FCIK urges J&K Bank for reviewing Bancassurance agreement

By
Ziraat Times
-

Srinagar: The Federation of Chambers of Industries Kashmir (FCIK) has called upon J&K Bank “to revise its Bancassurance agreement with Bajaj Allianz insurance company after duly incorporating provisions deemed necessary for safeguarding the interests of consumers.”

In a statement issued to Ziraat Times, the apex industrial chamber said that it was “reminding J&K Bank authorities of their responsibilities in guiding their customers in selection of suitable insurance products and services at most competitive prices across insurance players keeping in consideration that their customers trusted them while going with their arrangement.”

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While commenting on performance and services of Bajaj Allianz, FCIK regretted that the apex body received regular complaints from its constituent associations and members regarding “delayed and unreasonable settlements.”

The latest victim of the company’s apathy has been reported to be an educated young man Tariq Hassan of M/s Zaitoon Oil Mills at industrial growth centre Lassipora which unfortunately gutted in a devastating fire incident in August last year, FCIK said.

According to Sarwar Malik, the General Secretary of Industrial Association Lassipora, there has been almost a total loss to the factory building, plant and machinery, raw material and finished goods. He informed that the unit was financed by J&K Bank Lassipora Branch which also facilitated its insurance through Bajaj Allianz for a total amount  of Rs 72 lacs. The Association regretted that “despite actual loss of Rs 53 lacs, the insurance company was adamant to settle it at just Rs 17.44 lacs on the basis of unreasonable assessment made by their appointed surveyor.”

“No action on the written request made by the association on 5th January for re-assessment of the claim has so far been taken by the company.” informed Malik.

“On the other hand, the frustration of the young entrepreneur was brewing day by day with piling up of his debt and unprecedented delay in restarting of his business” informed Malik.

FCIK has sought intervention of the Managing Director and CEO of J&K Bank in the instant case besides revisiting the agreement with Bajaj Allianz in order to ensure “customer friendly  approach.”

“The renewed agreement should emphasize on settlement of claims in a time bound manner not exceeding one month beyond which the company should be held responsible for paying establishment cost of the customers including bank interest”, FCIK said.

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