sneha jaiswal 21 May 2021

Insurance

Hello, Learned Counsel!

My mother’s brother has taken insurance from Sahara India i.e., Saharayn universal multipurpose society project in the year 2010, and the maturity of it, is in the year 2021 and this insurance comprises of life insurance, accidental insurance as well as if no amount is claimed before the maturity date, then the whole amount will be doubled and returned to him. But, in this case, the legal issue is Sahara India is not ready to return the money with the terms and conditions of the insurance and they are saying that, increase your cover time till 2033 in exchange for money. How can he claim his amount of the aforesaid insurance?

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Quick Summary

If Sahara India is refusing to pay the maturity amount for your uncle's insurance policy, which includes life and accidental cover with a doubling clause, you have recourse. The company's refusal may constitute unfair trade practices. You can file a complaint with the District Consumer Forum to claim the maturity amount, plus interest and compensation for distress. Alternatively, you can approach the IRDAI (Insurance Regulatory and Development Authority of India) to protect policyholder interests. If these steps don't resolve the issue, pursuing legal action through consumer forums is recommended.

3 Replies

Advocate Bhartesh goyal (advocate) 21 May 2021

If insurance company denies to make payment of maturity amount then it amounts their unfair trade practice and deficiency in services, insured should file complaint against insurance company in this regard before District Consumer Forum and claim maturity amount with interest and compensation towards mental and physical agony.

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 21 May 2021

Your uncle can approach and submit his grievance to I.R.D.A. This authority is incorporate to protect the interest of policy holders at the time of claims. www.irdai.gov.in if no response or settle the matter then can approach consumer forums.

ANIL KADYAN (professional) 27 May 2021

actually Saharayn universal multipurpose society is not a bank and insurance company. it's a society. do not extened further you deposit , send notice and filled case against Sahara due to non payment on due date , I have filled six against Saharayn universal same case like you. but some other fact came on file . anil kadyan advocate Gurgaon 9896184244

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