1. The complainants have filed the present complaint under the Consumer Protection Act against the opposite parties on the averments that complainants are simpleton persons residing in village Bohani, Tehsil Phagwara, District Kapurthala. The complainants are having saving bank account No.071010100141703 with aforesaid branch of Axis Bank Ltd, Phagwara/opposite party No.1. The opposite party No.2 is having its one branch with Axis Bank opposite party No.1 and both are jointly working under single roof. The officials of the aforesaid bank namely Arjan and Hardeep i.e opposite parties No.3 and 4 approached the complainants in the year 2013 and allured them to invest their amount in Max Life Insurance Company and showed various profitable schemes. The complainants fell into the trap of said opposite parties No.3 and 4 and they obtained the signatures of the complainants on various documents. They told that the complainants had to pay one time premium only and after that they will receive huge amount by way of insurance. Accordingly, the complainants fell into the trap of the said persons and they purchased two policies one bearing No.854444841 and 881725493 of Rs.50,000/- each. Now complainants were surprised to know that the aforesaid insurance company through Axis bank withdrew an amount of Rs.49,295/- on 23.3.2014, although the complainant were told that no amount is payable at all after the first installment. The complainants are poor person and they were/are not capable of paying any further installments. After knowing the said fact, the complainant No.1 went to the manager of Axis Bank and asked that how he allow to withdraw the amount of Rs.49,295/- from his account in favour of Max company. He said that he can not do anything and the complainants will have to continue with the policy, otherwise they will not be entitled to any amount at all. The complainant were shocked to know this fact, as a fraud has been committed upon them. On such like averments, the complainants have prayed for directing the opposite parties to refund the amount deposited by the complainants including amount wrongly withdrawn from the account alongwith interest. They have also claimed compensation and litigation expenses.

2. Upon notice only opposite parties No.3 and 4 appeared and filed a written reply pleading that they are only employees of Axis Bank Limited and they have no link with Max Insurance Company Limited. They are not liable to render any services to the complainants. Complainant No.1 approached Axis Bank Ltd, Phagwara and there he was referred to the representatives of Max Life Insurance Company Ltd for the life insurance policy. Ms.Rashpal Kaur was one of the representative of Max Life Insurance Company Limited present in the bank at that time. She explained each and every facts and figures relating to the insurance policy and after understanding and admitting the same, complainant No.1 filled the requisite form relating to the insurance policy. It is worth mentioning that then the complainant No.1 took two policies, one in his personal name and other in the name of Smt.Jaswinder Kaur/complainant No.2. It is also pertinent to mention that all the documents which were required for the polices were also supplied by complainant No.1 to the insurance company. The insurance company has no branch in the Axis Bank, Phagwara. They are not working jointly. It is worth mentioning that the amount of Rs.49,295/- was withdrawn from the account of the complainant No.1 in favour of insurance company as per the terms and conditions, which were admitted by the complainant No.1 himself at the time of filling the prescribed form for insurance policy. The bank and its employees i.e answering opposite parties No.3 and 4 have no concern with the withdrawal of aforesaid amount. They denied other material averments of the complainant.

3. Opposite parties No.1 and 2 did not appear inspite of notice and as such they are proceeded against exparte.

4. In support of their complaint, learned counsel for the complainants has tendered affidavit Ex.CA alongwith copies of documents Ex.C1 to Ex.C3 and closed evidence.

5. On the other hand, learned counsel for opposite parties No.3 and 4 has tendered affidavits Ex.OP3&4/A and Ex.OP3&4/B and closed evidence.

6. We have carefully gone through the record and also heard the learned counsels for the parties and further gone through the written arguments submitted on behalf of opposite parties No.3 and 4.

7. The version of the complainants is that in the year 2013 opposite parties No.3 and 4 approached them and allured them to invest their amount in Max Life Insurance Company and they obtained their signatures on various documents and told them that they had to pay premium only once and after that they will receive huge amount by way of insurance. At the time of arguments, the complainants produced the copy of policy of complainant No.1 which has been placed on record and further stated at bar that policy of complainant No.2 has been misplaced. From the perusal of the policy, it is evident that it was not one time premium policy. Alongwith the said policy copy of proposal form is also attached wherein coverage term of 20 years and premium paying term of six years is mentioned. In the policy document also due date of payment of premium is mentioned as 21st of January of every year and date of last installment of premium is mentioned as 21.1.2018. Where a person signs any document, the presumption is that he has signed the same after fully understanding its contents. In M/s. Grasim Industries Ltd & Anr. Versus M/s. Aggarwal Steel 2010 (1) SC 33, it has been held by the Hon'ble Supreme Court as under:-

"In our opinion, when a person signs a document, there is a presumption, unless there is proof of force or fraud, that he has read the document properly and understood it and only then he has affixed his signatures thereon, otherwise, no signature on a document can ever be accepted."

8. The ratio of this authority is fully applicable on the facts of the present case. The complainants have failed to show if their signatures were obtained by force or fraud. In case there was any force or fraud then on receiving of policy documents, the complainants could have applied for cancellation of policy within free look period. The complainants never applied for cancellation of the policy within free look period meaning thereby that they were agreeable to the terms and conditions of the policies. Ex.C1 and Ex.C2 are statements of account of Axis Bank produced by complainants themselves. From the perusal of the statement of account Ex.C1 it is evident that amount of Rs.49,295/- was withdrawn by insurance company from the bank through ECS. So complainant must have given instructions for withdrawing premium amount from their accounts through ECS or Neft. The complainants have not obtained the policies in question from opposite party No.2 for the first time. From the statement of account Ex.C2 it is evident that Rs.1,18,466/- were credited in the account of complainant No.2 by Aviva Life Insurance Company by way of Neft and further an amount of Rs.1,17,090/- was credited in the account of complainant No.2 by Aviva Life Insurance Company through Neft. So it can not be said that complainants were not aware of the payment of premium amount by electronic cash transfer method or they have obtained the policy for the first time.

8. In view of above discussion, we hold that there is no merit in the present complaint and same is hereby dismissed with no order as to costs. Copies of the order be sent to the parties free of costs under the rules. File be consigned to the record room.