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Sumit Kumar Ojha took a home loan of Rs 83 lakh and a further loan against property of Rs 39 lakh from ICICI Bank. The total loan came to Rs 122 lakh. His wife Shipra Tripathi was co-applicant the in both the loans.
Simultaneously, Ojha purchased two insurance policies from ICICI Lombard. One policy, which was called Secure Mind, provided a coverage of Rs 2,118,915 against illness, personal accident, job loss etc., for which the insurer charged a one-time premium of Rs 129,784. The other policy was called ICICI Home Safe Plus. It covered fire, burglary, etc and the premium for it was Rs 20,216. Both the policies had a tenure of five years.
Ojha expired on January 2, 2012. Tripathi lodged a death claim, which the insurer settled by paying Rs 2,118,915. It was only then that Tripathi realised the coverage under the policy was inadequate for discharging the entire loan. The shortfall was to the tune of Rs 10,081,085. So Tripathi alleged that
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