LIC, UCO Bank surrendered insurance policies without consent, man wins over Rs 1 lakh
In a ruling on September 30, the Raipur District Consumer Commission found LIC and UCO Bank guilty of deficiency in service and unfair trade practices after the insurer paid Rs 87,827 to the bank without obtaining written consent from a policyholder. The commission directed the insurer and bank to pay Rs 15,000 in compensation and Rs 10,000 in litigation costs.
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