Wrong person insured by Tata AiA
We took a Loan Against Property from PNB Housing Finance and were told by agents that life insurance of primary borrower is mandatory for the Loan, we agreed on the same and loan was applied in which my Father was Primary applicant and my Mother was co- applicant.
At the time of insurance we did not paid much attention to terms and conditions and signed lots of documents because we were told that policy will be send for 15 days free looking period.
Insurance policy bond was never received and the same can be proved, reason: policy was done in January 2012 and was send by TATA AIA in August 2012, at that time we had shifted to our new home.
We also believe that policy was created after 8 months of receiving of Premium, reason: Premium was paid to Tata AIG in December 2011 name of which was changed to Tata AIA in July 2012 and the policy they send us through email now is in the name of TATA AIA instead of TATA AIG with policy creation date January 2012.
Now my Father had unfortunately died due to brain stroke and the policy they send us now is in the name of my Mother.
Tata AIA says we created the policy as per documents provided. Can anything be doneagainst the same because we had applied for insurance of father but documents were signed in good faith and dependency on free look period, since policy was never delivered to us for free look period and seems to be created 8 months late after receiving the premium.