh kini

In Reply to DKDATTA 4 years ago

The Dy.Chairman of the Planning Commission has to be reminded that all these so-called 'petty' amounts whether in his own domain, his own foreign travel of Rs.2lakh per day, CWC, Presidential travels, ministerial extravaganza all add up to the yawning fiscal deficit adversely hitting the aam admi via high food costs and rupee devaluation.
Montek needs to put in papers as he has overstayed his stay at Yojana Bhavan where he can't even bring out any right numbers for BPL or the extent of black money.
India doesn't need a dysfunctional white elephant any more. Be done with it asp.

Prasadk

4 years ago

Dear Shri Malik,

35 Lakh is outrageous. On top of that, the snottish Montek says that this is because they had to "replace piping". What does he smoke? I renovated one toilet in my home last year, with the best premium fittings, tiles AND replaced 10 year old piping. I also replaced the WC with latest state of the art. Total cost? Around 75,000/- with labor included. Lets say the planning commission with all its inefficiencies and bribe-taking spends 10 times this amount - it is still 7.5 Lakh! They have spent nearly 5 times of this 7.5 Lakh figure, and Montek wants us to swallow it? Shudder Shudder, this guy is running the "planning" of the entire country? He can't think straight to plan for his own building's toilet block!!

REPLY

prasadk

In Reply to Prasadk 4 years ago

Mr. Malik,

Let me also add, that installing "smartcard" access to these piddling toilets reeks of elitism and discrimination of the worst kind. And to think of the fact that a member of the commission Dr. Narendra Jadhav is actually a "Dalit" and does not miss a single opportunity to wail loudly about how "he was discriminated" against while growing up.

Now will his own Planning Commission allow a dalit to visit this "posh" toilet in the office building?

malq

4 years ago

Right next to the Planning Commission office are the offices of Delhi Metro and the station at Patel Chowk, where also they have public toilets.

And this is how Delhi Metro operates reasonably clean toilets for men and women (with a 25% capacity for disabled) on a PPP BOOT basis.

http://www.delhimetrorail.com/otherdocum...

Wonder why Planning Commission could not do this, too? These are clean toilets, and I know for a fact that visiting dignitaries of all levels are shown these toilets with pride and dignity. As they should.

anantha ramdas

4 years ago

Now that the toilet story is out, the next step would be to have an official version if the refurbishing work was finalised after a due tendering process; followed by names of the bidders, the successful one and of course, whether it was "sub-contracted" to get the best results?

Besides, one also needs to know the status of other toilets in the building and if any other repairs are on the anvil?

May be a toilet visit at site would be educative? By the way, how are the public toilets maintained in the capital?

malq

4 years ago

Update on the toilet issue at Planning Commission, in the form of a response by the gent who asked for the information in the first case:-

SUBHASH AGRAWAL [email protected]
00:32 (6 hours ago)

to undisclosed recipients
Confession by Planning Commission on privileged toilets

Planning Commission while trying to justify expense of rupees 35 lakhs on renovating two toilets at Yojana Bhawan (New Delhi) has confessed its unpardonable mistake of installing ‘Door Access System’ in these fancy toilets which allowed a privileged entry to these toilets only to some selected few through smart cards. It is indeed a big irony that renowned planners planning for 121 crores people of this great nation could not even foresee non-feasibility of such smart-cards!

Whole episodes reflects mindset of discrimination even in use of toilets inherited from erstwhile British rulers who had built three different types of stair-cases in North Block and South Block for discriminatory use by government-staff of different grades. Planning Commission should fix responsibility for wasting rupees 5.20 lakhs for discriminatory use of toilets on now dismantled ‘Door access System’. Clarification also alleges about motivation of filing RTI petition with some ‘limited’ queries only. In case Plan Panel considered it necessary to add any clarification on the subject-matter of the RTI petition, it could do so by sue-motto disclosure of any such information under query (7) of RTI petition which read as ‘Any other related information’. Bigger question is mindset to decide for fancy toilets instead of hygienic toilets renovated with economy and austerity.

Government initiates ‘austerity-measures’ with high publicity through media. Abandoning austerity-measures for returning to normal system should also be likewise publicised. Since Planning Commission Deputy Chairpersons holds status of a Union Cabinet Minister, he should disclose details of his assets and wealth on website like is done for other Union Cabinet ministers. Considering highly-criticised travel-expenses of Planning Commission Deputy Chairperson, these should also be sue-motto disclosed on website in full details.

