Delhi

New Delhi

CC/1001/2011

Ashok Narula - Complainant(s)

Versus

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

27 Nov 2015

ORDER

CONSUMER DISPUTES REDRESSAL FORUM-VI

(DISTT. NEW DELHI), ‘M’ BLOCK, 1^STFLOOR,

VIKAS BHAWAN, I.P.ESTATE,

NEW DELHI-110002.

 

Case No.CC/1001/11                           Dated:

In the matter of:

Sh. Ashok Narula,

S/o Sh. Raj Kishan Marula,

R/o D-128, Ashok Vihar, Phase-I,

Delhi-110052

 

……..COMPLAINANT

      

VERSUS

 

Aviva Life Insurance Co. India Ltd.,

2^nd Floor, Prakash Deep building,

7, Tolstoy Marg, New Delhi

Branch Office:

201, 2^nd floor, GD ITL North Ex Tower,

A-9, Netaji Subhash Place, Ring Road,

Pitampura, Delhi

 

                                         ……. OPPOSITE PARTY

 

 

 

ORDER

President: C.K Chaturvedi

              

The Complainant, a business man was lured by agent of OP in lifelong units linked policy with 100% growth fund, for investment purpose. The policy was for sum assured of Rs.7,75,000/- with annual premium of Rs.50,000/- with last date of payment on 25.07.2052 i.e. after 46 years, while the complainant was 39 years of age. The complainant was assured that he can withdraw after 3 years, and he will get investment return. It is alleged that complainant was not in a position to continue this premium for long and he paid only 3 premiums. It is stated that after this he stopped paying premiums. After 5 years, he received from OP a sum of Rs.67,118/- after paying Rs.1,50,000/- in 3 years. He came to know that his policy was closed, as he has not paid the premium for 5 years. He also requested that he will like to continue investing this money, but nothing was responded. He has filed this complaint to get back the balance of Rs.82,882/- with interest and other compensation etc.

The OP has filed a reply in which it has relied on all the terms and conditions of policy taken by complainant and that there was a free look period, during which the policy could be returned. It is stated that in terms of policy, the policy auto cancelled on stoppage of premium, and balance amount was returned. The investment was in unit linked fund which value changes with time and condition in market. It is alleged that no difference is made out.

We have considered the rival case and find that complainant was a investor in unit linked policy, to earn profit, with added feature of insurance and assured sum of Rs.7,75,000/- in the event of death. The Ld. Counsel for OP has stated that for 5 years the Complainant was fully covered for life and he is only entitled to this amount as per condition. In our considered view, the complainant having accepted policy terms and conditions, no deficiency is proved and complaint is dismissed.

File be consigned to record room.

Copy of the order be sent to the parties free of cost.

 

        Pronounced in open Court on 27.11.2015.

 

 

(C.K.CHATURVEDI)

PRESIDENT

 

 (Ritu Garodia)

MEMBER