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In June 2023, a bancassurance provider issued a credit-linked insurance policy in connection with my home loan, with a one-time premium of ₹9.60 lakh financed through the loan. In December 2024, a Deputy Manager allegedly forged an NOC override to cancel the policy for sales-related targets. While I was stranded at sea, the Deputy Manager allegedly sent text messages admitting that he was pressuring me to pursue a ₹1.20 lakh competitor bonus. On 9 June 2025, the bank served me with a SARFAESI notice based on an alleged default of ₹18,000. Due to the resulting restrictions and difficulties in dealing with the alleged fraud, my employment visa expired, causing me to lose a maritime contract worth ₹1.57 crore. The extreme stress and circumstances allegedly resulted in a cardiorespiratory collapse, following which I underwent open-heart surgery (CABG) at Hinduja Hospital. Under Section III of the insurance policy, CABG is stated to trigger automatic liquidation of the outstanding loan balance to zero. However, after my surgery, the bank or insurer refused to accept my physical distress-related filings and allegedly withheld my property documents unless I made further payments. I seek legal remedies for reinstatement of the insurance policy, complete closure of the home loan, and consequential damages under the applicable Supreme Court principles, including the principles relied upon in Pyaridevi. Total claim: ₹3.56 crore.
Collect the insurance policy, home-loan documents, premium records, alleged NOC, messages, SARFAESI notice, medical records, employment documents, and evidence of the alleged fraud. Obtain an independent legal opinion on whether CABG actually triggers automatic loan liquidation under the policy. You may challenge an improper SARFAESI action before the appropriate DRT and pursue insurance/banking remedies before the appropriate forum. The alleged ₹3.56 crore consequential claim requires detailed proof of causation and actual loss. For further legal assistance contact us on our helpline number.