ORDER
SH. RAKESH KAPOOR, PRESIDENT
The complainant had taken a policy Bharti AXA Life Elite Advantage Plan bearing no. 501-3093579 through OP in the month of May 2015. The agent of OP had assured the complainant that this is a one-time investment plan and the complainant had to invest only once. The complainant had received policy documents on 25.5.2015. Since the terms and conditions of the policy were different from the agreed terms, the complainant had returned the policy documents to the OP on 8.6.2015 i.e. within the free look in period and had sought refund of the amount deposited by him. The OP has however, refused to refund this amount and cancelled the policy. The complainant has alleged deficiency in service and has approached this forum with this complaint.
A registered notice was sent to the OPs which was not received back unserved and, therefore, service was deemed to have been effected on the ops . Since none had appeared on behalf of the OP they were ordered to be proceeded with ex-parte.
We have heard arguments advanced at the bar and have perused the record.
The complainant no.1 has filed his own affidavit wherein he has supported the contents of the complaint. He has also filed on record a copy of letter dated 8.6.2015 addressed by him to the OP as well as the copy of letter dated 10.6.2015 received by him in response to the above letter. N A perusal of these letters shows that complainant no. 1 had returned the policy documents within the 15 days free look in period requesting for cancellation of the same and for refund of the amount deposited by him.
The op had ,however, refused to cancel the policy and refund the amount which is a clear violation of the instruction issued by IRDA in this regard. We , therefore, hold the OP guilty of deficiency in service and direct it as under:-
- Pay to the complainant number 1 a sum of Rs. 1,50,000/- ( Rs One Lakh Fifty Thousands Only) along with interest @ 12% p.a. from the date of institution of this complaint i.e. 17.9.2015 till payment.
- Pay to the complainant number 1 a sum of Rs 30,000/- as compensation for pain and agony suffered by them.
- Pay to the complainant number 1 a sum of Rs. 5,000/- as cost of litigation.
The OP shall pay this amount within a period of 30 days from the date of this order failing which they shall be liable to pay interest on the entire awarded amount @ 10% per annum. IF the OP fails to comply with this order, the complainant may approach this Forum for execution of the order under Section 25/27 of the Consumer Protection Act.
Copy of the order be made available to the parties as per rule.
File be consigned to record room.
Announced in open sitting of the Forum on.....................
