PRESENT

                   Complainant by Adv. Shri.Brijesh Shukla  present.   

                   Oppoent  - Absent.             

                                       ORDER

(Per- Mr. S. D. MADAKE, Hon’ble President)

1.                Mr. Vikram Kumar Gaur, the complainant filed complaint against Bajaj Allianz Life Insurance Co. Ltd.  for deficiency in service and adopting unfair trade practice.

2.                The complainant has taken  life insurance policy dated 6.10.2009 on life of  self .  The policy Number is 0135674853.  This policy is issued subject to section 45 of the Insurance Act 1938.  The product name is Bajaj Allianz Invest plus.

3.                The complainant stated that he got policy on 6.10.2009  after 6 days of applying and after reading noticed that, he was not agreeable as to terms of Insurance policy.

4.                The complainant applied for the cancellation  of the policy on 8.10.2009 .  His application was not considered stating that he was agent of opponent and has taken policy for the purpose of releasing commission.  He repeatedly  persuaded the parties, by all means however evoked no response.

5.                The complainant alleged that, request of cancellation of policy was rejected without valid grounds.   He prayed for directed to opponent to pay Rs.2,12,000/- ( Two lacs twelve thousand )   towards claim including compensation and cost.

6.                The complaint was admitted on 4.8.2011.  The opposite party filed written statement on 20.5.2011 and resisted the claim.  It is stted that, Insurance ombudsman Mumbai rejected the claim on 18.6.2010.

7.                The opponent alleged that, reason for cancellation of policy was not as per IRDA  Norms.  The Insurance is allowed a 15 days period to review the terms and conditions of the Insurance policy and return the policy, if he disagrees to any of the said terms and conditions.

8.                It is stated that complainant’s  agency code was blocked and he was  having renewal commission of Rs.14,000/-  He was aware of terms and conditions of policy.

9.                The opp. stated that 15 days period is available to an insurer only if he disagrees with any terms of contract.  The opp. has rightfully  refused to cancel the said policy.

10.              The opp. denied the claim of Rs.2,12,000/-.  It is alleged that  Insurance company acted as per law.  It is prayed that complaint be dismissed with cost as per section 26 of consumer protection Act.

11.              We have perused complaint, affidavit in evidence, written notes and all documents relating to insurance policy as well as exchange of letters between complainant and Insurance company regarding  cancellation of policy.

12.              Admittedly , complainant paid premium of Rs.50,000/- on 6.10.2009 for the policy No. 0135674853.  Admittedly complainant applied for cancellation on 8.10.2009  within fifteen days free look period.

13.              The complainant argued that, he was of the view that, the policy  was not issued as per the agreement, as per assurance.  He is not satisfied with terms of policy.   The opp. argued that the reason for cancellation was personal and second reason was for marriage of sister which is  not as per IRDA  guidelines.

14.              As per law, during free look period,  the complainant is entitle to cancel the policy if he disagree with the policy.  During this period complainant is entitle to decide whether to continue the policy or cancel.  This discretion is wide and opp. has no right to curtail  the same any way.

15.              The Insurance company is a state within meaning of Article 12 of constitution of India and is under constitutional obligation to treat equally to all policy holders.  Merely because complainant was an agent of the insurance company , cannot be subjected to unequal treatment by company.

16.              The documents show that, complainant’s  application was rejected illegally and only due to the fact that he was agent of company.  The relation of principal and agent has no bearing to the facts of the case. 

17.              The complainant is entitle for cancellation of policy  and refund of amount with interest @ 9 %  from 8.10.2009.  He is entitle for compensation of Rs.20,000/- and cost of Rs.7000/-.

18.              In the result, we pass the  following order.

                                                ORDER

1.                RBT complaint No. 356/2011 is partly allowed.

2.                The opposite party is directed to pay Rs.50,000/- ( Fifty thousand )to Complainant with interest @ 9 % p.a. from 8.10.2009.

                   till payment.

3.                The opp. is directed to pay compensation for mental agony to the amount of  Rs.20,000/-( Twenty thousand ) and  cost

                    Rs.7,000/- (Seven   thousand)  to complainant.

4.                Copy of this order be sent to both parties. .