Mysore District Commission Holds Kotak Mahendra Insurance Co Liable For Dishonouring Policy Terms

The Mysore District Consumer Disputes Redressal Commission found Kotak Mahindra Life Insurance Company liable for failing to honor policy terms. The complainant, having paid premiums for five years, sought a refund due to financial constraints. Despite the company's argument that only a surrender value was eligible, the Commission ruled the complainant was entitled to a 20% refund of the sum assured, amounting to ₹1,25,192.40. Additionally, the company was ordered to pay ₹25,000 for mental agony and ₹10,000 in litigation expenses.