Comment on “During this week we have come across 2 news item”
Date- 15 Mar 2013 Source- The Times of India,- SBI Life Insurance Co. Ltd. has been ordered to return Rs.275 crores to lakhs of clients who took housing loan from SBI,which is No.1 Bank in the country. This bank was using an arm twisting technique with housing loan clients. They were compelled to buy Insurance from SBI Life and that too at uncompetitive premium rates.
- ICICI Lombard will face CBI Investigation for weather Insurance/ RSBY cases.
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SBI Life Insurance Co. Ltd. has been ordered to return Rs.275 crores
Question arises – Why only return of premium. Why not interest also? Why not even pay penalty charges?
One thing is certain that reputation of SBI Life & SBI has gone down in the eyes of the masses – common man.
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ICICI Lombard faces CBI probe
This shows that subsidy of the Central Government/ State Government has been misused by the Insurance Company to increase profits.
We have always propagated that subsidy should be avoided.
Here also one thing is certain that reputation of ICICI Lombard General Insurance as well as ICICI bank has gone down in the eyes of the masses – common man.