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...date on which the money order is booked or the cheque is posted, as the case may be.(3) Any refund of premium which may become due to an insured on account...facts are relevant. A bus met with an accident. Its policy of insurance was issued by the appellant on 30-11-1989. The premium for the policy was paid by cheque. The cheque was dishonoured. A letter...insurer unless the premium thereon had been received in advance. The Motor Accident Claims Tribunal rejected the appellant's contention and awarded the claimants compensation in the sum of Rs 96,000...
..., for five years. We are unable to appreciate as to on what ground the District Forum and State Commission could direct refund of premium? The premium is given by an insured, to cover the risk for a...was given. If after that the policy lapsed, under no provision of terms of policy or law, could any Fora direct for refund of any premium for the simple reason, as already stated, that the risk stood..., in our view, this was not a question of forfeiture. This was not a question of any hypothecated goods, which were forfeited. This was a simple case of lapse of policy for non-payment of premium ...
.... We are unable to a appreciate as to on what ground the District Forum and State Commission could direct refund of premium? The premium is given by an insured, to cover the risk for a...for which the premium was given. If after that the policy lapsed, under no provision of terms of policy or law, could any Fora direct for refund of any premium for the simple reaso...hypothecated goods, which were forfeited. This was a simple case of lapse of policy for non-payment of premium as a result of which the policy had lapsed. Insurer cannot be asked to ...
..., has been allowed to a limited extent, inasmuch as against his prayer for refund of premiums of five policies, which he purchased from the respondents, refund of premium of only ...policy No. 006245835, his name was written as Hem Raj Sharma, while the blank cheque submitted with the request for refund of premium, name of the account holder was written as Hem Raj. On receipt of...the appellant, there was a free look period clause, which gave the appellant an option to seek cancellation of the policies and the refund of premiums, by making a request within fifteen Hem Raj Sharma Versus Birla ...
....(3) Any refund of premium which may become due to an insured on account of the cancellation of a policy or alteration in its terms and conditions or otherwise...(the insurer) is absolved of its obligations to the third party under the policy of insurance because the cheque given by the owner of the vehicle towards the premium got dishonoured and subsequent...of the premium was done by the insurer after the accident had taken place and intimation of cancellation was given to the owner on 21-5-2004 whereas the accident took place on 11-5-2004. The Tribunal...
...order is booked or the cheque is posted, as the case may be.(3) Any refund of premium which may become due to an insured on account of the cancellation of...is governed by the Insurance Act, 1938 (for short “the 1938 Act”).14. Section 64-VB of the 1938 Act provides that no risk is to be assumed unless premium is received in...advance in the following terms:“64-VB. No risk to be assumed unless premium is received in advance.—(1) No insurer shall assume any risk in India in respect of any...
...during free look period that he did not intend to continue with the policy and requested for the refund of premium. The complainant requested the Insurance Company several times, but neither the policy...Company for cancellation of the policy and refund of premium within the free look period, but no action had been taken by the Insurance Company. The learned DCF dismissed the complaint only on the...refund of the premium after deduction of stamp duty, medical expenses and proportionate risk premium. The condition No.12 of the policy reads as under:-
12. Notice Any notice...
...look period that he did not intend to continue with the policy and requested for the refund of premium. The complainant requested the Insurance Company several times, but neither the policy was...for cancellation of the policy and refund of premium within the free look period, but no action had been taken by the Insurance Company. The learned DCF dismissed the complaint only on the ground that...covering letter dated 25.08.2008 (Annex.R3). The complainant was given an option to return the policy within 15 days i.e. free look period from the date of receipt of the policy and get the refund of the ...
...been effected between the parties. During the course of proceeding, Sh.Mohan Arora Adv.counsel for the opposite party No.2 & 3 suffered statement that opposite party No.2 is ready to make refund of premium amou...of Rs.54000/- to the complainant and opposite party No.3 is ready to make refund of premium amount of Rs. 17070/- to the complainant within a period of 45 days from the day when the...
Before the District Consumer Disputes Redressal Commission, Amritsar. Consumer Complaint No.79 of 2025
Date of institution...
