Per Hon’ble Mr.Justice S.B.Mhase, President Heard Mr.V.V.Mohite-Advocate for the appellant. Being aggrieved and dissatisfied with the order passed by District Forum Pune in consumer complaint no.170/2008 on 30/08/2012 rejecting the complaint filed by the complainant, original complainant has filed this appeal. This matter is pertaining to insurance policy known as ‘Life Long Unit Linked’ policy. Said policy was taken by the complainant/appellant on 14/10/2005. However, subsequently, when the premium was increased from `12,500/- to `13,125/- after certain correspondence, complainant has cancelled the said policy. After cancellation, Insurance Company has returned the amount of `3,20,625/-. Said amount has been accepted by the complainant and, thereafter, complaint has been filed. What is to be noted that the premium was increased from `12,500/- to `13,125/-. Simultaneously, insured amount was increased from `49,50,000/- to `51,98,000/-. However, even though there is increase of the insured amount for whatever best reasons known to the complainant, he has cancelled the policy and accepted the amount. That amount was accepted as full and final settlement and, therefore, District Forum has rejected the complaint. We do not find any defect in the said order. Apart from that there is one more aspect. This was a policy for investment and the amount was to be paid to the complainant on the basis of the investment made of the amounts of the complainant. Therefore, though it is called an insurance policy, purpose and object of the policy apart from the life insured is to gain benefits from investment in the share market and, therefore, units are to be purchased. Such an investment policies ultimately amounts to and principally for commercial purpose. Service is availed for ‘commercial purpose’. Therefore, complaint itself was not tenable. District Forum has rightly dismissed the complaint. Appeal is without any merits. Hence the following order:- ORDER Appeal stands dismissed. Pronounced on 17th December, 2012. |
