Haryana

Karnal

CC/639/2023

Balwant Rana - Complainant(s)

Versus

SBI Life Insurance Company Limited - Opp.Party(s)

Darshan Singh

20 Nov 2023

ORDER

BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, KARNAL.

                                                                    Complaint No.639 of 2023

                                                                     Date of instt.15.11.2023

                                                                     Date of Decision:20.11.2023

 

Balwant Rana son of Sh. Yashpal, resident of VPO Salwan, Tehsil Assandh, District Karnal.

                                                                                      …….Complainant.

                                                Versus

SBI Life Insurance Company Ltd., SCO No.388, Mugal Canal, Karnal, through its authorized signatory.

                                                                                      …..Opposite Party.

Complaint under Section 35 of Consumer Protection Act, 2019.

Before       Sh. Jaswant Singh………President.   

                   Sh. Vineet Kaushik……… Member.

                   Dr. Suman Singh……..Member.

 

Present: Sh. Darshan Singh, counsel for the complainant.

 

 

(Dr. Suman Singh Member)

                 

Complaint presented today. It be checked and registered.

The complainant has filed the present complaint under Section 35 of the Consumer Protection Act, 2019 against the opposite party (hereinafter referred to as (OP) on the averments that the complainant having his saving bank account in SBI, Salwan branch and the official of the said bank and agent of the OP persuaded the complainant to purchase the insurance policy from the OP for bright future of the children of the complainant and disclosed that the complainant has to make the payment at a once for a period of 18 years and then he has nothing to pay any premium to the company and the company will pay good benefits lump sum amount towards future educational needs of the child of complainant. Accordingly the complainant purchased a policy from the opposite party under the name and style of SBI Life Smart Champ Insurance Policy, vide Policy No.IPO13656301 and paid the installment premium of Rs.19,686/- to the opposite party and the said policy was issued on 09.12.2016. 

     The complainant received the policy documents and read over the same and came to know that the complainant has been cheated by the OP as the perusal of the policy documents that the date of maturity of the policy is upto 09.12.2033 but the complainant has to pay the premium upto 09.12.2029 and basic sum assured is Rs.2,60,000/- whereas the complainant was disclosed that he has to make the payment in single premium, which the complainant had paid. That immediately after the receiving of the policy documents, the complainant in the month of January 2017 within free look period approached the Op and inquired as to why he has been cheated and the complainant requested the amount allow him to cancel the said policy and to refund the amount paid by the complainant. Accordingly the application was got written by the OP from the complainant and the bank account details, policy documents were also taken from the complainant and the complainant was assured that his payment will be paid within a month by the company. But till date OP has not paid the deposit amount. Hence, this complaint.

       Argument on point of admissibility heard.

                Complainant has purchased the policy in question on 09.12.2016 and received the policy documents. As per the terms and conditions of the policy, complainant could surrender the policy within free look period i.e. within 15 days from the date of purchase of policy but the complainant has not surrendered the policy within free look period. Hence, the complainant is not entitled for refund of premium amount at the belated stage. Thus, the complaint is devoid of any merits and deserves to be dismissed and same is hereby dismissed inlimine. Parties concerned be communicated of the order accordingly and file be consigned to the record room.

Announced
Dated:20.11.2023                 

                    President,

District Consumer Disputes

Redressal Commission, Karnal.

(Vineet Kaushik)   (Dr. Suman Singh) 

    Member                    Member