Bank failed to pay Rs 100 for insurance renewal, family's Rs 2 lakh claim rejected after son's death; SBI ordered to pay Rs 2.1 lakh

Economic Times - Oct 15, 2026

A consumer commission in Aligarh has directed State Bank of India (SBI) to pay Rs 2 lakh to a woman whose son died after the bank failed to deduct a Rs 100 insurance renewal premium despite sufficient funds in his account. The insurer had denied the claim, saying it had not received the premium or issued a policy for the disputed period. SBI must also pay Rs 5,000 in compensation and Rs 5,000 towards litigation expenses, with interest at 7% per annum.

Read full article
More News
Copyright © 2015 - 2026 The Financial Capital.

All Rights Reserved.

Subscribe Now!

About Us

The Financial Capital is your independent source for finance information and advice. We provide insights and offer advice from financial experts so you can make the best decisions.