Insurance firm told to compensate NRI

Ludhiana: The district consumer disputes redressal commission has ordered Bajaj Allianz life insurance company to pay Rs 20,000 composite compensation to an NRI for deficiency in its services. The panel comprising president Sanjeev Batra and members Jaswinder Singh and Monika Bhagat also ordered the firm to pay the surrender value of Rs 7.85 lakh in respect to original policy along with 8% per annum interest from the date of complaint till the actual realisation. Complainant Harvinder Singh Dhindsa of Phillaur had complained that he was lured by an insurance adviser into investing into a policy. Though the company had separately refunded Rs 26.76 lakh and Rs 9.13 lakh to him, surrender value amount of Rs 7.85 lakh was still pending.The commission held that the complainant discharged his initial onus, but the company failed to do so and its act and conduct also amount to unfair trade practice. TNN