Page 72 - Suri’s - NCDRC ON LIFE INSURANCE 2017 V1.3

Suri’s - NCDRC ON LIFE INSURANCE 2017 72

Delhi – 110 019

Subject : Complaint with respect to policy number 4000426072 bearing
IRDA Token number 08-12-009704.

Dear Customer,
This is with reference to your complaint addressed to IDBI Federal Life Insur-
ance Co. Ltd., on the captioned policy.
We would like to inform you that your policy is issued on the 29.06.2012 and
was dispatched through Bluedart on the 04.07.2012 and the POD number is
43911786601. The same was received by you on 05.07.2012.
As per policy terms and conditions, you have option to cancel the policy within
the free look period which is within 15 days from the date of receipt of policy
bond. Since you have not opted for the same in free look period, your request can-
not be processed now.
We request you to continue with your policy and enjoy the full benefits of your
IDBI Federal Incomesurance Endowment and Money back Plan.
In case of any queries please feel free to email us: support@idbifederal.com or
contact our Custome Service team on 1800 102 5005 (non MTNL, Toll Free) and
1800 22 1120 (MTNL Toll Free)
We assure you of our best services at all times
Warm regards,

Elizabeth Taylor
Manager – IGMS & Complaints”

It would appear that the request for cancellation and refund of the premium
paid was sent after the free look period, as such the policy could not be cancelled as
per the IRDA regulations and also as per the terms of the policy contract. However, as
a special case, the respondent/ insurance company agreed to refund the amount with
interest @ 9% on the amount of Rs.5.00 lakh from 30.07.2012, the date on which the
complaint was first lodged till 15.02.2013 the date of refund of the amount.
In view of the discussion above, I find no jurisdictional error or material ir-
regularity in the impugned order which may call for interference in exercise of pow-
ers under section 21 (b) of the Consumer Protection Act, 1986. Revision petition is,
therefore, dismissed with no order as to costs.

......................
REKHA GUPTA
PRESIDING MEMBER

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