Page 24 - Suri’s - NCDRC ON LIFE INSURANCE 2017 V1.3

Suri’s - NCDRC ON LIFE INSURANCE 2017 24

Rs.45,000/- was received from him. The aforesaid condition reads as under:-
―For application under consideration, the insurance cover shall commence af-
ter the said application form for insurance has been examined and accepted by
BSLI this shall be communicated separately to you. The prevailing NAV as on
date of acceptance /commencement of risk will be applicable.‖
It would thus be seen that the insurance cover could not have commenced without
the application form having been accepted by the petitioner company and the said
acceptance having been communicated to him. There is absolutely no evidence of the
proposal submitted by the deceased having been accepted at any point of time. There-
fore, the insurance cover never commenced in this case. That precisely seems to be
the reason why no policy document was ever issued by the petitioner to the complain-
ant. Since the life of the deceased was never covered by the petitioner company, there
could be no question of the petitioner paying the amount of Rs.10 lakh which would
have been payable in the event of the proposal being accepted. The impugned orders,
therefore, cannot be sustained and are hereby set aside. The complaint is consequently
dismissed. The petitioner, however, is directed to refund the premium amount of
Rs.45,000/- received from the deceased along with interest on that amount @ 9% p.a.
from the date on which the cheque was enchased till the date on which the aforesaid
amount along with interest is paid. The revision petition stands disposed of accord-
ingly.

......................J
V.K. JAIN
PRESIDING MEMBER

INDEX