Delhi

West Delhi

CC/21/116

GURMEET SINGH - Complainant(s)

Versus

AXIS BANK - Opp.Party(s)

17 Dec 2021

ORDER

CASE NO. 116/21

IN THE MATTERS OF:-

 

 

GURMEET SINGH CHANDOK                                                                                     ……COMPLAINANT

 

VERSUS

 

M/S AXIS BANK LIMITED, MAX LIFE INSURANCE LTD.                                         ……OPPOSITE PARTY  

 

PRESENT: SH. SHIVEK RAI KAPOOR, AR OF THE COMPLAINANT

Order by: Ms. Richa Jindal (Member)                                                                                 Dated: 17-12-2021

 

ORDER

Arguments on the admissibility of the complaint on the point of maintainability heard. The facts of the case are that the complainant had purchased a policy vide policy no. 272903683 from the Insurance Department of OP which was the tie up policy with Max Life Insurance Company. Admittedly, said policy was taken by the complainant in the year 2015, however in the year 2020 financial condition of the complainant was not good and he wanted to redeem the policy pre-maturely. As per the policy document, complainant is the policy holder but insured was his wife. Initially, OP was reluctant to foreclose the policy but later on in view of his financial condition OP foreclosed his policy and  refunded the full amount without charging any penalty. After receiving the complete amount, complainant filed present complaint for compensation on the ground of unfair trade practice and cheating. Perusal of the record shows that complainant has also filed a complaint before Banking Ombudsman but his complaint was rejected by Banking Ombudsman stating that “Please refer to above complaint, in this connection we advise that in terms of Axis Bank submission that policy was issued in the year 2015 and you  have enjoyed the insurance cover in the interim period of policy, post receipt of the requisite documents. Max Life Insurance Company had cancelled the policy and credited Rs. 494185 in his Savings Account on April 18, 2020, your complaint has been closed under clause 11(3) (a) of Banking Ombudsman Scheme-2006. You may however confirm credit with the bank, if required. Reply of bank is attached for your reference”. In our opinion, We hold that the present complaint is not maintainable against OPs for unfair/illegal trade practice, in the absence of any cause of action arose in favour of complainant and against the OP. Same is being dismissed being devoid of merit. Copy of order be sent to www.confonet.nic.in. File be consigned to record