Dated 22.02.2024

As per Sanjay Kumar, President.

O r d e r

1. Present appeal has been filed on behalf of appellant/complainant for setting aside the judgment and order dated 02.11.2016 passed by the District Consumer Forum, Motihari in consumer Complaint case no. 153 of 2014 whereby and whereunder opposite party no. 1 & 2 have been directed to pay a sum of Rs. 10,000/- only to the complainant although complainant was entitled for payment of Rs. 45,000/-.
2. Briefly stated the facts of the case is that complainant had purchased policy of Bajaj Allianz Life Insurance company namely New Unit plan and paid the premium on 28.03.2008, 19.05.2008 & 27.03.2009 of Rs. 10,000/- each i.e Rs. 30,000/- (thirty thousand) and surrendered the New Unit plan policy on 19.05.2014 for which Rs. 11,757/- was paid in the account of complainant.
3. Complainant lodged several complaints to make payment of at least Rs. 30,000/- the principal amount deposited by him but received no reply as such filed complaint case in the District Consumer Forum, Motihari for grant of principal amount with interest as well as compensation for physical and mental harassment and cost of litigation.
4. Opposite parties 1 & 2 appeared and filed their written statement and stated that surrender value of policy was amounting to Rs. 11,979/- which was deposited in the account of complainant on 22.05.2014 in terms and condition of policy. Complainant had deposited only two annual installments each of Rs. 10,000/-. Complainant did not avail free look period provided to him to return the policy if not acceptable to him.
5. O.P. no. 3 and 4 in their written statement admitted that complainant purchased policy through them for Rs. 30,000/- maturity period of which was 10 years. they forwarded receipt dated 21.03.2017, 19.05.2018 and 27.03.2009 for reconsideration to O.P. no. 1 & 2 but they did not consider.
6. The District Consumer Forum after hearing the parties and considering the evidences on record held that complainant is consumer. It further held that complainant had deposited 3 installments in 3 years but he was paid surrender value of 2 years only and further directed O.P. no. 3 to deposit 3^rd installment of Rs. 10,000/- to O.P. no. 1 & 2 with interest @9% and further directed  O.P. no. 1 & 2 to calculate surrender value on said amount and pay to complainant within 1 month failing which interest @9% p.a shall become payable and rejected the claim of complainant for payment of Rs. 45,000/- with interest, aggrieved by which complainant has preferred this appeal.
7. Perused the impugned order as well as materials available on record.
8. It is well known  that investment in unit plan is subject to market risk. Surrender amount is based on prevailing NAV at the time of surrender which was paid to complainant in terms of purchased unit plan.
9. In said view of the matter this Commission does not find any error or infirmity in the order passed by District Consumer Forum, requiring any interference by this Commission in appeal.
10. There is no merit in this appeal and is accordingly, dismissed.
11. A copy of this order be supplied to both the parties free of cost as mandated by the Consumer Protection Act. Office is directed to send a copy of this order to the District Commission, East Champaran by E-mail forthwith and order to be uploaded on the website of the Commission.
12.    Let the file be consigned in the record room along with copy of this order.

 ( Raj Kumar Pandey)                                                                                                      (Sanjay Kumar,J)

       Member                                                                                                                          President

Md. Fariduzzama