By: Smt.  Mini Mathew,   Member    
    The complainant here in taken an Insurance Policy and the policy No. is AEL 2384660 named “Aviva Easy Life” from the opposite party and the commencement date of the policy is 31/3/2009.   The complainant had deposited three yearly installments of  Rs.25000/- each with a grant total of Rs.75000/- towards the premium.   His case is that an agent of the opposite party approached the complainant at his residence and made him believe that if he is depositing an amount before this opposite party is profitable than banks and also made him believe that there are giving more interest than the banks.  As per the terms and condition s of the policy be can surrender the policy at any time after a period of three years.   The agent of the opposite party pointed out that the amount which is deposited would have accured sufficient profit from the deposit and if he surrendered the policy after 3 years there will not be any serious deduction.  By believing the words of the opposite party complainant herein had deposited Rs.75000/- before the opposite party as premium.   At the time of joining the scheme the agent of the opposite party directed the complainant to sign some printed forms brought by them and the complainant put signature in all those papers.

    Subsequently after the completion of three years the complainant approached before the opposite party for surrendering his policy.   At that time the opposite party informed the complainant that they would sent the surrendered amount through post from the head office.   After that the complainant has received a cheque from the opposite party for an amount of  Rs.37931/- only.   Complainant herein had already deposited an amount of Rs.75000/- towards the premium, but he got Rs.37931/- only.   Complainant approached this Forum for getting back the balance amount with its offered interest and profits with compensation.

    After receiving notice from this Forum opposite party entered appearance and filed his version by denying all the allegations put forward by the complainant in his complaint.   The main contention raised by the opposite party is that this policy is a Unit Linked or Investment Linked Life Insurance policy and hence it is not coming under the per view of Consumer Protection Act,1986.   The counsel appearing for the opposite party relied upon one citation.   The Hon'ble National Commission in Ramlal Aggarwall Vs  Bajaj Alliance Life Insurance Co. Ltd and others reported in CPR dated  23/4/13, held that “ the investment made by the petitioner /complainant was to gain profit.   Hence, it was invested for commercial purpose and therefore, the petitioner/Complainant is not consumer under the opposite parties.  It is further noted that these type of policies involve speculative gains through trading in shares in the stock market and hence are commercial in nature and the same are taken for investment purpose”   There fore the policy holders of  such policies are not consumers and disputers relating to such policies are not maintainable before the Consumer Forum.  Thus complaint is returned for presenting before proper Forum for the relief.

    Dated  this  19th day  of  May,  2016
                    
                                        
                                    A.A.VIJAYAN, PRESIDENT
 

 R.K.MADANAVALLY , MEMBER                                             

 MINI MATHEW, MEMBER
                                         
                               

APPENDIX
Witness examined on the side of the complainant        :   Nil
Documents marked on the side of  the complainant        :   Ext.A1
Ext.A1          :  S    schedule 
Witness examined on the side of the opposite party      :   Nil
Documents marked on the side of the opposite party    :    Nil
                                  

                  
                                                    
                                    A.A.VIJAYAN, PRESIDENT
 

 R.K.MADANAVALLY , MEMBER                                             

 MINI MATHEW, MEMBER