Max New York Life Insurance to Pay Rs 20,000 as Compensation

Max New York Life Insurance Company Ltd has been ordered by a consumer forum to pay Rs 20,000 as compensation to the grandfather of a policy holder for issuing a policy with terms and conditions different from what was told to him.

The Central District Consumer Disputes Redressal Forum also observed that the insurance firm had refunded the premium amount received from the complainant after he had filed a complaint.

The forum directed Max New York Life to pay Rs 15,000 as damages and Rs 5,000 as litigation cost to the complainant.

The forum's order came on the plea of Delhi resident Krishan Lal Nagpal who had alleged that the insurance firm had issued him a policy which had terms and conditions different from what was told to him by its agent.