Date of filing : 08-08-2011
Date of order : 19 -07-2012
IN THE CONSUMER DISPUTES REDRESSAL FORUM, KASARAGOD
CC.198/2011
Dated this, the 19th day of July 2012
PRESENT
SRI.K.T.SIDHIQ : PRESIDENT
SMT.P.RAMADEVI : MEMBER
SMT. K.G.BEENA : MEMBER
Ganeshan.K.V, } Complainant
“Chithira”, Near Arangadi,
Po.Kanhangad.
(In Person)
Branch Manger, } Opposite party
Bajaj Allianz Life Insurance Co.,
Bengacherry Complex,Po. Kanhangad.
(In Person)
O R D E R
SRI.K.T.SIDHIQ, PRESIDENT
Shorn of all unnecessaries the case of complainant is that the opposite party did not cancel his policy and refund the purchase price he paid for their product ‘Pension Guarantee Policy’ eventhough he made his request for cancellation within the Free look period. According to him he availed a policy Unit Gain Easy Pension Plus SP on 10-05-2006 for `1,00,000/-(Rupees one lakh) which was terminated and on 10-06-2011 and utilizing 2/3rd of the benefits received, he availed Alianz pension guarantee for `1,00,291/-. He availed the policy only because the opposite party told him that they will not refund 2/3rd of the maturity sum and they insisted him to take the policy under dispute. After receiving the policy document on going through the terms and conditions of the policy he realised that the policy is not beneficial for the sum he remitted as premium. Therefore he submitted an application on 25-06-2011 to cancel the policy and refund the amount. But they give a reply on 6-7-2011 stating that it is not possible to cancel the policy. Again on 6-7-2011 itself he submitted another application for cancellation. But opposite party sent a reply on 20-07-2011 stating that it is not possible to cancel the policy. Hence the complaint.
2. According to opposite party nobody compelled the complainant to obtain the Pension Guarantee Policy. Complainant terminated his earlier policy and obtained much gain out of that. The averment that complainant had approached them for termination of the Pension Guarantee Policy within the Free Look Period is false. The rights and liabilities of both parties are mentioned in the policy document and the conditions and clauses are binding on both parties. The claim of the complainant is against the policy condition and the complaint is therefore liable to be dismissed.
3. Complainant filed proof affidavit in lieu of examination-in-chief. Exts A1 to A5 marked on his side. On behalf of opposite party Sri.Shinoj the operation Manager of opposite party filed affidavit as DW1. Both sides heard and documents perused.
4. The only question to be considered in this complaint is whether the complainant availed the option for cancellation of policy within the Free Look period or not?
5. Ext.A1 is the policy document Clause 10 of the Ext.A1 deals with Free Look period. As per this clause policy holder has the option to cancel the policy within 15 days of the receipt of the policy if he is dissatisfied with it and on receipt of the policy document back the company shall refund the policy holder comprising the instalment/purchase price paid less the stamp duty charges.
6. It is seen from Ext.A1 that it is prepared on 10-06-2011. According to complainant he received the policy on 23-06-2011 and Ext.A2 shows that he requested to cancel the policy on 25-06-2011 itself . Further in cross-examination DW1, the Assistant Manager of Bajaj Allianz Life Insurance Co.Ltd, Kanhangad has admitted that the complainant approached for surrendering his policy within the free look period.
7. Therefore it is clear that opposite party is willfully not permitted the complainant to surrender his policy against the terms and conditions of the policy.
8. Life Insurance is a contract between the insurer and insured and both contracting parties are bound by the terms and conditions of the contract.
9. The non-refund of purchase price after canceling the policy even after the surrender of the policy within the free look period is a grave deficiency in service on the part of opposite party. Therefore they are liable to refund the purchase price to the complainant with interest.
The complaint is therefore allowed and opposite party is directed to refund 100291/- the purchase price of the policy with interest @ 10% from the date of complaint till payment together with a cost of `2000/-. Time for compliance is limited to 30 days from the date of receipt of copy of order. Failing which opposite party shall be further liable to pay interest @ 15% from today till payment.
MEMBER MEMBER PRESIDENT
Exts.
A1. Policy document.
A2. Photocopy of letter sent by complainant to opposite party.
A3. 6-7-11 copy of letter
A4. 6-7-11 copy of letter sent by complainant to Opposite party
A5. Letter sent by OP to complainant.
PW1. Ganeshan.K.V.
DW1. Shinoj.P.T.K.
MEMBER MEMBER PRESIDENT
Pj/
