Companies were not ready to entertain 9 Policy Holders for 15.2 million PKR Claims
Special Report
President Asif Ali Zardari has upheld nine decisions of the Federal Insurance Ombudsman (FIO), directing two insurance companies to pay a collective sum of over Rs 15.2 million to insurance policyholders or their family members.
The President gave these directions while rejecting six representations of EFU Life Assurance Ltd and three representations of Pak-Qatar Family Takaful Ltd, filed against FIO’s decisions.
EFU Life Assurance agents allured Muhammed Shafiq and Adeeb Roshan for investments, Pak-Qatar Family Takafu personnel convinced Muhammad Mumtaz Malik, Muhammad Shabbir, and Abid Hussain Khokhar. The investors were assured to invest their monies in profitable schemes, alluring them of monthly returns on their investments. When they approached the concerned companies for returns or reimbursement of their amounts, the companies rejected their claims.
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In other cases, EFU Life Assurance Limited repudiated the Death Claims filed by the family members of late Ali Haider, Shaikh Ali Hassan, Chand Ali, and Ali Akbar.
Feeling aggrieved, the complainants separately approached the Federal Insurance Ombudsman (FIO) for the redressal of their complaints. The Ombudsman, after hearing their cases, directed the companies to pay a total of Rs 15.2 million to the complainants.
Later, the insurance companies filed separate representations against the decisions of FIO before the President of Pakistan. The hearings of the cases were held at Aiwan-e-Sadr, and since, no legal infirmity was found in the impugned orders of FIO, the representations were rejected.
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