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A. P. SAHI
Neeraj Kumar – Appellant
Versus
PNB Metlife India Insurance Company Limited – Respondent
ORDER
Heard Mr. Sinha, learned Counsel for the Complainant, and Mr. Varadarajan, learned Counsel for the Opposite Party Insurance Company. The Complainant acquired a whole Life Unit Linked Insurance Policy titled as Met Smart Plus Policy for the life insurance coverage of his son, the term whereof is 93 years and the sum insured is Rs.1,75,00,000/-. The Complainant is the policy holder and the life insured is that of his son. The policy was effective from 27.09.2007 and the premium on the said policy was Rs.5,00,000/- p.a. subject to certain terms and conditions which the Complainant states to be flexible options. The policy has the option of investment returns as well. The Complainant paid the premium for the policy on the date due which was 27th of September every year. The Complainant paid it on 27.09.2007, 27.09.2008 & 27.09.2009, in total, a sum of Rs.15 Lakhs.
2. Admittedly, the Complainant who has described himself as a Group Chief Executive Officer of M/s Jindal Saw Ltd., stopped making any payments of premium after 2009.
3. He alleges that he had a legitimate expectation that the policy would subsist for 93 years unless it matures on the happening of any event, but he was tak
Insurance Policy – Foreclosure of Insurance Policy – No legitimate expectation of immunity from payment of premium.
A policyholder's failure to adhere to contract terms and deadlines results in forfeiture of benefits, underscoring the binding nature of the insurance agreement.
A lapsed insurance policy cannot be revived post-death, and the Insurance Ombudsman lacks authority to bypass contract terms based on equity.
An insurance policy lapses if the premium is not paid within the grace period; revivals after the insured's death are impermissible under contract terms.
Non-settlement of death claim – Communication of Insurance company for postponing life insurance coverage by six months by adverting to treadmill test report and that too at a stage after intimation ....
Insurers have the right to repudiate life insurance policies for suppression of material facts, emphasizing the duty of utmost good faith in insurance contracts.
An insurance policy is valid if the premium is paid before the proposer’s death, and the insurer cannot deny liability due to processing delays.
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