This is a complaint made by one Rajeev Kumar Gupta son of Krishna Mohan Gupta of 42/21, Rqaja Santosh Road, P.S. Alipore, Kolkata-700027 against OP Max Life Insurance Co. Ltd., Plot No.90A, Sector -18 Gurgaon, Haryana and Yes Bank Limited, Alipore Branch, 2/3, Judges Court Road, P.S. Alipore, Kolkata-700027 praying for decree cancelling the policy and for a decree directing OP No.1 sum of Rs.3,10,000/- to the Complainant and for a decree of compensation and litigation cost.
Facts in brief are that Complainant does not know English language but can only sign his name anyhow. He was falsely convinced by one of the employees of Yes Bank Limited at their branch at Alipore for taking an ULIP Policy of Max Life Insurance Co. Ltd., and he fell into conspiracy of employees of Yes Bank Ltd.
Complainant paid first premium and second premium total being Rs.3,10,000/- to the Max Life Insurance Co. Ltd. Complainant did not understand the contents of the policy and having every faith on Yes Bank Limited took the policy on 28-03-2015 while interacting with one of his close friends Complainant learnt that OP No.1 has issued a traditional policy having the maturity date on 10-01-2039 instead of a ULIP Policy. As such OP No.2 cheated him. Complainant sent two letters on 28-03-2015 and 06-05-2015 for cancelling the policy but of no use. So Complainant filed this case.
OP No.1 filed written version and denied all the material allegations of the complaint. It is further stated that Complainant is an intelligent person and he took the policy after knowing all its terms and conditions. Further Complainant failed to avail the 15 days free look period. Complainant paid two premiums in time and never approached OP No.2 for its cancellation. So OP No.1 prayed for dismissal of the complaint.
OP No.2 filed written version wherein OP No.1 has denied all the allegations of the Complainant made out therein. OP No.1 has also said that Complainant signed in English and he is well versed in English. He has filed the case just to harass the OP No.1
OP No.1 has filed supplementary written version wherein it is stated that on 11-01-2016 Complainant duly requested for closer of the savings bank account and it was closed accordingly. So it cannot be said that Complainant does not know English. Under the circumstances, OP has also prayed for dismissal of the complaint.
Decision with reasons
Complainant filed affidavit-in-chief wherein he has reiterated the facts which he has stated in complaint petition. Against that OP has filed questionnaire and put 50 questions to the Complainant. OP No.2 has filed separate questions to the Complainant. Complainant has additional affidavit-in-chief wherein he has denied that he is well versed in English and he took the policy after knowing the contents of it. Complainant has answered question of the OPs and has stated that he was not aware of the terms of the insurance.
Main point for determination is whether Complainant is entitled to the reliefs as prayed for.
On perusal of the complaint petition it appears that Complainant has prayed for return of Rs.3,10,000/- which he has paid Max Life Insurance Co. Ltd. Ld. Advocate for the Complainant submitted that since Complainant was not aware of the terms, this Forum pass an order directing the OP to return the amount which the Complainant has paid.
Original policy document is before this Forum. On perusal of this it appears that date of birth of the Complainant is 12/7/1967 and the maturity date of policy is 10th January, 2039. This is a policy where 12 premiums are to be paid i.e. paid on 10th January, 2025. Further on perusal of terms mentioned in the policy it appears that the total amount which Complainant has paid as premium of the policy cannot be returned. There are rules and regulations for refunding the premium amount. Accordingly, we are of the view that Complainant failed to establish that he is entitled to refund of the premium amount which he has paid. The Insurance Company is regulated by IRDA Rules and as per even IRDA Rules also the Complainant is not entitled to get refund of the amount which he has paid.
Hence,
O R D E R E D
CC/90/2016 and the same is dismissed on contest.
