BEFORE THE FEDERAL INSURANCE OMBUDSMAN, PAKISTAN

COMPLAINT NO.461/2017

Mr. Muhammad Javaid,

S/o Muhammad Younus,

House No. 1/C, LDA Flates,

A Block, Faisal Town,

Lahore ……………………………………………..……………….…….. Complainant

VERSUS

The Managing Director/Chief Executive,

M/s Jubilee Life Insurance Company Limited,

74/1-A, Lalazar, M.T. Khan Road,

Karachi-74000 …………..….………...……………………………….…... Respondent

Claim Amount: Rs. 300,000/-

25.01.2018 O R D E R

Mr. Muhammad Javid S/o Muhammad Younus, resident of House No. 1/C, LDA Flates, A Block, Faisal Town, Lahore, filed a complaint against M/s Jubilee Life Insurance Company Limited, Karachi(hereinafter referred to as the Respondent Company) for cancellation of the policy and refund of paid premium.

2.The brief facts as stated by the Complainant are that he obtained a Life Insurance Policy No. 530321on 16.02.2015 for a sum assured of Rs. 1,000,000/- with a yearly premium of Rs. 100,000/- from the Respondent Company through Bancassurance staff of Soneri Bank Limited, Sabzazar Branch, Multan Road, Lahore. He probably paid three premiums totaling Rs. 300,000/-. Later on, he was unable to continue the policy due to financial constraint and approached the Respondent Company for surrender of the policy and refund of paid premiums but they did not response. It was the reason to seek the intervention of this Forum for redress his grievance directing the Respondent Company to refund the paid premium.

3.Before processing the complaint, the Complainant was advised to complythe mandatory requirements as perSection 129 of the Insurance Ordinance, 2000 vide letter dated 18.09.2017. On compliance of Section 129, the complaint alongwith its enclosures was sent to the Respondent Company vide letter dated 16.11.2017 for comments.In response, the Respondent Company has submitted vide letter dated 01.01.2018 that the matter has been settled amicably for Rs. 210,000/- (Rupees Two hundred ten thousand) and forwarded copies of Complainant Withdrawal Letter and Policy Cancellation Discharge Receipt wherein the Complainant stated that the Respondent Company keeping in view of his request cancelled the policy and refunded Rs. 210,000/- (Rupees Two hundred ten thousand) and requested to dispose of his complaint.

4.Since the grievance of the Complainant has been resolved and the Respondent Company has refunded Rs. 210,000/- (Rupees Two hundred ten thousand) to the Complainant after the interference of this office, the case is, therefore, disposed off accordingly being mutually settled.

Announced today, the 25thday of January, 2018 at Karachi.

With the above observations, the Complaint stands disposed off.

Let copies of this order be sent to the parties.

Sd/-

(MUHAMMAD RAEESUDDIN PARACHA)

Federal Insurance Ombudsman, Pakistan

Copy forwarded to;

  1. Mr. Muhammad Javaid S/o Muhammad Younus, House No. 1/C, LDA Flates, A Block, Faisal Town, Lahore.
  1. The Managing Director/Chief Executive, M/s Jubilee Life Insurance Company Limited, 74/1-A, Lalazar, M.T. Khan Road, Karachi-74000.
  1. The Consultant, Regional Office, FIO, Lahore.

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