STARTUP LEGAL5 Sept 2026
Indian Kanoon - Search engine for Indian Law
An insurer that denied promised pension terms now faces a consumer forum order: refund premiums with 10% interest, plus Rs 1.5 lakh compensation and costs. The policyholder had bought SBI Life Saral Pension policies after being assured of a monthly pension. The insurer's appeals failed, and it filed revision petitions. Insurers must honour what they sell; policyholders can challenge unfair denials.
Key Statutory Highlights
- A businessman bought two SBI Life Saral Pension policies after the insurer assured pension benefits including a second annuitant.
- The consumer forum ordered the insurer to refund Rs 10,12,185 with 10% interest, plus Rs 1,50,000 compensation and Rs 5,000 litigation costs.
- The insurer's first appeals were dismissed by the State Commission, and the matter is now before revision petitions.
Actionable Advice for Taxpayers / Founders:If an insurer changes or denies promised policy terms, keep all policy documents, letters, and emails, and consider seeking legal advice to file a consumer complaint.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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