^{STATE CONSUMER DISPUTES REDRESSAL COMMISSION,}

^{UNION TERRITORY, CHANDIGARH}

^{Smt. Anita Singal W/o Sh. Sunil Singal R/o H.No.2316, Sector 35-C, Chandigarh.}

                                     ^Versus

^{1.  M/s Bharti AXA Life Insurance Co. Ltd., through its Chairman cum Managing Director, Regd. Office at Unit – 601 & 602, 6th Floor, Raheja Titanium, Off Western Express Highway, Goregaon (E), Mumbai – 400063.}

^{2.  M/s Bharti AXA Life Insurance Co. Ltd., through its Chief Executive Officer, Regd. Office at Unit – 601 & 602, 6th Floor, Raheja Titanium, Off Western Express Highway, Goregaon (E), Mumbai – 400063.}

^{3.  M/s Bharti AXA Life Insurance Co. Ltd., through its Branch Manager, SCO No.208-209, Sector 34-A, Chandigarh-160017.}

^{4.  M/s Bharti AXA Life Insurance Co. Ltd., through its Authorised Representative Ms. Nisha Goglani, Code No.11300204005679, SCO No.}    

 ^{.…..Respondents/Opposite Parties.}

^{Appeal under Section 15 of the Consumer Protection Act, 1986.}

^BEFORE:

^{Argued by:Sh. Aashish Gupta, Advocate for the appellant.}

^{PER DEV RAJ, MEMBER}

^2.                  

^3. 

^4.                

^5.                

^6.                 

^7.                

^8.                 

^9.                

^10.              

^11.              

^12.              

^13.              

^14.               

^{“The Surrender Charge to be levied may vary based on the duration of the Policy and are levied as a percentage of the Policy fund value, at the time of surrender. This charge is levied by cancellation of units. The Surrender Charges are as follows:-}

^{Policy Year}             

^{Year 1                             Year 2                             Year 3                             Year 4                             Year 5                             Year 6 onwards}                  

^{Service tax including cess and surrender will be applicable on the Surrender Charge as per the prevailing rates (only at the time of surrender of the Policy) and will be deducted from the Policy Fund Value on the date when the Surrender Value is paid.”}

^15.              

^16.              

^{“…If any premium due within the first three years Policy Years remains unpaid even after the grace period of 30 days from the date of unpaid Premium, the benefit of the Sum assured in the Policy will cease to exist from the date of such unpaid premium (also termed as ‘Lapse Date’) and the Policy will lapse.}

^{…If the Policy is not reinstated during the Reinstatement Period, the Policy will stand terminated and the Policy Fund Value as at the expiry of Reinstatement Period net of Surrender Charge as on the lapse date shall be payable at the completion of the third Policy Year or at the end of the Reinstatement Period, whichever is later.”}

^17.              

^{18.              , Appeal No.701 of 2009 decided by this Commission on 26.9.2011, relied upon by the appellant/complainant are of no help to her when the amount due and payable, as per the terms and conditions of the Policy, stood paid to her.}

19. No other point, was urged, by the Counsel for the parties.

20.        

21.        

22.        

23.        

Pronounced.

April 11, 2014.

Sd/-

[JUSTICE SHAM SUNDER (RETD.)]

PRESIDENT

Sd/-

(DEV RAJ)

MEMBER

Sd/-

(PADMA PANDEY)

Ad

STATE COMMISSION

(First Appeal No.116 of 2014)

^{Argued by:Sh. Aashish Gupta, Advocate for the appellant.}

Dated the 11^th

ORDER

             Vide our detailed order of the even date, recorded separately, this appeal has been dismissed, at the preliminary stage, with no order as to costs. The order of the District Forum has been upheld.

Ad