Agartala, Tripura 28th of July, 2024 : The consumers are merciless suffering from the heinous unfair trade practice of the insurance companies. A such true incident is depicted here.
One Shri Subrata Nath of Agartala – 799 006 happens to be a consumer of The Oriental Insurance Company Limited by way of purchasing a Motor Insurance Policy which is effective from 00.00 on 03-09-2023 to Midnight of 02-09-2024. Shri Nath informed the incident of a collision between his car and a bike(Collision was made on account of breaking of the Traffic signal by the concerned bike)to the Division II, Karol Bagh, New Delhi – 110 005 of The Oriental Insurance Company Limited on 10 May 2024 through email.As per the advice of Shri Surender Singh, Assistant Manager, DO II, Karol Bagh, New Delhi of the said insurance company, Shri Nath submitted his claim in the prescribed format along-with estimate of 28,016.74 rupees on 20 May 2024. As per the approval dated 25 May 2024 of the said insurance company, Shri Nath repaired his car and submitted his full and final claim of Rs.28,372.00 on 12 June 2024 for re-imbursement. Getting no response from the said insurance company, Shri Nath sent two reminders dated 17 June and 4 July 2024 through email. Shri Nath was informed from the said insurance company on 25 July 2024 through email that his claim numbered 320011/31/2025/00031811 had been registered by The Oriental Insurance Company Limited. As per the norms of the Insurance Regulatory and Development Authority of India (IRDAI), the claim of insurance shall have to settle within one month from the date of submission of final claim and thus the final claim of Shri Nath should be settled by 12 July 2024 positively.But the said claim of Shri Nath has not been settled by the Oriental Insurance Company Limited yet. Looking no way to the unfair trade practice of the said insurance company, Shri Nath has served an Advocate Notice dated 27 July 2024 on Shri RR Singh who is the Chairman-cum-Managing Director of The Oriental Insurance Company Limited seeking settlement of his claim of 28,372.00 rupees with compensation of 15,000.00 rupees along-with 25,000.00 rupees as the cost of the Advocate Notice by 31 July 2024 positively.
As a result of heinous unfair trade practice of The Oriental Insurance Company Limited, Shri Nath has been suffering both financially and mentally and is compelled to serve upon an advocate notice. IRDAI should take exemplary action against The Oriental Insurance Company Limited so that the said insurance company and other similar situated companies are compelled to stop their heinous trade practices.
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