Order-8.

Date-06/05/2016.

This is an application u/s.12 of the C.P. Act, 1986.

           Complainant by filing this complaint has submitted that Koushik Mitra representing himself to be the advisor or officer of Bharti Axalife Insurance Company Ltd. OP1 came to the house of the complainant and requested her to take TATA AIA monthly insurance plan and further gave out that the policyholder will get back a good amount as interest on completion of 7 year premium and on the basis of such representation from his and assurance complainant on good faith handed over one cheque being no.25980 dated 31-03-2012 as per advice of the representative of OP for Rs.25,000/- as single premium and the said cheque was encashed on 01-03-2012.  Accordingly, one policy was issued by the OP1 company being policy no.CO85769434 which was issued on 05-04-2012 and maturity date was 05-04-2070.

          But subsequently, complainant faced financial problem accordingly and it was not possible for him to continue the said policy as she has become a cancer patient and on several occasions since 2014 complainant visited the office of the OP1 and its advisor stating his financial condition to enquire about the process how to refund the hard earned money deposited to the OP1 company along with interest accrued thereon but on each occasion the employees of the OP1 did not entertain her for refund of the money.   In the above situation, complainant took all positive steps and ultimately talked with customer care centre of the OP but none render any redress of her grievance but on the other harassed her for which complainant has filed this complaint praying for redressal.

          OP by filing written statement submitted that complainant knowing fully well of the terms and conditions of the policy and all other matters filled the application form for purchasing the policy and policy number is CO86769434 which was issued on 05-04-2012 and premium pay term is 15 years and admittedly complainant failed to pay any further premium except one premium of Rs.25,000/- but complainant demanded after 3 years of the policy that is on 09-05-2015 so the complaint is barred by limitation.  Moreover, within free-look period no such cancellation was made and in the meantime the policy lapsed.  So, the complainant is not entitled to get any benefit for which the complainant should be dismissed.

Decision with Reasons

On an indepth study of the complaint including the document as filed by the complainant it is clear that the complainant purchased a policy being No. CO86769434 which was issued on 05-04-2012 and maturity date was 05-04-2070 and no doubt complainant paid one premium of Rs.25,000/- and in such a manner complainant has already paid Rs.25,000/- and the premium is paid for one year and in such a manner complainant has already paid Rs.25,000/- but in the meantime the situation has been changed, because the complainant is suffering from cancer so under such circumstances, it was the duty of the OP to cancel the said policy and to refund the deposited premium amount after deducting 50 percent as service charge etc. but that has not been done.  Not only that OPs has his chance to refund as per IRDA guideline but they did not considering the entire facts and circumstances, so, we find that the intention of the OPs are not at all moral, social and not as per spirit of the social legislation the insurance act.

          In the above circumstances, we are convinced to hold that the proper relief or redressal should be granted to the complainant in the present awkward situation by cancelling the said policy and directing the OPs to refund a sum of Rs.23,500/- out of total deposited amount of Rs.25,000/- and balance Rs.1,500/- is deducted as service charge for which OP is not liable to pay that Rs.1,500/-.

          In the light of the above observation and findings the complaint succeeds.

Hence,

Ordered

That the case be and the same is allowed on contest against the OPs with a cost of Rs.1,000/-.

          OPs particularly the OP1 is hereby directed to handover a sum of Rs.23,500/- to the complainant out of total deposited amount of Rs.25,000/- as premium after cancellation of the policy no. CO86769434 but it must be done within one month from the date of this order and OP1

Shall have to pay the litigation cost also within that period to the complainant positively if OP1 fails to comply the order in that case OP shall have to pay penal damages  at the rate ofRs.3,000/- per month till full satisfaction of the decree and if it is collected it shall be deposited to this Forum.

Even if it is found that OP is reluctant to comply the order in that case penal action u/s.25 read with Section 27 of the C.P. Act shall be started against them for which further penalty and fine shall be imposed.