Met Life Insurance Co Ltd had to repay insurance premium for damages and wrong facts
BANGALORE – Met Life Insurance Co. Ltd has been directed by the Consumer Disputes Redressal Forum to repay the insurance premium of Rs 5,000 for damages and Rs 1,000 as cost one of its policyholders for misrepresenting facts. One of the marketing representatives of Met Life did meeting with Madhusudhan Prabhu purposed to convince Madhusudhan Prabhu subscribe to the Met Monthly Income Plan after giving him a printed brochure.
Prabhu would promptly pay of Rs 29,500 towards the yearly premium of the policy. The marketing executive had said to Prabhu that for the next 15 years or till the yearly premiums were paid, Met life would pay of Rs 2,000 per month. However, the accrued bonus at the maturity of the project always was mentioned in neither the brochure nor the marketing executive.
When the marketing executive asked to explain about the thing, he said to Prabhu that he would get Rs 5 lakh at the end of the term as bonus and did not ensure his bonus amount. Based on the Prabhu’s calculation that in 15 years, he could pay keel of Rs 5.12 lakh towards the premium whereas the money of Rs 12 lakh was the interest on the premium amount towards the premium paid at 10 per cent per annum.
Prabhu asked Met Life to restore the premium amount which paid by him after realizing that the marketing executive had conceal the facts at the time of selling the policy to him. Because Met Life declined to restore premium, Prabhu submitted a petition in Fourth Additional Consumer Forum.
