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Insurance company credited the claim amount twice .

(Guest)

My father expired few months ago so we applied for the death claim (1 lack) from X bank and they processed the claim amount in my account in 15 days , now after one week they again credited same amount(1 lack) via neft. Now recently they called and are explaining that they have processed a accident claim also in this case my mistake and processed the claim of (1 lack) also and are asking for a cheque in return of the same amount .

Can i deny to return the money ?

what action they can take againt me in this case ?

What does the banking rules state in this matter .

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (174880 Points)
Replied 04 January 2017

Let them give any such clarification in writing, and then take call.

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(Guest)

thank you sir for your promt reply, I will wait for written calrification .

the amount is there for more than 15 days now , bank was not aware till now and how is this possible i didnt even apply for accidental claim how can they process for the same ?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (174880 Points)
Replied 04 January 2017

You can apply only if you had insurance policy, but this might be agreement between Bank and Insurance company, for the benefits of account holders, so that the insurance company directly crediting the beneficiary's account.

If bank has credited you the same claim amount, it is better to repay it as a gesture of goodwill on your part.

(Guest)

Can i deny to return the money ?

what action they can take againt me in this case if i deny to payback?

What does the banking rules state in this matter .

(Guest)

We refer to the death claim submitted under Life Time policy number 00000 issued on life of Mr x.

In this connection, we state that the above stated policy was issued by the Company on October , 2002 for a Base sum assured of Rs x and Accidental Death Benefit Rider (ADBR) sum assured of Rs x which would be payable in case of death due to accident.

As per the documents submitted at claim stage, the Life Assured died on October , 2016 due to “Multi-Organ Dysfunction Syndrome”. Accordingly, the claim was assessed by the Company and was decided for settlement of the claim benefit towards the base sum assured of Rs 5x/- . The said claim amount was accordingly paid via NEFT on December , 2016 in your bank account number xxxxxxxxx held with State Bank of India.

Sir, the cause of death was non-accidental and hence benefit of ADBR was not applicable. However due to an internal (system) error, ADBR sum assured amounting to Rs x was erroneously paid in the above stated bank account number on December 09, 2016.

Since an excess amount of Rs x has been erroneously paid towards ABDR which is not applicable, we request you to refund the said amount to the Company via cheque favoring ICICI Prudential Life Insurance Company Ltd.

As discussed with your son on January 02, 2017, you may submit the cheque at any of our ICICI Prudential Branch office near you or let us know a convenient time and address for having the collected from you.

We appreciate your cooperation and support extended.

Please do let me know in case you require any clarification.