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Review of award received from Insurance Ombudsman
02-Jan-2024 (In Insurance Law)
Complainant purchased the policy -ULIP plan on 24.11.2017. She paid premiums for 5 years i.e. till
the lock in period. Thereafter, she applied for surrender due to her personal reasons and wanted to invest in annuity plan of with another insurer. Reg. Insurer denied the same as per terms and conditions, and advised to purchase pension plan utilising surrender proceeds, with or without commutation, from them only. Ombudsman has'nt considered reasons for redemption, compensation for delay in order
If Insurance Ombudsman has not heard your grievances in a proper manner and you are aggrieved by the Order passed by him, then, you can file an Appeal to challenge that Order under the concerned provisions.
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Adv. Pankaj Bajaj
Mumbai | 500+ Answers
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You can Fight with the company 1st if your plan is still going. You can get the full Amount from the company on the basis of not aware with the terms and conditions which agent is bound to explain you.
After the rejection from the company you can approach the Ombudsman authority for the resolution. They are bound to act upon it.
After the rejection from the company you can approach the Ombudsman authority for the resolution. They are bound to act upon it.
Helpful?
Adv. Archana Dubey
Mumbai | 5+ Answers
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