Insurance company asked to pay Rs 1.15 L to consumer

Aurangabad, Sept 15:

District Consumer Disputes Redressal Forum directed SBI Life Insurance Company Ltd to pay Rs 1.15 lakh to the complainant, Bhaiyyasaheb Rajebhosale within one month.

According to details, Bhaiyyasaheb purchased Unit Plus Regular Insurance Policy of the company in 2006. He deposited a Rs 50,000 instalment with the insurance company initially. The insurance asked him to deposit a top-up premium as the units mentioned in the State. The complainant deposited Rs 65,000 in the top-up amount.

When he went to pay another top-up amount of Rs 15,000, the company did not accept his cheque citing the reason that the fund value of his investment is less than Rs 10,000.

Bhaiyyasaheb had deposited Rs 1.15 lakh with the insurance company while he was paid just Rs 6,543 at the time of maturity of the policy. So, Bhaiyyasaheb filed a complaint with the Forum through adv Sudhir Dhongde.

Head of Consumer Forum Smita Kulkarni, members Kiran Thole and Sandhya Barlinge directed the company to Rs 1.15 lakh to the consumer along with Rs 500 as complaint expenses.