Death Claim - Gbic.co.in

Happened that Ch. Braja Kishore Dash in order to purchase a ‘Varistha Pension BimaYojana Policy’ under Table - 161 deposited a sum of Rs. 266665/- on 29.12.2003 withCareer Agents Branch, Bhubaneswar of the Life Insurance Corporation of India andsubmitted proposal form on the very day. On 04.02.2004, the Insurer called for 9 digitbank MICR number and some of the unfurnished answers to question no. 3 (A) of theproposal form. The Insurer issued the policy bond bearing no. 585085263 commencingfrom 09.02.2004 fixing 09.03.2004 as the date of first pension payment @ Rs. 2000/-per month. The Insurer released pension of Rs. 1500/- for the broken period ofFeb’2004 and thereafter i.e. from March’04 onwards @ Rs. 2000/- per month, butrepudiated pensioner’s claim for Rs. 2500/- for the period form 31.12.2003 to09.02.2004. Being aggrieved, the Pensioner moved this forum for redressal.COMPLAINED that the purchase price along with Proposal form was deposited on29.12.2003 but the Insurer without scrutinizing the form sat on the matter till04.02.2004, when wanting requirements were called for.COUNTERED by LIC that though the pensioner depisited the purchase price on31.12.2003 there were delay in furnishing answers to th Q. no. 3 of the proposal formas well as 9 digits Bank MICR for which the policy was issued on 09.02.2004.OBSERVED that it is the bounden duty of the Insuer to secrutinize the proposal formon the date it was furnished, more so when Purchase Price was deposited along withthe form there is no reason for them to sleep over the matter for a period of about 1 &½ months. They can not scuttle pension of the Pensioner for their own negligence.HELD that the pensioner is entitled to interest on the purchase price amounting to Rs.2500/- for the period from 31.12.2003 to 09.02.2004.Bhubaneswar Ombudsman CentreCase No. I. O. O. / BBSR / 24 - 240Mrs. Hairat Afza KhatunVsLife Insurance Corporation of IndiaAward Dated 02.08.2005Happened that the deceased Life Assured Sk. Ayud Ali had obtained the followingpolicies from Jajpur Branch of the Life Insurance Corporation of India during his lifetime nominating the Complainant as the beneficiary in the event of his death.Policy No. Policy Name Date of T & T SA Mode Prm. FUP.Revival580433058 Endowment 10.03.99 14-20 152000 Hly 3768.10 6/99with Profit580628021 Bima Kiran 1.02.02 111-15 100000 Yly 2323.00 11/02Without Profit584703636 Jeevan Shree -- 112-15 1000000 Hly 53241.00 2/03without ProfitAs ill luck would have it, the Assured died on 06.01.03 due to cardiac arrest. Thecomplainant informed death of the Assured to the Insurer on 25.01.03 and lodged claimon 25.08.2004. As the Insurer delayed the settlement, the Complainant moved thisforum for redressal.COMPLAINED that she has already submitted required form complete in all respect.She acknowledged payment of claim in respect of Policy No. 584033058.