Islamabad: President Dr Arif Alvi has asked Jubilee Life Insurance Co. Ltd to pay Rs1.2 million to the widow of a deceased policyholder.
The company had ignored the payment of Rs1.2 million as the unit price of the policy and simply returned an amount of Rs4.5 million, deposited by her late husband as premium, to the widow.
Complainant Iffat Naheed had filed a representation with the president against the order of the Federal Insurance Ombudsman (FIO) which had ordered the case to be closed as the insurance company had refunded Rs4.5 million in an alleged amicable settlement to the widow.
While accepting the widow’s plea, the President held that the company after having invested the money of the policyholder in business must have earned considerable profits. The president stressed that it would be unjust to deprive the complainant of the contribution to earned profits.