SUBHASH CHANDRA AGRAWAL
(Guinness Record Holder & RTI Activist)
1775 Kucha Lattushah
Dariba, Chandni Chowk
DELHI 110006 (India)
Mobile 9810033711 Fax 23254036
E-mail [email protected]
Web http://www.subhashmadhu.com
07.06.2012
PRSEC/E/2012/08049
DPLNG/E/2012/00108

REPLY

Deepak R Khemani

In Reply to malq 4 years ago

Will they issue smart cards to all those who wish to use these fancy toilets, if so then all those who live around this place should get one a piece so that they can use these facilities are they are available for the general public as said by Montek Singh on TV last night

a v moorthi besides TIHAR

4 years ago

i take the opportunity share with u what might have happened had i not shared the following with Montek. some honourable member of Planning commission would have landed up in a mess even though it might have a cheaper variety of toilet than one seen by Montek during his numerous visits abroad to study poverty elimination in India from analysing various models available abroad.


In one of leading hospital New Delhi, a gentleman working in Planning commission had made several attempts to get into
the men's restroom, but it had always been occupied.

A nurse noticed his predicament.
' Sir', she said ' You may use the ladies room if you promise not to touch any of
the buttons on the wall.'


He did what he needed to, and as he sat there he noticed the buttons he had
promised not to touch.

Each button was identified by letters: WW , WA , PP, and a red one labeled ATR.

Who would know if he touched them?

He couldn't resist.
He pushed WW.
Warm water was sprayed gently upon his bottom. What a nice feeling, he thought.
Men's restrooms don't have nice things like this.


Anticipating greater pleasure, he pushed the WA button.
Warm air replaced the warm water, gently drying his underside.
When this stopped, he pushed the PP button.

A large powder puff caressed his bottom adding a fragile scent of spring flower to
this unbelievable pleasure. The ladies restroom was more than a restroom, it was
tender loving pleasure!

When the powder puff completed its pleasure, he couldn't wait to push the ATR
button which he knew would be supreme ecstasy ( yes same favourite word of
Vasantan - customer ecstacy when ever Ramesh Prabhu used to hear this word he will
always pass on glances to AVM). He was immediately knocked out by an excruciating
pain.


Next thing he knew he opened his eyes, he was in a hospital bed, and a nurse was
staring down at him.

'What happened?' he exclaimed. 'The last thing I remember was pushing the ATR
button.'

'The button ATR is an Automatic Tampon Remover. Your testicles are now in this
jar, sir!!'

Sanjeev

4 years ago

They should just be asked to give a break-up of the 35 lakhs . It does not seem right to assume that the bribes must have been in the region of 400%.They could well have been 5-10% as per CPWD norms. A single WC set can cost 80000-100000. Mixers, pillar taps, bib taps, tiling work, sensors can all be very expensive. It depends on whether exclusive range items were installed or not.
However,I am not saying that installing ultra-chic gadgets is justified. It is not.

REPLY

malq

In Reply to Sanjeev 4 years ago

Going by configurations which are used in malls, the approximate estimate received was provided, although as you rightly pointed out - it could be more. Having said that, the bigger issue is the running maintenance and cleanliness = for which there appears to be no input so far.

The larger issue here is the colonial attitude that still prevails in such Government offices. That needs to change.

Toilets are only one part.

Dr VL Lokre

4 years ago

The argument is ridiculous. I wonder why the auditors did not comment on this purchase proposal.

REPLY

Nagesh Kini

In Reply to Dr VL Lokre 4 years ago

Unfortunately the auditors do a 'shit post mortem' when it's too late! Can't blame them?

malq

In Reply to Nagesh Kini 4 years ago

I suppose, eventually, the CAG might just run an all-India audit on Government toilets, and we will then have the "Toilet Scams".

malq

In Reply to malq 4 years ago

Oops, there is already a toilet scam in Uttar Pradesh, where the over-reporting has been about 10 times . . . http://articles.timesofindia.indiatimes....

The state was to build toilets in rural households under the centre-sponsored Total Sanitation Campaign. The state panchayati raj department told the ministry of rural development that it got 1.71 crore toilets constructed under the scheme in the past one decade. But the household census data says that only 55 lakh rural households have toilets. Which means, 1.16 crore toilets in rural Uttar Pradesh are " missing". The extent of over-reporting has been close to 10 times (9.74%), say experts. According to TSC reports, there are only 17.50% households without toilets in rural UP whereas the census reports that more than 78% of the households do not have latrines within their premises.

Status | State panchyati raj department has decided to hold a re-verification drive of the toilets constructed in various districts. "A physical and financial verification of departmental activities is also underway at the level of the district, directorate and government levels. Action would be initiated against officials if they were found guilty of any irregularity," said officials. The enquiry is still on, they claim.

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