The Maharashtra State Consumer Commission has asked New India Assurance to pay Rs 49 lakh to a former Air India engineer by August 25, as the Insurance Company had arbitrarily repudiated the insurance claim payable under a policy.
The amount includes Rs 20 lakh policy amount, Rs 28.5 lakh interest on the original claim at the rate of 15 percent per annum from February 2003 when the claim was repudiated, Rs 50,000 compensation for mental agony and Rs 25,000 as costs of the litigation, a three-member bench ruled recently.
source: http://www.financialexpress.com/news/consumer-forum-asks-insurance-firm-to-pay-rs-49-lakh-to-engineer/988687/