Please help................................ husband took loan + 1 crore & wife was co-applicant, after death of husband came into knowledge the insurance coverage was only for Rs. 20 lakh.......& for the rest amount burden came on the shoulder of wife to pay the loan through EMI.................i know co-applicant has to pay rest loan when EMI of loan was paying with the income of both person but now wife has to pay only.............................for the insurance of Rs. 20 lakh premium was taken Rs. 1.5 lakh for 5 years coverage i.e. Rs. 30,000/- per year......................but concerning persons of insurance didn't suggest to the person to take a Term Plan insurance for Rs. 1 crore ( unsecured loan amount ) costing hardly Rs.25-30,000/- yearly only which secures whole loan amount............one can better understand if the husband could know about the such term plan insurance then perhaps husband couldn't go for insurance just for Rs. 20 lakh by paying Rs. 30,000/-annually.......so for the vested interest term insurance plan was not suggested by concerning persons of bank alongwith insurance company....................being IT professional husband & wife were not aware with insurance much moreover they were informed verbally that whole loan amount has been secured through insurance...........................one can better understand no spouse would refuse if getting 1 cr. insurance for Rs. 25-30,000/- when paid Rs. 30,000/- premium just for Rs. 20 lakh................................now i have few queries :
1= Is there any place in legal system to help wife ????
2= Any positive hope through banking ombudsman ???
Wife recently came to know about term plan then forwarded whole matter through complaint to concerning bank & after getting reply in which they informed to send matter to insurance company, but didn't get reply from insurance company even after sending matter through email.......................please help is there any way in such case ????
