Present : Sh.Satya Pal Sharma, Adv.counsel for the complainant

As the complainant has himself submitted in the complaint that he purchased one life insurance policy from the opposite party which is Pension Plus Unit Linked Policy. He also produced on record the policy in which it is clearly stated that product purchased by the complainant is Unit Linked life insurance product and its investment fund is unit linked fund and the premium amount is to be invested in open market in the form of shares to earn profit. It has been held by the Hon'ble National Commission in Revision Petition No.658 of 2012 titled as Ram Lal Aggarwala Vs Bajaj Allianz Life Insurance Company Limited and others decided on 23.4.2013 that where the investment made by the petitioner/complainant in Unit Linked Insurance Policies to gain profit, it was invested for commercial purposes and therefore, the petitioner/complainant is not a 'consumer' of the opposite party. Hon'ble State Commission, Orisha in First Appeal No.162 of 2010 in case Smt.Abanti Kumari Sahoo Vs. Bajaj Allianz Life Insurance Company Limited has held that the money of the petitioner/complainant invested in the share market is no doubt a speculative gain and the speculative investment matter does not come under the Consumer Protection Act and accordingly, the Hon'ble State Commission dismissed the appeal.

In view of the above discussion, the present complaint is not maintainable in this Forum. As such, it is ordered that complaint be returned to the complainant. However, the complainant is at liberty to file the same before the appropriate court/authority. Keeping in view peculiar circumstances of the case, parties are left to bear their own costs. File is ordered to be consigned to the record room.

24.11.2015 President

Member (A)