The case of the Complainant is that he had taken an insurance policy bearing No.0102213207 under Future Secure Scheme from Bajaj Allianz Life Insurance Company on 02.07.2008 with initial deposit of Rs.50,000/-. Subsequently, the Complainant deposited Rs.1,00,000/- in two annual instalments in the year 2009 & 2010 with the said Company. Thus, against the aforesaid policy, the Complainant deposited Rs.1,50,000/-. According to Complainant the O.P.-Insurance Company had assured him to pay Rs.1,65,263/- after 5 years as maturity value. But the O.P.-Insurance Company paid Rs.54,754/- to the Complainant instead of Rs.1,65,263/- and forcibly took signature of the Complainant for taking a new policy with the remaining amount of Rs.1,10,509/- in spite of Complainant strong resistance. Subsequently, a new policy bearing No.0309745320 was issued in favour of the Complainant for a sum of Rs.1,11,840/- on 16.12.2013. On 02.01.2014 the Complainant sent a letter of request to the Manager, Bajaj Allianz Life Insurance Company, Pune by Regd.Post for cancellation of the new policy and refund of the amount of Rs.1,11,840/- when the free look period was running. The Complainant further states that he is an old man suffering from severe diabetes with hypertension, heart disease and other old age complications. Therefore, the Complainant prayed for a direction to cancel the policy and to refund the amount for his treatment as the policy was done against his consent.

            O.P.-Insurance Company after receipt of notice did not prefer to file written version. Hence, O.P. has been set exparte as per order dt.18.04.2015.

            We have heard the Complainant and perused the complaint petition and documents filed by the Complainant. The Complainant has alleged that the O.P. –Insurance Company out of maturity value of Rs.1,65,263/- under Policy No.0102213207 paid only Rs.54,750/- and  misguiding him took signature for taking a new policy with the remaining amount of Rs.1,10,509/- in spite of his strong resistance. Subsequently, the O.P.-Insurance Company issued a new policy bearing No.0309745310 for a sum of Rs.1,11,840/- on 16.12.2013 which the Complainant received on 28.12.2013. The Complainant during course of hearing submitted that he is aged about 70 years and suffering from severe diabetes with hypertension, heart disease etc. and in dire need of money for his treatment. As the policy bearing No. 0309745310 was issued against his consent, upon receipt of policy he requested the O.P.  during free look period to cancel the policy and to refund the  policy amount. But the O.P. remained silent which compelled the Complainant to file the present complaint.

            While going through the record we found that the Complainant has received the new policy bearing No.0309745310 on 28.12.2013 from O.P.. The Complainant has filed copy of letter dt.02.01.2014 sent by Regd.Post to the Manager, Bajaj Allianz Life Insurance Co.Ltd., Pune-411006 requesting to cancel the  policy No.0309745310 and to  credit the policy amount of Rs.1,11,840/- to his S.B.A/c.of IDBI Bank, Bhadrak Branch(KF6) bearing A/c.No.402104000000426, IFSC Code-IBKL0000402. The Complainant has also stated in the said letter that the advisor misguided him and found into a policy whose due period is 31 years for which he does not agree with the conditions.  The Complainant has also filed Xerox copy of policy wherein it has been mentioned at Sl.10 under heading Free Look Period that;

“Within 15 days of the receipt of the Policy, the Policy holder may, if dissatisfied with it for any reason, give the Company a written notice of cancellation along with reasons for the same, and return the policy Documents to the Company, subject to which the Company shall send the Policy holder a refund comprising the instalment/Purchase Price paid less the stamp duty charges”.

When the Complainant has received the policy document No. 0309745310 on 28.12.2013 and being dissatisfied with the conditions requested the O.P.-Insurance Company for cancellation of the policy in his registered letter dt.02.01.2014 i.e. within 15 days of receipt of policy document, we do not find any reason as to why the policy of the Complainant was not cancelled as per his request nor any communication was made with the Complainant to that effect by O.P.-Insurance Company.  The Complainant has also again requested the O.P. on 30.10.2014 to cancel the said policy but O.P. remained silent. It is also found that the O.P. after receipt of notice from this Forum also remained silent and did not prefer to contest the case. All these things taken together go to show that the Complainant has been misguided and put to mental agony and  harassment by the O.P. for which the O.P are liable to compensate the Complainant. However,  it is found that non-cancellation of policy after receipt of written notice with reasons from Complainant within the free look period amounts to gross deficiency in service and negligence in duty by the O.P. Accordingly, it is ordered.

                                                          O R D E R

            In the result, the complaint is allowed exparte against the O.P.. The O.P. is directed to refund the policy amount i.e. Rs.1,11,840/- with interest @ 9% per annum from the date of receipt of the  amount till its refund   along with litigation cost of Rs.1,000/- to the Complainant within a period of 30 days of receipt of this order.