Legal Question in Insurance Law in India

A ULIP LIC policy was sold to a client by an agent giving misconception to the client 5 years ago that the client will get double amount. The client invested 50000 at that time (2005). Now, after 5 years when the client approached the agent but the agent refused to cooperate with her for getting her amount. The policy is for 10 years but since the client need the money for her domestic reason, wanted to surrender. When approached the client was informed according to market value only the amount will be given. In the meantime the client approached me for help. When I contacted the agent, point blank refused me also. Accordingly the client registered the complaint with IRDA and the disposal date was Oct. 18, 2012. Since there was no remedial steps taken by LIC, I brought this information to Chairman & CMD. Accordingly they have sent mail to concerned LIC Branch, myself and the client. During the interrogation it was found that the agent is the defaulter. The client is handicapped girl. The agent is also a lady having 12 years experience. After discussion I had to discuss the matter with agent and the client because the Branch Mgr told that LIC is not at fault and hence according to market value 57000 only LIC will pay. Since the Br. Mgr. requested me to talk with both agent & client I wanted to settle the amount in 75,000/- (as promised by the agent the amount works out to 1,00,000). Please guide me whether I have given the correct judgment or not. Is there any way to help the client to get 1,00,000/- as promised by the agent? If yes under which IPC the client can lodge the case. I am a Social Worker only. I would be grateful if you could help me out. Thanks & Best Regards - Krishnan

Asked on 12/21/12, 11:19 pm

0 users found helpful

0 attorneys agreed

send legal notice and after that file case

Answered on 12/22/12, 9:52 pm

Keywords

Match Any Match All

Country

State

Area of Law