Delhi

New Delhi

CC/895/2008

L.S Arya - Complainant(s)

Versus

M/S. Aviva Life Insurance Company India Pvt. Ltd. - Opp.Party(s)

08 Oct 2018

ORDER

 

 

CONSUMER DISPUTES REDRESSAL FORUM-VI

(DISTT. NEW DELHI),

‘M’ BLOCK, 1^STFLOOR, VIKAS BHAWAN, I.P.ESTATE,

NEW DELHI-110001

 

 

Case No.C.C./895/2008                                                                 Dated:

 

In the matter of:

L.S. Arya,

C-369,  Vikas Puri,

New Delhi-110018                                                                            ……..COMPLAINANT

 

 

VERSUS

 

Aviva Life Insurance India Ltd.

2^nd Floor Prakash Building,

7^th Tolstoy Marg, New Delhi-110001

 

                                                                                                               .... OPPOSITE PARTY

 

 

 

MEMBER: H.M. VYAS

ORDER

          Complainant has filed this complaint before this Forum under Section 12 of the Consumer Protection Act 1986 (the Act) against the OP alleging misselling of the policies, unfair trade practice & deficiency in service on the part of OP by delaying the refund of my amount which caused heavy loss to him and he was constrained to sell  the shares at much lower price as he could not deposit the money to retain. It is  prayed that 40 % i.e 12 Lakh of the amount of loss up to  Rs, 30 Lakh be passed on to  Aviva & 60%  of his loss to Centurian Bank and rest of the loss will be borne by him.

The OP filed version/written statement and contested the complaint.  It is stated that the complaint speaks of four Pension Plus Unit linked policies.   The amount of Rs. 5 Lakh was paid by the complainant for the policy bearing number RPG-1814251. On receipt of his request within freelook period, the refund cheque of full amount was sent to him with forwarding letter dated 18/02/2008.  Similarly for the 2^nd policy bearing number APG-1433096 an amount of Rs.3,05,378/- was refunded with forwarding letter dtd.28/02/2008.  In respect of 3^rd policy No. APG-1841450  for which the complainant paid Rs. 3 Lakh, the OP refunded cheque of Rs. 2,92,194/- based on the Fund  Value less proportionate risk charges  was refunded  with the forwarding letter dated.10/03/2008.  Similarly, in respect of the 4^th policy bearing No. APG-1837373 refund of Rs. 3,42,138/- based on the Fund  Value less proportionate risk charges was made on 05/03/2008.  It is thus stated that there is no deficiency in service on the part of the OP, the frivolous case has been filed to extract more money and to cause harassment to the OP.  All allegations by the complainant have been denied.  Prayer to dismiss the complaint is made.

 The complainant filed rejoinder and evidence reiterating and affirming the text of his complaint while denying the version of the OP.  Both the parties filed their respective evidence by way of affidavit.  Both the parties filed written arguments.   The OP did not appear to address oral arguments despite opportunities and was therefore proceeded ex-parte on 09/05/2018.  Oral arguments addressed on behalf of the complainant and also filed the summery of amount showing that the OP wrongfully deducted Rs.7862 +  Rs.5808/- = Rs.13,670/-.

 We have considered the material placed before us and the submissions with relevant provisions of law. The complainant admits the receipt of the amount paid to the OP for the policies except the amount of Rs. 13,670/- allegedly deducted wrongfully by the OP and does not dispute the dates of the refund by the OP. The assessment of alleged loss by the complainant is on the premise of distress sale of the shares due to delay in refund of the amount by the OP, however, no document has been placed on record to show the actual loss.

 The OP in its written statement has mentioned the date of receipt of request for cancellation of the policy and the date of making refund.  As mentioned by the OP the date of request for cancellation of four policies is dated 22/01/2008, 12/02/2008, 26/02/2008 & 11/02/2008 and the date of refund is 18/02/2008, 28/02/2008, 10/03/2008 & 05/03/2008 respectively.

 It is seen from the above that all the refunds have been made by the OP within one month of the receipt of the request for cancellation of the policies and refund. The communication by the complainant clearly and are indicative of selling the  policies by misrepresentation,  giving luring offers, & without providing /specifying the terms of the policy  which made the complainant to opt for the same.  As soon as he could understand the position, he requested/sent reminders for cancellation of the policies and refund without consuming time. In such facts of the case it appears that the OP offered/ sold the pension policy to a senior citizen without providing the terms of the policies to the complainant and such act on the part of the OP falls within the meaning of unfair trade practice in our considered view.  Holding the OP to be deficient in service & adopted unfair trade practice, we award Rs. 25,000/- compensation and litigation cost of Rs. 5,000/-.  The orders shall be complied by the OP within 30 days from the date of receipt of this order failing which simple interest @ 9% on RS. 25,000/- shall be paid from the date of this order till realisation.

Copy of the order may be forwarded to the parties to the case free of cost as statutorily required. 

Announced in open Forum on 08/10/2018.

The orders be uploaded on www.confonet.nic.in.

 

File be consigned to record room.

 

                                                               (ARUN KUMAR ARYA)       

                                                                          PRESIDENT

 

 

                                                                   (H M VYAS)

                                                                      MEMBER