PRESIDENT, DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, SAMBALPUR

CONSUMER COMPLAINT NO.- 60/2023

Present-Dr. Ramakanta Satapathy, President,

  Sri. Sadananda Tripathy, Member

Mr. Rajesh Kumar Mohanty,

S/O-Natobara Mohanty,

Sainkul, Kendujhar, Bhaganai, Kendujhar-758043

At Present C/O- Jagannath Rout, DTDC Courier, Behind Harihar Marwadi Dharmshala, Rengali, Dist-Sambalpur-768212

Mob No. 8093862515                                                   .……….......Complainant.

Vrs.

1. Branch Manager Axis Bank,

Rengali, Sambalpur-768212.

2. Branch Manager, Bajaj Allianz Life Insurance Company Limited,

Bajaj Allianz House, 5^th floor, B Wing, Airport Road, Yarawada, Pune,

Maharastra-411006                                             …...……….Opp. Parties

Counsels:-

1. For the Complainant         :-       Sri. R.Gupta, Adv. & Associates
2. For the O.P. No.1                           :-       Sri. A. K. Das, Adv. & Associates
3. For the O.P. No.2                           :-       Adv. C. Patra & Associates

Date of Filing:25.04.2023,  Date of Hearing :18.09.2023  Date of Judgement : 30.10.2023

Presented by Sri Sadananda Tripathy, Member.

1. The Complainant has filed the case relating to deficiency in service, illegal trade practices and harassment to the customer by non-cancellation of policy bond, which has been submitted to the O.Ps submitted to the O.Ps with in the statutory time limit and free look period of 15 days and 30 days if the policy has been sent through distance marketing. In this case the policy has been issued on 03.02.2023 at Pune and the customer received through distance marketing mode. The Complainant went to the bank for availing a personal loan from O.P. no.1. The staff of O.P. No.1 approached the Complainant and advised him for taking a loan of Rs. 3,00,000/- in spite of Rs. 1,00,000/- as his credit score is good but with a condition that he has to purchase a policy of O.P. no.2 of Rs. 62,722/- as one time premium for ten years. The Complainant denied for taking such huge amount of loan and policy of such huge amount as he does not require that amount of money and also does not have the paying capacity towards big loan amount. Thereafter the O.Ps took signatures saying it is for the purpose of issuing loan of Rupees one lakh. The documents signed by the Complainant is printed in very small letters and unreadable. The Complainant came to know through message from the O.P. No.1 & 2 regarding deposit of Rs. 2,96,185/- to his account and deduction of Rs. 62,722/- from the O.P. no.1 & 2. The Complainant immediately checked the balance and updated the passbook and found that Rs. 2,96,185/- has been credited to his account in spite of Rs. 3,00,000/- and Rs. 62,722/- has been debited in the same day of sanctioning the loan despite of the denial of the Complainant and without notice. The Complainant was misrepresented by the O.Ps about the digital photographs, signatures and other formalities like OTP etc are taken for granting him the loan amount of Rs. 1,00,000/-. The Complainant is a very small Semi-Skilled worker who earns his bread and butter from private job and get maximum Rs. 16,000/- per month. After knowing the facts, the Complainant immediately approached the O.Ps but they did not listen. Finding no way, the Complainant immediately returned an amount of Rs. 2,00,000/- on dtd. 06.03.2023. The Complainant wrote letter to cancel the policy to the O.Ps on dtd. 03.03.2023 as the policy was within the free look period of 30 days as the policy has been sent through distance marketing. In this regard one month was passed, the amount has not been credited by the O.Ps for which the Complainant harassed mentally and physically after running to the O.Ps So the O.Ps are liable to compensate.
2. The written version of the O.P. no.1 is that the Complainant availed a personal loan of Rs. 3,00,000/- which was approached by the Complainant to the Bank. Axis Bank entered into corporate Agency with Bajaj Allianz life through this partnership, Axis Bank will provide Bajaj Allianz life’s wide range of life insurance solution to its customer and enable them to achieve Bajaj Allianz life through its affordable and new age life insurance solutions. In every insurance policy there is “free look cancellation” period. The Complainant has not returned in time hence the alleged policy was confirmed. As per the official record, the policy was issued on dtd. 01.02.2023 and the same was duly received by the Complainant on 14.02.2023. Free look period is 15 days. As such, the free look period was over on 01.03.2023. So the policy was treated as conformed.

The written version of the O.P. No.2 is that the Complainant purchased a policy dtd. 31.01.2023 commencement on dtd. 03.02.2023 and for the said policy he had paid a first premium amount of Rs. 60,021.34/- and premium paying term is 12 years, policy benefit term is 4 years and premium paying mode isAnnual, Sum Assured on death is Rs. 76,6080/- and was also containing other benefits as per policy bond. The Complainant has never informed the O.P. within the specified period of 15 days from the date of receipt of the policy bond that the contents of the policy terms was not in accordance with the agreed terms as at the time of the proposal signing, nor raised any issue or complain regarding mis-selling. As per the customer consent document, the policy holder had to pay the premium for 12 years and he had signed the same. Also he had submitted KYC documents along with the customer Declaration form. Hence, there is no mis-selling has been proved by the Complainant.

3. After going through the record, evidences and documents, it is observed that the O.P. No.1, Bank staff to achieve their target mis-convince the Complainant and without his consent sanctioned a loan of Rs. 3,00,000/- in spite of Rs. 1,00,000/- as his credit score is good. Further out of sectioned loan of RS. 3,00,000/-, Rs. 2,96,185/- has only been credited to the complainant account and thereafter deducted Rs. 62,722/- towards premium of policy amount despite of the denial of the Complainant without notice. However, free look period of the policy for cancellation is 15 days and 30 days of the policy has been sent through distance marketing. In this case the policy has been issued at Pune and the customer received it in to the customer through distance marketing mode. So, the free look period of the said policy is 30 days as per the terms and condition and the Complainant wrote letter to the O.Ps for cancellation of the policy is within 30 days and within time period but the O.Ps have not taken. Steps for cancellation of the said policy. So deficiency in service and Unfair Trade Practice found against the O.Ps.

Hence, the O.P. No.2 is directed to refund Rs. 62,722/- with 6% interest to the Complainant from the date of collection and within one month. Further both the O.Ps are directed to pay Rs. 25,000/- each separately towards deficiency in service and Unfair Trade Practice as compensation and Rs. 5,000/- each separately to the Complainant towards litigation expenses within one month of the order. In case of non payment the amount will carry 9% interest P.A. till realisation.

Order pronounced in the open court on this 30^th day of October, 2023.

Supply frees copies to the parties.