Haryana

Karnal

CC/493/2023

Pritam - Complainant(s)

Versus

M/s Bajaj Allianz Life Insurance Limited - Opp.Party(s)

R.K. Mehta

08 Sep 2023

ORDER

BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, KARNAL.

                                                          Complaint No. 493 of 2023

                                                          Date of instt.04.09.2023

                                                          Date of Decision:08.09.2023

 

Pritam son of Shri Raj Kishan, resident of house no.45, village Staundi, tehsil and District Karnal, having mobile no.9467339626.

 

                                                 …….Complainant.

                                              Versus

 

1. M/s Bajaj Allianz Life Insurance Co. Ltd. SCO no.226, 1^st floor & 2^nd floor, Sector-12, Urban Estate, Karnal through its authorized signatory.

 

2. M/s Bajaj Allianz Life Insurance Co. Ltd. Bajaj Allianz House, Yerwada opp.Gunjan Threatre, Pune Pin no.411006.Maharashtra, through its authorized signatory.

 

                                                                    …..Opposite Parties.

 

      Complaint u/s 35 of the Consumer Protection Act, 2019

 

Before   Shri Jaswant Singh……President.     

      Shri Vineet Kaushik ………..Member

      Dr. Rekha Chaudhary…Member

 

 Present: Shri R.K. Mehta, counsel for the complainant.

                                        

                (Jaswant Singh President)

ORDER:                    

 

                Complaint presented today. It be checked and registered.

 

2.                    The complainant has filed the present complaint u/s 35 of the Consumer Protection Act, 2019 against the opposite parties (hereinafter referred to as ‘OPs’) on the averments that complainant is a villager and leading a very simple life. The complainant does not know about insurance plans etc. or any terms and conditions what to talk of 15/30 days provided for freelook cancellation of the policy or any other terms and conditions. OP no.1 came to the complainant on 20.03.2020 and made a request that he has not attained the target fixed by the management in this year, so he asked the complainant to become a member of Bajaj Allianz Life Insurance Company i.e. OPs by paying single installment. OP no.1 being an agent of the OP no.2 lured the complainant illegally for taking benefit for himself and he asked the query from the complainant like his date of birth, age, name etc. and asked the complainant to pay Rs.50005/- besides goods service tax to the tune of Rs.2250.23 paise, thus total sum of Rs.52255.23 paise. The complainant in his influence and paid the said sum and OP no.2 has issued policy no.0394389030 under product name as Bajaj Allianz Life Guaranteed Income Goal and it bears product code as 319 the said product bears UIN no.116N157V02 and the policy commencement date fixed for 22.03.2020. It is further averred that complainant is not in a position to pay the premium yearly upto 07 years whereas the OP no.1 has asked the complainant to pay only one installment and the life will become secure and facility of guaranteed income is being given by the OP no.2. Complainant has not paid the premium for the last two years, so the policy has lapsed and the OPs will not pay any benefit to the complainant under the clause/terms of the policy non-payment of premium and forfeiture. The complainant is ready and willing to surrender the policy in question and OPs are duly authorized to deduct expenses so incurred by the company/OPs on account of medical examination and stamp duty charges from the paid up sum/premium under the provisions of the policy. The complainant dis-agrees the terms and conditions of the policy as it is against the facts disclosed by OP no.1 at the time of selling the policy for and on behalf of OP no.2. As per terms and conditions of the policy that the policy can be surrendered by the policyholder at any time, so complainant hereby surrendered the said policy and asks the OPs to make refund the paid amount after making necessary deductions of expenses so incurred by the OPs. OP no.1 contacted the complainant for the revival of the policy and asked him to pay the balance installments in the month of October, 2021. Complainant does not want to revive the said lapse policy and refused to pay the installments and made request to the OP no.1 to arrange for the refund of the said premium after deducted the expenses so incurred by the OPs but OPs did not pay any heed to the request of complainant and lingered the matter on one pretext or the other. Then complainant sent a legal notice dated 27.07.2023 to the OPs but it also did not yield any result. Due to this act and conduct of the OPs, complainant has been suffering from financial loss, mental torture, pain and agony since the purchase of the policy. In this way there is deficiency in service and unfair trade practice on the part of the OPs. Hence this complaint.

 3.            Arguments on the point of admissibility heard. Record perused.

4.             As per version of the complainant, on the asking of the OP no.1, he purchased the policy in question. At the time of purchase of the policy in question, OP no.1 assured that after paying a single installment he has to become a Member of OPs and thereafter there is no need to pay another yearly installment. Complainant had paid a sum of Rs.52255/- with the OPs. The policy commencement date fixed for 22.03.2020. The policy terms was fixed for 10 years and the premium paying term is for seven years whereas the maturity date is 21.03.2030. Complainant is not in a position to pay the premium yearly upto seven years whereas OP no.1 had asked the complainant to pay only one installment and the life will become secure. Complainant wants to surrender the policy and so that he approached the OPs and requested to cancel the policy and to make refund the paid amount after making necessary deduction but OPs to refused to pay the same and lingered the matter on one pretext or the other.

5.             As per the instructions of Insurance Regulatory and Development Authority the policy holder may cancel the policy by returning it to the company within 15 days of receiving together with letter of request it to be cancelled and then company will refund the premium paid by the policy holder less deduction for proportionate premium for the time that the company  had provided cover up to the date of cancellation and for expenses incurred by the company for medical examination of the life assured, stamp charges and expenditure incurred in that connection. Thus, the complainant could cancel the policy within freelook period of 15 days from the date of receipt of the policy. Complainant had purchased the policy in question in the year 2020 and thereafter he did not pay any premium to the OPs. Moreover, complainant did not opt to cancel the policy within freelook period. Thus, the complainant is himself at on fault. It is not a case of the complainant that he has not received the policy alongwith terms and conditions.

 6.            Thus, in view of the above, the present complaint is devoid of any merits and same deserves to be dismissed and same is hereby dismissed in the limini. Party concerned be communicated of the order accordingly and file be consigned to the record room.

Announced
Dated: 08.09.2023

         President,       

            District Consumer Disputes                          

Redressal Commission, Karnal.

 

                      (Vineet Kaushik)          (Dr. Rekha Chaudhary)          

                          Member                          Member