Understand policy coverage before buying

The National Commission observed that both the insured and his spouse were doctors and hence capable of understanding the scope of the policy

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