- Wealth PMS (50L+)
SBI Life is at it again. Now, they’re refusing to pay out insurance, and appealing cases against aged women all the way to the Supreme Court!
Here’s the case:
Thanks to @ManojNagpal for the tweets on this. Manoj says they even went to the Supreme Court with a Special Leave Petition which was rejected!
Update: Here’s the link of the SC dismissing the Special Leave Petition. thanks to Manoj.
It’s 2014. Six years after the death of Mr. Sharma. Six years of legal battle. And it’s not apparent SBI Life has paid up even now. They might try another appeal somewhere else.
Would you like that to happen to your loved ones after you die? Why would you ever buy a policy from SBI Life?
This is such a disgusting act by SBI that it should have been fined 10 crores by the court and the amount paid to Ms. Sharma. Unless you have such massive fines, the insurance companies will not learn. And we NEED to cut them down.
If the age proof was really not given, then it should have been addressed at the time of the policy being given. If they accepted the premium and kept it for five years, they had to honour the policy, whether age proof was given or not at the time to giving the policy.
And what was Union Bank doing? They obviously needed to have followed up and kept a copy of the policy. After all, it was their loan that was being covered!
This is massive deficiency in service. Refusing insurance to aged widows is the worst form of malpractice, especially by the malicious return of premium two years after a person dies. This sort of behaviour is what causes us to distrust insurance companies. At the very least, IRDA should take notice.
On another note, I hope everyone at SBI Life responsible for doing this rots in hell. I would like to believe in hell, temporarily,so they can be put there.
Here’s the National Consumer Commission order: