Present : Sh.G.D.Pahwa,Adv.counsel for the complainant

Sh.Pardeep Arora,Adv.counsel for the opposite parties No.1 & 2

Sh.S.K.Vyas,Adv.counsel for the opposite party No.3

During the course of proceedings, it has been pointed out by the counsel for the opposite parties t hat complainant obtained insurance policy from the opposite party which is Unit Linked i.e.ULIP Policy. In this regard, opposite party i.e.insurance company has brought to the notice of this Forum proposal form ex.OP1,2/1 duly filled in and signed by the complainant in which the complainant has himself opted for investment of entire premium amount i.e.100% in multiplier in the form of shares in open market to get speculative gain. Opposite party has also brought to the notice of this Forum document ex.OP1,2/2 in which it has been mentioned that this is a regular premium unit linked life insurance policy and the units will be purchased by the company and any fluctuation in the fund value will be on customer's account. Counsel for the complainant failed to rebut the averments made by the opposite party which proves that complainant obtained Unit Linked policy from the opposite parties. It has been held by the Hon'ble National Commission in Revision Petition No.658 of 2012 titled as Ram Lal Aggarwala Vs Bajaj Allianz Life Insurance Company Limited and others decided on 23.4.2013 that where the investment made by the petitioner/complainant in Unit Linked Insurance Policies to gain profit, it was invested for commercial purposes and therefore, the petitioner/complainant is not a 'consumer' of the opposite party. Hon'ble State Commission, Orisha in First Appeal No.162 of 2010 in case Smt.Abanti Kumari Sahoo Vs. Bajaj Allianz Life Insurance Company Limited has held that the money of the petitioner/complainant invested in the share market is no doubt a speculative gain and the speculative investment matter does not come under the Consumer Protection Act and accordingly, the Hon'ble State Commission dismissed the appeal.

In view of the above discussion, the present complaint is not maintainable in this Forum. As such, it is ordered that complaint be returned to the complainant. However, the complainant is at liberty to file the same before the appropriate court/authority. Keeping in view peculiar circumstances of the case, parties are left to bear their own costs. File is ordered to be consigned to the record room.

5.5.2015 President

Member Member