regarding contract act
3 years ago
i have applied as on 11/08/2011 for my son`s policy application no A 44475652 and filled up forms of insurance co in which we submitted all details .and paid insurance rs 3761 amount and company inform us through us letter Dated 22/08/2011 and thanks for choose as insurer and also inform us Policy no 005049672. it means contract has made between insurance company (birla sun life ) and my son.
but letter Dated 29 Aug 2011 company inform us " policy rejected as this could not be issued to student (term Plan can not issued to student Mr Sushant ) and return the amount of Premium 3761. which letter received by us in sep 2011.
a can this juncture company could rejected the policy
b what is ruling of IRDA in such case ?
C can company could cancelled the contract by cancelled the policy in above case ?
D if who is responsible for cancellation of policy as we suffered a loss due to cancellation of policy ?
e case in filed by us in consumer court and at present running in state commission Circuit bench Udaipur Rajasthan
please guide suitable us
Shreesh Chadha
Responded 3 years ago
According to general principle, the Company cannot reject the policy at belated stage. There are clear guidelines of Waiting Periods, Free Look Periods by the IRDA, and this is in violation of them all. Would have to read the termination clause etc. in your policy document and other terms and conditions.
What is the stage of the consumer litigation?
You skipped to mention:
1. what kind of term plan it was?
2. what was the age of your child at that time?
Some more details are required to provide you best possible solution.
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