ICICI Prudential to pay Rs7.15 lakhs to policy holder

The District Consumer Disputes Redressal Forum held that the ICICI Prudential Life Insurance Co Ltd ignored the principle of "natural justice" as it was duty bound to inform the complainant (Ashok Kureel) about bouncing of his cheque

ICICI Prudential has been directed by a consumer forum here to pay Rs7.15 lakh to one of its insurance policy holders, for not informing him that his cheque for second year's premium had been dishonoured, and not giving him the opportunity to renew his life-time pension scheme.

The District Consumer Disputes Redressal Forum held that the ICICI Prudential Life Insurance Co Ltd ignored the principle of "natural justice" as it was duty bound to inform the complainant (Ashok Kureel) about bouncing of his cheque.

"The conduct of insurance company was not in accordance with natural justice. It should have informed the complainant about the dishonour of the cheque and he should have been called upon to make the payment for renewal of the original policy," the forum said.

South Delhi resident, Kureel had alleged in his plea that the ICICI Prudential did not only fail to inform him about the dishonour of cheque, but also converted his life-time pension scheme to 'paid-up' on the ground that he defaulted in payment of second year's premium. He said that after receiving the cheque for second premium in November 2008, the company had issued him a renewal receipt and a consolidated premium certificate in January 2009 for the period 2008-09.

In its defence, the company said it had duly informed Kureel to renew his policy despite which he failed to do so, and as premium was not paid by the due date, the life cover and rider benefit, if any, available to Kureel ceased as per the terms and conditions of the scheme.

The forum observed "the cheque was received by the company in November 2008 and till February 2009 it remained silent and did not inform the complainant". It directed the company to return Rs7,00,000, the first premium of the policy, along with Rs10,000 compensation for causing harassment and Rs5,000 as litigation charges.

User

COMMENTS

MKGANGULY

5 years ago

This is no justice at all . The company should have been asked to pay the interest on Rs.7,00,000 for 18 months or so, which may be equivalent to Rs.1,00,000 @ 10 % or less. I had one similar plan with them- Forever life, which offer at the end of the term, freedom to buy annuity from any other Insurance company, but they simply refused to give. I complained to IRDA by mail, got no result. Finally I met Dy.Director, IRDA personally and got the lumpsum amount to buy annuity from LIC, after 5-6 months of harrassment, but got no compensation. IRDA says it has no power, than who has, will anybody tell me.

New Hyundai i20 ranges from Rs4.7 lakhs to Rs7.67 lakhs

The all new 'iGen i20' from Hyundai will replace the existing i20.

Hyundai Motor India (HMIL) has launched a new version of its premium compact car i20 priced up to Rs 7.67 lakh (ex-showroom Delhi).

The all new 'iGen i20' will replace the existing i20. The petrol variants of the new version is priced from Rs4.73 lakh to Rs6.65 lakh (ex-showroom Delhi), the company said in a statement.

The diesel variants will be priced from Rs5.96 lakh to Rs7.44 lakh and the automatic variant at Rs7.67 lakh (ex- showroom Delhi), it added.

While the petrol variant is powered by 1.2 litre engine, the diesel option has a 1.4 litre engine.

HMIL managing director and CEO BS Seo said the company has incorporated research findings in the new i-Gen i20 to meet requirements of hi-tech and innovative features seeking customers.

The company said it has added new features like the rear parking camera with display in the cabin mirror, electro chromic mirror which offers anti-glare vision during night time driving to the 'iGen i20'.

User

COMMENTS

IndianDrives

5 years ago

The diesel variants of Hyundai i 20 is very low as compared to others. Some cool features also added in this pack.

When it comes to finances, most kids approach mothers: Survey

75% of parents surveyed said they were not always honest with their children about their finances. 

According to a recent survey of children age 8 to age 14 and parents, by T. Rowe Price Group Inc. it was found that 54% children approach their mothers first on financial issues compared with about 40% who approached their fathers, reports said.

Parents also conceded that talking to their children about finances was much more difficult than talking about drugs and bullying. However, parents found it easier to have a conversation about sex and puberty.

Roughly 75% of parents surveyed said they were not always honest with their children about their finances. From the total sample size, 43% of the parents said were not honest with their children about their financial worries while 32% told their kids they couldn’t afford some things even if they could.

In February, T. Rowe Price, through San Francisco-based market-research firm MarketTools Inc., conducted a survey of 1,008 parents and 837 children, where it was found that about 58% of the parents reported that their annual household income was between $25,000 and $99,999, while 7% earned $150,000 or more. The results were released in recognition of Financial Literacy Month in April, reports said.

Children said they would like their parents to educate them more about saving, and ways to make money and allowances, in comparison with other issues, reports added.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)