Commission helps NRI get relief
Tuesday, 12/08/2014
http://www.tribuneindia.com/2014/20140812/punjab.htm#25
Chandigarh : On the intervention of the Punjab State Commission for NRIs, Partap Singh Maan, based in Germany, was provided relief with the HDFC Bank and HDFC Standard Life Insurance agreeing to refund him an 'insurance premium' of Rs 90 lakh.
Maan who, had an NRO account with the HDFC bank's Sector 17-C branch, had deposited the sale proceeds of his land in the bank as fixed deposits. He also had an account in the Tarn Taran branch of the bank. Officials of the Chandigarh and Taran Taran branches of the HDFC bank allegedly converted the fixed deposits into five insurance policies in a 'fraudulent' manner.
While Maan claimed that he was never keen on an insurance policy, the bank's insurance section threatened to forefeit the premium amount paid for the insurance policies. The commission intervened after it was approached by the complainant and a notice was issued to the bank and HDFC Standard Life Insurance.
"The complainant and the HDFC Standard Life Insurance Company Ltd and the HDFC Bank have reached a compromise. The company is willing to refund the insurance premium of Rs 90,00,000 to the complainant," said commission chairperson Justice Arvind Kumar (retd).
