ICICI Pru ordered to pay Rs 7.5 lakh to policy holder

March 29, 2012 14:38

In an interesting case, ICICI Prudential has been directed by a consumer forum here to pay Rs 7.15 lakh to one of its insurance policy holders for not informing him that his cheque for second year's premium had been dishonoured and not giving him the opportunity to renew his life-time pension scheme.

The District Consumer Disputes Redressal Forum held that the ICICI Prudential Life Insurance Co Ltd ignored the principle of "natural justice" as it was duty bound to inform the complainant (Ashok Kureel) about bouncing of his cheque.

"The conduct of insurance company was not in accordance with natural justice. It should have informed the complainant about the dishonour of the cheque and he should have been called upon to make the payment for renewal of the original policy," the forum said.

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