1.     Bharti AXA Life Insurance Company Ltd., Unit No.601, 6th Floor, Raheja Titanium, Off.Western Express Highway, Goregaon (E), Mumbai 400063, through its Customer Support Manager.

2.     Bharti AXA Life Insurance Company Limited, SCO 28-29-30, Sector 9-D, Madhya Marg,Chandigarh

……Appellants/Opposite Parties

V e r s u s

Amit Sharma S/oChandigarh.

Appeal under Section 15 of the Consumer Protection Act, 1986.

BEFORE:  

Argued by:

PER JUSTICE SHAM SUNDER (RETD.), PRESIDENT

             Chandigarh

“Resultantly, in view of the foregoings, entirety of the case and settled position of law on the subject matter, we are of the opinion that the complaint must succeed.   

This order be complied with by the OPs within a period of 30 days from the date of receipt of copy of this order, failing which they shall be liable to refund the above awarded amount along with interest @12% per annum from the date of filing this complaint i.e. 24.12.2012 till its actual payment, besides paying litigation cost, as aforesaid”.

2.              It was further stated that the aforesaid acts of the Opposite Parties, amounted to deficiency, in rendering service, as also indulgence into unfair trade practice. When the grievance of the complainant, was not redressed, left with no alternative, a complaint under Section 12 of the Consumer Protection Act, 1986 (hereinafter to be called as the Act only), was filed, directing the Opposite Parties, to refund the amount of Rs.75,000/-, alongwith interest @18% P.A., from the date of purchase of the Policy, in question; pay compensation, to the tune of Rs.1 lac, for mental agony and physical harassment; and cost of litigation, to the tune of Rs.22,000/-.

3.             st 

4.           

5.            

6.           

7.            

8.           

9.           10.        

11.        

12.        

13.        

“b.

If the due Regular Premium has been paid for alteast three consecutive Policy Years from the Policy Date and subsequent Regular Premiums are unpaid, you may reinstate the Policy within two years from the date of first unpaid premium. Such reinstatement can only be made by paying all the unpaid premiums and the appropriate Premium Allocation Charge shall be deducted from the abovementioned payment. During the period allowed for reinstatement, the Policy shall continue to be in effect by levying applicable Policy Charges. At the end of the allowed period for reinstatement, if the Policy is not reinstated the Policy shall be terminated by paying the Surrender Value. In the event of death during the given period of reinstatement, the benefits payable shall be as per section 3.1, and the policy will cease to exit.

Where the Policy Fund Value falls to the level of an amount equal to the sun of the Annual Regular Premium of the Basic Plan and applicable Surrender Charge or the Policy Fund Value is inadequate for the deduction of the applicable Policy Charges as per Section 7 whichever is earlier, t