A High Court in the Federal Capital Territory, Abuja, has ordered AIICO Insurance Plc to refund N1.23m to a public servant named Gboyega Bello, being the premium paid for a life insurance policy.

Justice Maryann Anenih of the Abuja High Court, who presided over the case, also ordered that an interest at the rate of 10 per cent per annum be paid to the plaintiff.

Bello, who resides in Abuja, had in February 2007, executed a 15-year life insurance policy with AIICO Insurance with the policy number 12025277.

According to Bello, for three years, he has paid premiums in the total sum of N1.23 to AIICO Insurance.

He, however, added that while surrendering the policy, he had in three letters requested AIICO Insurance for a refund but the company said he had an outstanding premium loan of N1.33m to pay.

Bello noted that his consent was never sought by AIICO Insurance to secure a loan for him.

Delivering the judgment on February 13, 2014, Anenih said, “Under the policy, Bello has the right to surrender the said policy by notifying AIICO Insurance in writing and the company was duty bound to refund his money.”

She noted that Bello had only failed to pay his premium for 2010 and as such that could not amount to the sum claimed by AIICO on loan secured on behalf of the plaintiff.

The judge pointed out that Bello had by the evidence before her fulfilled the burden placed on him by law, adding that AIICO had failed to file before the court any notice of intention to defend or affidavit of defence, despite the service of the process on it.

Source: Punch