Legal Question in Insurance Law in India

I have an ulip plan with metlife insurance,i had requested for cheque pick up facility on 6 th of june and person came to collect the cheque on the 16 th of june 2010,after 10 days on june 28 th they called me and asked to me make a payment by new cheque since they have lost the cheque and asked me to put a stop pay on the cheque.During such period my policy went on lapsed period,due which all risk factors would have not been covered during such period.I have demanded for compensatiion.What will be the compensation should i ask from metlife.The sum assured value is Rs 9lacs.I was wondering if i could demand for 50% of the sum assured since if something would have happened metlife would have staright forwarded rejected the case since the policy went into the lapsed status.Please suggesst me about the compensation.I am not in greeed of money but want to teach them a lesson since it has happened with me second time.


Asked on 7/06/10, 5:09 pm

1 Answer from Attorneys
Rajneesh Malhotra Malhotra Advocates

You cannot ask compensation on ""If so and so had happened...."" . Infact nothing has happened.

The company is providing you an extra service for picking up the cheque where it is your duty to deposit the premium. They are not duty bound to pick the premium from you.

If you do not want your policy to lapse, you should be personally careful regarding the same and deposit the premiums in time.

Instead of teaching them a lesson, I would suggest that you be clear about your duties first.

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Answered on 7/10/10, 1:17 am


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