Legal Question in Banking Law in India

I have taken a banking loan from a bank and during signatures without seeing i have signed for insurance of worth 70000,they explained about everything except the insurance.i cant afford the amount,can i take any move against them according to law?


Asked on 12/22/12, 7:16 am

4 Answers from Attorneys

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Answered on 12/22/12, 7:47 am
Fca Prashant Chavan Expert Edge LLP

23.12.2012

Dear Sir / Madam,

If taking a life insurance policy of Rs. 70,000/- was a pre-requisite condition for issue of the loan, the concerned bank official ought to have verified whether the insurance policy was in place before passing the loan. But what surprises me is how come you took the loan, but are unable to pay the insurance premiums ? Please elaborate.

Regards,

FCA Prashant Chavan

Mumbai

(You can also mail me for further on-line advice at [email protected])

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Answered on 12/22/12, 10:55 pm
uttam Tibrewal

yes you can...........

you must have received a documents from the insurance company ... from the receipt of such document you can cancel your policy.....

for details contact at [email protected]

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Answered on 12/23/12, 9:04 am
Aniruddha Pawse Aniruddha.P.Pawse Advocates

better approach local lawyer with all documents and proceed according to his advice.

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Answered on 1/14/13, 12:58 am


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