Padma Life Insurance delays in paying insurance claims!

ShareBarta24.com, Dhaka: Capital market listed company Padma Islami Life Insurance Limited has been accused of not paying the insurance claim even though the policy has expired. Some customers are living a miserable life without getting full refund even if two years, some five years and some eight years. Unable to find any remedy, the aggrieved customers complained to the Insurance Development and Regulatory Authority (IDRA) as a last resort in the hope of getting their insurance claim refunded.

It is learned that 16,933 policies have been filed against Padma Life Insurance from all over the country. In view of these allegations, IDRA has called the board of directors of the company and directed to pay the insurance claims of the customers. Although the Padma Life Insurance Authority claims, they have already paid most of the insurance claims. The rest is in the process.

As of June this year, Padma Life Insurance has not paid the claims of 16,933 policies. The amount of insurance claim is also quite, about 26 crore 75 lakh 13 thousand 306 rupees. However, the company claims that they have already paid more than 11,000 insurance claims, i.e. Tk 16 crore.

According to the insurance law, the customer’s claim has to be paid within 90 days of the expiry of the policy. If a company fails to pay within the stipulated time, the interest on the insurance claim has to be paid at a higher rate than the current bank interest. But Padma Islami Life Insurance has withheld money from insurance claims year after year, ignoring anything.

Mojibur Rahman, an employee of Biscuit Bakery in Syedpur, Nilphamari. The aggrieved customer told Dhaka Post, ‘We insure small savings in Padma Life in installments of Tk 200 per month in the hope of real pub with profit. The insurance expires in 2016. Since then I have been running after the sirs of three offices in Rangpur, Dhaka and Nilphamari for money, but I am not getting the money. Three children and two of us; In the family of five, I hoped to do something with the money I had saved. But they are not paying.

While insuring, a representative of Padma Islami Life Insurance said that at the end of the term, you will get double the profit. But two years after the expiration of the term, the profit is far from the real money is not getting back now. Harassing the company in various ways when asking for insurance claims. Saidpur van driver said the same situation. Jasim Uddin. Widow Marufa Akhter is having a worse time. The mother of four works and works in someone else’s house. If they don’t work, they don’t eat rice, their children go hungry. Padma Islami Life Insurance Company Limited is not paying the insurance claims of about 19,000 extremely poor people including many widows and day laborers.

Nasir Mia, a resident of Narayanpur Chapatli village in Matlab Dakshin Upazila of Chandpur, completed three insurance terms in 2016. Although two years have passed since the expiration of the term, he has not received the claim money. He has been swearing at the company day after day to get the insurance claim money. But to no avail.

Nasir Mia said that while insuring, a representative of Padma Islami Life Insurance said that at the end of the term, you will get double the profit. But two years after the expiration of the term, the profit is far from the real money is not getting back now.

Harassing the company in various ways when asking for insurance claims. ‘We are poor people, a family of misery. Even then I have paid the regular insurance premium. If you ask for money at the end of the period, the representatives of the company take all the documents. Months, months and years pass because of giving and receiving. But the insurance claim no longer pays.

Asked how much he owed to Padma Islami Life Insurance Company, the insured said the three insurers had Rs 53,000 in one, Rs 75,000 in the other and Rs 5,650 in the other. The total debt is six lakh eight thousand 650 rupees. Today is going to be two years, they did not give any money. However, I insured with high hopes.

Hundreds of people like Nasir Miah gather at the Chandpur district branch office every day to collect insurance money. But when he got there, he was disappointed not to find anyone in charge and returned home. Not only in Chandpur or Syedpur, but all over the country, there have been allegations against Padma Islami Life for not paying insurance claims.

According to IDRA, Padma Life Insurance has not paid 17,933 policy claims till June this year. They got this number based on the complaints of the customers. The amount of insurance claim is also quite, about 26 crore 75 lakh 13 thousand 306 rupees. However, the company claims that they have already paid more than 11,000 insurance claims, i.e. Tk 16 crore.

IDRA chairman said. Musharraf Hossain said, “Even after maturing, the policy demands are not being paid year after year. We have received numerous complaints from all over the country.” We have held a meeting with the board of directors of the company regarding these allegations against Padma Islami Life. Instructed them to pay the insurance claim quickly.

AKM Shariful Islam, Chief Executive Officer (CEO) of Padma Islami Life, also acknowledged the issue. “I have been the CEO for a short time,” he said. The events are quite earlier. Corona has had trouble paying insurance claims. We are now working to resolve the stuck insurance claims quickly. I have paid most of the insurance claims complained to IDRA. The rest is in the process of payment, added Shariful Islam.

Sheikh Kabir, president of the Bangladesh Insurance Association (BIA), an association of insurance owners, said: “We are all being discredited for some insurance companies. We have not received any such complaint. Since complaints have come to the Insurance Development and Regulatory Authority, they must take appropriate action; I hope so. ‘

A letter signed by Padma Islami Life Insurance CEO Shariful Islam and Manager (Customer Service) Raisul Alam Chowdhury along with IDRA on Sunday (October 3rd) states that 11,026 of the 18,933 complaints have already been settled. 18 crore 50 lakh 33 thousand 408 rupees has been paid against these demands. The issue of insurance claims is in the process of one thousand 618, in the amount of three crore 6 lakh 36 thousand 222 rupees.

The accounting department of the insurance company has 1,293 policies in process for the payment of insurance claims, amounting to Tk 1,48,64,981. The number of policies that have not received the executive receipt from the customers is two thousand 230 rupees, three crore 11 lakh 22 thousand 85 rupees.

The letter further said that the issue of executive receipt is in process of one thousand three, one crore 98 lakh 14 thousand 575 rupees. There are one thousand 461 claims that the policy is not correct, 79 lakh 71 thousand 269 rupees. Besides, 22 policies worth Tk 8,908 have not expired. 24 policies worth Tk 2,93,520 have been canceled and 56 policies worth Tk 9,349 have been canceled.


Source: Share Barta 24 by www.sharebarta24.com.

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