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Awarding a compensation of Rs 4.25 lakh to a resident of Dombivili in Thane district the Thane District Consumer Redressal Forum held the Life Insurance Corporation (LIC) responsible for delaying processing an insurance policy.
Forum president Umesh Jhavalikar and member N D Kadam ordered the LIC to return the policy proposal amoumt of Rs 1.75 accepted from the complainant.
This combined amount of Rs 6 lakh is to be paid within 60 days, failing which an interest of 12 per cent from June 2012 needs to be paid on the amount until the money is realised, the order stated.
Madhav Hari Joshi, a retired person, had complained that in December 2008, he paid a sum of Rs 1.75 lakh as premium to the LIC agent for the Jeevan Astha Policy which is linked to the share market for an insured amount of Rs 9 lakh.
On January 27, 2009, the complainant underwent medical check up and informed the LIC about his health and habits.
On February 17, 2009 the LIC informed the complainant that his proposal had been forwarded to senior officers for a decision.
The complainant told the forum that even after the policy expired on February 21, 2009 the LIC did not take any decision for the next four months and also did not inform him if his proposal had been accepted or otherwise.
