contract

3 years ago

we have paid insurance Premium as 11/08/2011 Rs 3761 and fill up requisite format of company .after ten days we receive a mail from Birla sun life insurance company for choosing for them and they also inform us policy no .... and after that they informed us that 29/08/2011 that policy (term plan could not be issued to student ) they know and which was dispatched by them as on 31/08/2011 through courier which was received by us in Sep 2011. as the contract has been made between company and us .they can not reject as per IRDA Law .
please inform us what is the guidelines OF IRDA and as the rejection after issuing policy no (which created a Contract between co. and us ) is valid in eye of law
if so .company would responsible for loss which is caused to us RS 68000 as the DOllor rate up and we could not avail loan from bank timely .
please inform the legality of contract . as at present case is running in state consumer court . your advice will help us in fighting he case very well .if some interest to issue a legal opinion on above matter please do provide phone number for legal opinion .
Regards