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...was assured that the premium amount will be refunded to him. It is admitted that the complainant has visited the office of the OPs at Chandigarh and submitted an application for refund of amount on...question was insured with the National Insurance Co. Ltd., as such he requested the OPs to refund the premium amount of Rs.11,096/- but despite his repeated request the OPs have failed to refund the...an application for refund of the premium amount and he was asked to contact the concerned branch for such refund of premium amount but thereafter the complainant never contacted the concerned bran...
...Life Insurance company Ltd. shall be constrained to cancel the policy and company will proceed with the refund of premium to the complainant.
2...refund of premium after 30 days from the dated. Of receipt of i.e 12.10.2010 but OP as well as Reliance Life Insurance company Ltd. failed to refund the premium amount to the complainant...nor refund premium amount along with interest accrued from the premium paid by complainant.
5.
That , lastly complainant served a pleader notice to the OP on dat...
...% refund of premium of one policy may be allowed by cancelling the later of the two policies. However, if the two policies are issued by two different insurers, the policy... commencing later is to be cancelled by the insurer concerned and pro-rata refund of premium thereon is to be allowed.
If however, due to requirements of Banks.../Financial Institutions, intimated to the insurer in writing, the earlier dated policy is required to be cancelled, then refund of premium is to be allowed after retaining premium at short...
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...informed that he had taken insurance policy on his own life and through question at point (i), desired to know regarding payment of maturity claim/paid up value/surrender value/refund of premium to him in...the appellant so that no ambiguity or doubt remains in the mind of the appellant.
11. Point (iii) The petitioner sought refund of premium amount Rs. 89,944/- which was paid by him...&5 at least 3 full year premiums are required to be paid in order to qualify for refund of premium. In this case, since only one half yearly premium had been paid by the appellant to the...
..., Divisional Office, Jaipur, appellant sought information pertaining to refund of premium amount already paid against policy no. 191152135.2. Vide CPIO order of 8 December 2010, appellant was...Sikar.DECISION NOTICE7. Respondent has elaborately explained to the appellant the provisions of the policy taken by him under which is not entitled to any refund as he...has not paid premium for a period of three years. In respect of disclosure of information pertaining to other parties, Commission upholds the order of the CPIO. Appeal is dismissed....
.... Complainant claimed Rs.4,70,607/- as interest at the rate of 18% p.a. on the late refund of excess premium and filed complaint before District Forum for grant of this relief. OP contested complaint...first 3 policies and further submitted that learned District Forum committed error in allowing 18% interest on the delayed refund of premium and further submitted that interest @ 9% p.a. on interest...various years and charged excess premium which was returned by OP after a long delay. Complainant has claimed interest @ 18% p.a. on the delayed refund of premium.
6...
.... 12439010 from opposite party/petitioner with understanding that policy has been issued to him on single premium basis. After one year, on receipt of premium notice he came to know that investment made by him was erroneous...stipulated period now policy cannot be cancelled and he is not entitled to refund of premium and prayed for dismissal of complaint. Learned District Forum after hearing both the parties allowed...Investment Plan clearly reveals that for a period of 10 years premium @ Rs.9,99,999/- yearly was to be paid in which it has specifically been mentioned that if 6% interest rate is assumed his refund...
...Arbitrator in terms of clause - 7 of contract arising out of Car Policy No. OG-05-2201-0402-00000034.2. It is not in dispute that claim of the petitioner is with respect to refund .../arbitrators of the amount of the loss or damage shall be first obtained.’3.1 Claim of the petitioner for refund of premium on premium adjustment reads as under:...decrease in the prime cost of materials shall not be the subject matter of premium adjustment.4. It is not in dispute that respondent - Insurance Company has denied total liability to refund any...
...effected with the opposite party and in lieu of the compromise, the complainant has received a sum of Rs. 10,492/- towards refund of premium, interest/legal cost/compensation and full and final settlement...
Before the District Consumer Disputes Redressal Commission, Amritsar. Consumer Complaint No.424 of 2022
Date of institution : 17.8.2022...
Date of disposal : 8.1.2025
Anil Kumar son of Bhagwan Dass, Line No.85, Railway Colony No.3, Amritsar, Punjab - 143001. Mobile No.9888366524...