A case of mis selling and how Bima Seva Kendra fought for justice

Bima Seva Kendra triumphs against fraud and injustice.

Welcome to Bima Seva Kendra, where we believe in standing up against fraud and negligence to protect our customers’ rights. Today, we are proud to share the inspiring story of how we fought for justice and secured the future of little Anvi Seth, amidst forgery and mis-selling committed by an insurance company and its agent.

The story of Mr. Pradip Narang (all names have been changed to protect our client’s identity) – A classic case of mis-selling and forgery.

In April 2016, Mr. Pradip Narang, a caring grandfather, with the intention of securing his granddaughter Anvi’s future, fell victim to mis-selling and forgery by an insurance company. Their financial consultant and Business Development Manager (BDM) approached him with an enticing policy offer for Anvi. Mr. Narang was convinced to make a one-time premium payment of Rs. 25,000/- for a policy duration of 15 years.

Trusting the consultant’s words, Mr. Narang invested the amount, only to discover later that he was mis-sold the policy with material facts concealed. He was duped into buying a regular premium policy for a duration of 15 years instead of the explained single premium policy. That apart, his signature had been forged on the policy illustration page. Alarmed and disheartened by this deceit, he promptly sent a cancellation request to the insurance company, along with a specimen signature, within the Free Look Period. However, to his dismay, the insurance company remained unresponsive to his plea.

In 2016 itself, fate dealt a cruel hand, and Ms. Pragnya Narang Seth (daughter of Mr. Pradip Narang and mother to Anvi Seth) lost both her parents in quick succession. Amidst the chaos, the case of the insurance policy was inadvertently neglected until she discovered it while cleaning her father’s cupboard. Realizing the gravity of the situation, Ms. Seth decided to address the matter, as the cancellation request had already been sent during the Free Look Period.

It was evident that fraudulent activities were at play, with crucial information about the policy concealed and her father’s signature forged. Despite her father’s clear disinterest during the customary Verification call, the insurance company had proceeded to issue the policy. In her pursuit of justice, she reached out to the insurance company for policy cancellation and refund, but her request was declined due to a perceived delay.

Fueled by hope and determination, Ms. Pragnya Narang Seth turned to Bima Seva Kendra, seeking to fulfill her late father’s wishes for little Anvi’s future. At Bima Seva Kendra, we empathized with her plight and resolved to fight against all odds.

We initiated communication with the insurance company to settle the matter amicably, but when they refused, we took the battle to the doors of the Ombudsman. Presenting a compelling case, we persevered, fighting for justice on behalf of Ms. Seth and Anvi. Our dedication bore fruit when the Hon’ble Ombudsman ruled in favour of our customer, issuing a favourable award.

Justice Served- Triumph of Truth and Integrity

The Hon’ble Ombudsman not only directed the insurance company to cancel the policy and refund the principle amount but also ordered them to pay interest for all the years since 2016 at prevailing market rates. This decision was a testament to the triumph of truth and integrity over fraudulent practices.At Bima Seva Kendra, we firmly believe in protecting our customers from any insurance related wrongdoings and ensure that their interests are safeguarded. This case serves as an inspiration to stand against fraud, negligence and mis-selling of an insurance policy and fight for what is right. Our commitment to justice and empathy for our customers drives us to go above and beyond to secure their financial well-being and peace of mind.