Delhi

North East

CC/115/2018

Sh. Rajesh Passi - Complainant(s)

Versus

Bank of India - Opp.Party(s)

15 Mar 2023

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION: NORTH-EAST

GOVT. OF NCT OF DELHI

D.C. OFFICE COMPLEX, BUNKAR VIHAR, NAND NAGRI, DELHI-93

 

Complaint Case No.115/18

In the matter of:

 

	Shri. Rajesh Passi, S/o lt. Shri. M.L Passi, R/o: H.No. M-17, E-3, Dilshad Garden,  Delhi- 110095	Complainant
	Versus
1.       2.	Bank of India F-9, Dilshad Colony Delhi-110095   SUD Life Insurance At Star Union Dai-Ichi Life Insurance Company Limited 11th Floor Vishwaroop I.T. Park Plot No. 34, 35 & 38 Sec. 30 A IIP Vashi, Navi Mumbai-400703	Opposite Parties

 

DATE OF INSTITUTION:        JUDGMENT RESERVED ON:                        DATE OF ORDER  :

21.06.2018 09.03.2023 15.03.2023

 

CORAM:

Surinder Kumar Sharma, President

Anil Kumar Bamba, Member

 

ORDER

Surinder Kumar Sharma, President

The Complainant has filed the present complaint under Section 12 of the Consumer protection Act, 1986.

Case of the Complainant

1. The case of the Complainant as revealed from the record is that on 14.09.2016 he visited the Bank of India i.e. Opposite Party No. 1. There he was forced by the manager of the said bank to purchase a policy from SUD Life Insurance Company i.e. Opposite Party No. 2. At the time of purchasing the policy, the executive of SUD Life Insurance was also present. The Complainant was told by them that in case of any mishappening/accident with the Complainant, the policy amount i.e. Rs. 2,25,000/- would be paid to Shri Yogesh Passi (son of the Complainant and nominee of the policy). Next year the Complainant called the customer care for depositing the next instalment of the policy and he asked about the details of his policy. Then he came to know that the policy purchased by him was not Life Insurance Policy seeking rather it was a Pension Plan. Then the Complainant came to know that he was cheated by the Opposite Parties. The Complainant has prayed for cancellation of the policy and for refund of the amount paid by him. He has also claimed compensation for mental harassment and litigation charges.

 

Case of the Opposite Parties

2. The Opposite Party No. 1 contested the case and filed its written statement. It has denied the allegations of the Complainant. It has prayed for the dismissal of the complaint. The Opposite Party no. 2 filed reply wherein he has denied the allegations of the Complainant. The case of the Opposite Party No. 2 is that the Terms and Conditions of the policy were provided to the Complainant and a free look period of 30 days from the receipt of the policy was given to the Complainant for cancellation of the policy. Its case is that the Complainant is not entitled for any refund of money as the policy acquires surrender value after payment of first two years full premium.

Rejoinder to the written statement of Opposite Parties

3. The Complainant filed separate rejoinders to the written statements of Opposite Parties wherein the Complainant has denied the pleas raised by the Opposite Parties and has reiterated the assertion made in the complaint.

Evidence of the Complainant

4. The Complainant in support of his case filed his affidavit wherein he has supported the assertions made in the complaint.

 

Evidence of the Opposite Parties

5. To support its case Opposite Party No. 1 has filed affidavit of Sh. Arvind kumar Aggarwal, Chief Manager at Bank of India and Opposite Party No. 2 has filed affidavit of Sh. Karun Batta, Assistant Vice President, Legal & Compliance at Star Union Dai-ichi Life Insurance Company Ltd. In affidavit, they have supported the case of the Opposite Parties as mentioned in their written statements.

Arguments & Conclusion

6. We have heard the Complainant and Ld. Counsel for the Opposite Parties. We have also perused the file and written arguments filed by the Complainant and Opposite Parties. The case of the Complainant is that on 14.09.2016 when he visited the Bank of India i.e. Opposite Party No. 1, there he was forced by the manager of the Opposite Party No. 1 and representative of Opposite Party No. 2 to purchase a policy. He was told by them that it was a “Life Insurance Policy”. The case of the Complainant that he was cheated and forged was committed with him. The Complainant has not lodged any complaint with the police for cheating and forging nor he has led any cogent evidence to show that he was cheated for any forgery was committed with him. Therefore, this allegations of the Complainant cannot be believed.
7. It is also the case of the Complainant that he was sold the policy by saying that it was a Life Insurance Policy. It is his case that in fact it was a Pension Plan Policy. The case of the Opposite Party No. 2 is that proposal form was submitted and signed by the Complainant. It is also the case of the Opposite Party No. 2 that the Terms and Conditions of the policy were supplied to the Complainant. It is not the case of the Complainant that proposal form was not signed by him or that he was not supplied the Terms and Conditions of the policy. In his affidavit, the Complainant has not alleged that the proposal form was not signed by him and Terms and Conditions of the policy were not supplied to him. Meaning thereby, the Complainant was supplied the Terms and Conditions of the policy and he has accepted the same. As per the Terms and Conditions of the policy, a free look period of 30 days was given to the Complainant for cancellation of the policy in case he wants to cancel the policy. But the Complainant has not exercised this option for cancellation of the policy. As per the Terms and Condition of the policy the surrender value of the policy accrues only after deposit of the two installments. Admittedly, in the present case, the Complainant has not deposited two installments and therefore he is not even entitled for surrender value.
8. In view of the above discussion, we do not see any merit in the complaint and the complaint is dismissed.
9. Order announced on 15.03.2023.

Copy of this order be given to the parties free of cost

File be consigned to Record Room.

(Anil Kumar Bamba)           Member

(Surinder Kumar Sharma) President