News From Press LIC ordered to pay Rs 50 lakh to Covid policy premium payer's family

LIC ordered to pay Rs 50 lakh to Covid policy premium payer's family

Source: Business Standard Sep 2, 2024

A district-level consumer disputes commission in Kerala has ordered Life Insurance Corporation (LIC), India's largest insurer, to pay Rs 50 lakh in compensation to the family of a policy premium payer who succumbed to COVID-19, citing the insurer's technical lapse.

The commission fined LIC Rs 50 lakh for violating its own guidelines, which require policy issuance within 15 days of receiving premium payment. In this case, LIC received over Rs 20 lakh as premium, but refunded it only after nine months.

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