FINAL ORDER/JUDGEMENT
SHRI SWAPAN KUMAR MAHANTY, PRESIDENT
This is an application u/s.12 of the C.P. Act, 1986.
The case of the complainant, in brief; is that he purchased a Policy Bond being No.2272336 from OPs against payment of Rs.52,250/-. The tenure of the policy was three years. The OPs issued Policy Bond for 10 years instead of 03 years. Complainant immediately returned the policy to the OP-1 with a request to cancel the policy and refund the policy amount. Complainant also submitted photocopy of Pan Card, Photograph and a cancelled cheque to the OP-1 as per instruction of OP-2 for refund of policy amount. In spite of several request the OPs failed to credit the premium amount to the Bank Account of the complainant. Finding no other alternative, complainant issued legal notice dated 22.03.2019 to the OP-1 directing them to refund the premium amount together with usual rate of bank interest. The OP-1 vide e-mail dated 20.04.2019 accepted the request for cancellation of the policy and assured to credit the premium amount to the bank account of the complaint but ultimately, they failed to credit said amount . There is deficiency in service on the part of the OPs. Hence, the complainant has approached this Forum by way of consumer complaint seeking reliefs as per prayer.
In spite of service of notices OPs did not turn up to contest the case. As such, the consumer case has proceeded ex-parte against the OPs.
Decision with Reasons
We have travelled over the petition of complaint coupled with its annexure thereto and also given a thoughtful consideration to the argument advanced before us.
Fact remains that the complainant purchased a Policy Bond being No.22723360 against payment of Rs.52,250/- and the OP-1 issued Policy Bond for 10 years instead of 03 years. The OPs mis-sold the policy and immediately complainant returned the policy bond to the OP-1 with a request to credit premium amount to his bank account. The OP-1n assured to credit the premium amount to the bank account of the complainant vide e-mail dated 20.04.2019 but the OPs failed to assure their promise.
No body can dispute that Insurance Agents/Brokers take the signature of the insured on a dotted line, most of the terms and conditions of the insurance policy conditions of the insurance policy contain various provisions and exclusion clauses which could not be understood easily even by the experts in the field on occasions ambiguous , the terms and conditions which are meant for understanding by the insured and mostly in a very small print which would require strenuous reading with a magnifying glass by the insured, if at all he is vigilant, insurance companies have not simplified their proposal form or the form of insurance policies for reasons best known to them, insurance companies are not keen to publish the insurance proposal forms or the policies in the regional languages which could be understood by the insured or a lay man and exclusion clauses are never highlighted or explained by the Agent / Broker or Development Officers to the insured.
The complaint by way of an un-contradicted testimony has proved that the OPs have sold the Policy Bond by false representation and was supposed to credit the premium amount to the bank account of the complainant. Since the complainant has clearly stated that the OPs have failed to credit the premium amount to his bank account in spite of repeated request and demand, the OPs have committed deficiency in service and therefore, we allow the consumer complaint with following direction :
1) That the OPs shall refund the entire premium amount of Rs.52,250/- (Rupees fifty-two thousand two hundred fifty) only to the complainant within 45 days from today along with compensation of simple interest at the rate of 6 percent per annum from the date of payment till the realization of the amount.
The OPs shall pay a sum of Rs.5,000/- (Rupees five thousand) only as cost of litigation to the complainant.
With this direction, the present consumer complaint stands disposed of ex parte.
