Per Hon’ble Mr.S.R.Khanzode, Presiding Judicial Member
Heard appellant in person. This appeal is directed against the order dated 29/04/2013; Sudhir Shivaji Tade and another v/s. Bajaj Allianz Life Insurance Co.Ltd. passed by the District Consumer Disputes Redressal Forum, Sangli in consumer complaint no.152/2010 by which the consumer complaint stood dismissed inter-alia on the ground that after surrender of the policy as per the amount due to the complainants the same was paid by the Insurance Company and which was received by the complainants. Therefore, there was no present/sustaining relationship of a ‘consumer’ and ‘service provider’ inter-se between the parties.
At the first instance, we find that considering the nature of policy, which is a ‘Unit Gain Plus’ policy, where principle share of the premium was to be invested in the Share Market and returns to the complainants are based upon such investment. Therefore, it being a commercial transaction, complainants were not consumers. We specifically invited attention of the appellant /complainant no.1 Mr.Sudhir Shivaji Tade to this aspect to which he failed to answer.
Complainants admittedly had surrendered the policy on 11/08/2009 and, thereafter, they had received an amount of `1,20,374/- in first policy and `1,21,954/- in the second policy. It appears that complainants had dispute towards the account and according to them they were entitled to get more amount. Such cannot be a consumer dispute.
Apart from that, as rightly observed by the forum, since the Insurance Company did pay the amount as per the terms and conditions of the policy, there is no deficiency in service on its part. We find, the reasoning of the forum cannot be faulted with.
For all these reasons, we hold accordingly and pass the following order:-
ORDER
Appeal is not admitted and stands disposed of accordingly.
Pronounced on 24th June, 2013.
