Thiruvananthapuram: The state shopper fee has directed LIC to pay maturity worth of Rs 2.5 lakh to an LIC Jeevan Saral coverage holder after the insurance coverage firm denied the identical and claimed that Rs 2.5 lakh talked about was dying profit solely. Upholding the order handed by Pathanamthitta district shopper discussion board, the fee slapped a fantastic of Rs 10,000 on LIC and turned down its argument that maturity column within the coverage doc was left clean inadvertently.
The principle argument raised by the LIC was that the sum assured Rs 2.5L was just for dying profit. The maturity quantity payable was solely Rs 1,03,130 and the coverage holder was eligible for a loyalty bonus of Rs 33,517. Thus, complete quantity payable underneath the coverage on maturity was Rs 1,36,647, LIC authorities claimed.
The counsels for the complainant submitted that it was his bonafide perception that the coverage was taken for a maturity sum assured of Rs 2,50,000. There was no communication from the LIC relating to error within the coverage until the maturity of the coverage. He had paid a premium of Rs 1,23,480 which is greater than the maturity worth of Rs 1,03,130 supplied by LIC. tnn

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