hello ,
my cousin has taken education loan for persuing mba from sbi.......and as per requirement the bank told us to get a life insurance cover of the educational loan taken.......we have given standing instructions to bank to to deduct the premium of life insurance policy from our savings account.....insurance co. received three installments from our account and after that they didnt intimate us abt the non payment of premium.....in the mean time during hi s last semister he met wid an accident and died..........nw the sbi has sent notice for the recovery of the educational loan ....and the sbi life insurance denied our claim that the policy has been lapsed due to non payment of the installments....pls advice wht to do????
