ISLAMABAD: The President of Pakistan Dr. Arif Alvi has directed State Life Insurance coverage Company of Pakistan (SLICP) to pay declare of Rs412,000 to a widow together with curiosity quantity for pointless delay, assertion mentioned on Sunday.
Expressing displeasure over an pointless delay of seven years within the cost of life insurance coverage declare to a widow, President Dr Arif Alvi directed the SLICP to pay the sum assured of Rs 412,000 in addition to add inflation value/curiosity to the accrued quantity.
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He additional directed SLICP to apologize to the widow and alter its monetary system perspective and report compliance to Wafaqi Mohtasib inside 30 days.
The President handed these orders whereas rejecting a illustration of SLICP in opposition to a choice of the Wafaqi Mohtasib directing it to pay the claimants the assured quantity with out additional delay.
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As per the small print, the deceased Mr Zahid Altaf Bhatti had obtained two life insurance coverage insurance policies from SLICP (the Company) on 07/06/2007 and 06/25/2010 for the sum assured of Rs 212,000 and Rs 200,000 respectively. He died on 03/20/2015 and his spouse, Mst Fouzia Zahid Bhatti (the complainant), approached the Company to pay the insurance coverage declare however the latter refused to pay the sum on the bottom that the deceased had pre-insurance illnesses and was a affected person of liver illness/hepatitis C.
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Feeling aggrieved, Mst Fouzia Zahid Bhatti filed a criticism with Wafaqi Mohtasib who directed SLICP to pay the quantity and report compliance inside 30 days.
As a substitute of implementing the orders of the Wafaqi Mohtasib, SLCIP filed a illustration with the President in opposition to the choice of the Mohtasib. Rejecting the illustration, President Dr Arif Alvi referred to part 80 of the Insurance coverage Ordinance, 2000, which supplies that an insurance coverage coverage can’t be known as in query on the grounds of misrepresentation, false assertion or suppression of fabric info after two years from the date when the coverage was initially effected.
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Within the current case, the insurance policies have been issued in 2007 and 2010, whereas the policyholder expired in 2015, thus, the coverage couldn’t be known as into query. He additional famous that the Company had didn’t substantiate its declare and no scientific investigation or diagnostic evaluation had been produced to corroborate the existence of pre-insurance ailment.
The President additional noticed that the Confidential Report of the Area Officer had additionally declared the insured as wholesome and categorically said that he knew the deceased for the final 12 years.
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The President underlined that moral rules and compassion shouldn’t be ignored within the pursuit of constructing earnings.
He said that SLICP got here out with frivolous excuses and delayed the cost in an unethical method. The President suggested the Company to vary its financial-system perspective and add inflation value/curiosity to the accrued quantity in order that the beneficiary will not be slighted due to pathetic delays.