Consumer Protection Act, 1986; Rejection of Insurance claim – Insurance by home loan borrower – On 29.09.2008 premium was deducted from loan account towards Insurance company -- Proposal...
Read MoreConsumer Protection Act, 1986; Rejection of Insurance claim – Insurance by home loan borrower – On 29.09.2008 premium was deducted from loan account towards Insurance company -- Proposal form dated 29.09.2008 was accompanied by good health declaration by the insured – Insured person died on 17.12.2009 – Neither the bank nor the insurance company had ever informed the proposer or the appellant herein about the non-issuance of policy for want of medical certificate -- in the case of joint housing loan the full loan amount will be insured even if the policy is issued in the name of only one loanee -- Claim to pay the outstanding loan amount rejected – State Commission allowed the claim – National Commission set aside the order of State Commission – Supreme Court upheld the observation of State Commission.
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