Sahara Care to pay Rs2.5 lakh to legal heirs of policy holder

“The life is the first priority for the doctor as well as for the attendants,” the District Consumer Disputes Redressal Forum said.

Sahara Care, an insurance firm of Sahara group, has been directed by a consumer forum to pay Rs2.5 lakh reimbursement and compensation to the legal heirs of one of its mediclaim policy holders, who died during treatment with the firm refusing to settle medical expenses over it. The District Consumer Disputes Redressal Forum passed the order, holding the company guilty of being “deficient” in providing medical facility, under its policy.

“Holding respondent deficient in providing the medical facility and reimbursement of the claim under the policy, we direct it to pay a sum of Rs2,00,000 under the policy of medi claim to the heirs of the deceased Jagat Singh together with Rs50,000 as compensation for causing harassment to his heirs,” the forum said.

Narender Singh, son of late Jagat Singh, in his plea had said his father had purchased the cashless mediclaim policy, which provided a cover of Rs2 lakh, from Sahara Care in January 2010.

He said his father was hospitalised in the Fortis Hospital at Noida in February 2011 and subsequent to his death all relevant documents were given to the company, despite which, it had not settled the claim. Sahara Care had contended the claim was rejected as the company was not informed about the hospitalisation, within 24 hours of the same.

The forum presided over by N A Zaidi brushed aside the contention, saying Jagat Singh was hospitalised in serious condition and in that situation “if there was any delay at all the same can safely be ignored.”

"It is not expected when the patient is in a critical stage that anybody will think of first informing the insurance company and then asking for the treatment. The life is the first priority for the doctor as well as for the attendants," it said, adding "insurance company cannot be allowed to take the benefit of the adverse circumstances of the insured and they cannot escape from their liability."

User

IDFC offers tranche 3 of tax-saving long term infrastructure bonds

The issue of tranche 3 bonds opened for subscription on 19 March 2012, and will close on 30 March 2012.

Infrastructure Development Finance Company (IDFC) has launched the public issue of the third tranche of long term infrastructure bonds of face value of Rs5,000 for an aggregate amount not exceeding Rs3,700 crore.

This is the issue of the third tranche of long term infrastructure bonds having benefits under section 80CCF of the Income Tax Act, 1961, by the company within the overall aggregate limit of Rs5,000 crore for the financial year 2011-12. The issue of tranche 3 bonds opened for subscription on 19 March 2012, and will close on 30 March 2012, or earlier, as may be decided by the board of the company. The tranche 3 bonds have been rated as (ICRA)AAA by ICRA and Fitch AAA(Ind) by Fitch.

While the ICRA rating indicates stable outlook and the highest degree of safety for timely servicing of financial obligations, the Fitch rating indicates a long term stable outlook.

The tranche 3 bonds will be issued in two series – Series 1 tranche 3 bonds and series 2 tranche 3 bonds and will carry an interest rate of 8.43% per annum. The tranche 3 bonds will carry a minimum lock-in period of five years from the deemed date of allotment and can be redeemed after ten years from the deemed date of allotment. The tranche 3 bonds also have a buy back option at the end of five years. The minimum subscription will be two tranche 3 bonds and in multiples of one tranche 3 bond thereafter.

For the purpose of fulfilling the requirement of minimum subscription of two tranche 3 bonds, an applicant may choose to apply for two tranche 3 bonds of the same series or two tranche 3 bonds across different series.

In accordance with section 80CCF, an amount, not exceeding Rs20,000 per annum in the year of investment, paid or deposited as subscription to long term infrastructure bonds during the previous year relevant to the assessment year beginning 01 April  2012, shall be deducted in computing the taxable income of a resident individual or hindu undivided family.

The company has raised approximately Rs1,200 crore in the first two tranches of infra bonds.

User

Banking hours to be extended on 30th and 31st March: RBI

Branches of all banks conducting government business will suitably extend the banking hours on 30th and 31st March 2012 to facilitate receipt of government revenue from members of public even at late hours

With a view to facilitating accounting of all government transactions of the current financial year (2011-12) by 31 March 2012 and meeting the probable rush of tax-payers towards the end of the year, it has been decided that all regional offices of Reserve Bank of India (RBI) and branches of agency banks conducting government business will suitably extend the banking hours to conduct government business by keeping their counters open for the purpose on 30th and 31st March 2012 to facilitate receipt of government revenue from members of public even at late hours.

As regards conduct of special clearing on 31 March 2012 (with return clearing on the same day), the decision is to be taken by the department of payment and settlement systems, central office, Mumbai.

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)