Page 26 - Life Insurance Today April 2018

name. Thus he purchased this policy on 26.07.2016. He free look period had elapsed by then.. The respondent
was assured that he could opt for cancellation of the policy argued that policy was issued on the basis of duly signed
anytime and the amount would be refunded to him. On proposal papers and other necessary documents.
receipt of the policy, he felt cheated and approached the Thecancellation request was made after the free look
Company for cancellation of the policy. The Company re- period.Hence, it was not possible to cancel the policy and
fused to cancel the policy and refund the premium as the refund the premium. The complainant proved on the ba-
free look period had elapsed by then The respondent ar- sis of audio recording of the telephonic conversation be-
gued that policy was issued on the basis of duly signed tween the complainant and the alleged officials canvass-
proposal papers and other necessary documents. ing the policy on false promises. the Respondent had not
Thecancellation request was made after the free look replied to the Complainant’s allegation of wrong assur-
period.Hence, it was not possible to cancel the policy and ance, allurement and misguidance made by the corporate
refund the premium. The complainant proved on the ba- agent over mobile phone at the very initial stage of can-
sis of audio recording of the telephonic conversation be- vassing the Policy. The Insurer has preferred to be silent
tween the complainant and the alleged officials canvass- on this issue while replying to the Insured as well as to the
ing the policy on false promises. the Respondent had not Forum. He complainant was awarded with refund of pre-
replied to the Complainant’s allegation of wrong assur- mium of Rs. 70000/-.
ance, allurement and misguidance made by the corporate
agent over mobile phone at the very initial stage of can- In the matter of
vassing the Policy. The Insurer has preferred to be silent
on this issue while replying to the Insured as well as to the Mr. Premmaraju V. Rao
Forum. He complainant was awarded with refund of pre- Vs.
mium of Rs. 99999/-.
Bajaj Allianz Life Insurance Co. Ltd.
In the matter of Complaint Ref No. AHD-L-006-1617-0958

Mr. Vishnubhai I. Prajapatil Policy No.001093034

V/s
The Complainant had purchased a Bajaj Allianz Unit Gain
Future Generali India Life Insurance Company Policy from Bajaj Allianz Life Insurance Co. Ltd. on
Ltd. 26.09.2005. In the month of July, 2016, he learnt from the
insurer’s call centre that his policy had been foreclosed due
Complaint No. AHD-L-017-1617-0991 to non-payment of premium as per the terms of the policy.
Policy Nos: 01306096 He appealed to the respondent’s higher office against their
foreclosure action and demanded refund of premiums paid
The Complainant had stated that his friend Mr. Amrutlal by him. The appeal was turned down by the respondent.
M Prajapati had approached him to purchase a policy from The complainant submitted that the insurance company
Future Generali Life Insurance Company Ltd. His friend had had misled him by giving him wrong information about
received a call from one Mr. Rohit Sharma informing him number of premiums to be paid under the policy. Initially
that he was the HOD of IRDAI and 28 Life Insurance com- he was assured that only 3 annual premiums were re-
panies. He was asked to purchase a policy to get the ben- quired to be paid. The Insurer informed that the policy was
efit “of Rs. 16 lakhs from the Government. In this way his foreclosed without any intimation to him. At no point of
friend had purchased 11 policies in different person’s time, during the period of the policy, the respondent had
name. Thus he purchased this policy on 21.12.2016. He given any intimation regarding the available fund or the
was assured that he could opt for cancellation of the policy foreclosure action before it was taken. He said, he had a
anytime and the amount would be refunded to him. On similar policy from TATA AIA, and the TATA AIA had in-
receipt of the policy, he felt cheated and approached the formed him before hand and he was able to revive and
Company for cancellation of the policy. The Company re- continue the policy. This was highly unethical on the part
fused to cancel the policy and refund the premium as the of the respondent He was asked whether he would con-

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26 April 2018 Life Insurance Today