The UT State Consumer Disputes Redressal Commission has dismissed an appeal against Bharti Axa Life Insurance Company Limited for a policy refund.
The complainant, Saran Singh, a resident of Mohali, said that he had taken two policies as ‘single paid premium policy’, one each in the name of his daughter and granddaughter, and paid Rs 40,000 as premium for each.
He claimed to have not received the policy documents till 2009, so he visited the company and requested them to issue original policies. On this, they issued him the duplicate policies with the minimum surrender period mentioned as five years instead of one. He alleged that he demanded one of the policies to be cancelled but the cancellation was denied by the company.
In its written reply, though, the insurance company presented different facts. It denied Singh’s allegation by producing their records, as per which the policy document and a copy of the proposal form were duly delivered in May 2009 via a private courier company.
The company stated that the complainant signed the proposal form after understanding the terms and conditions and implication of the policy. It was stated that the complainant made a declaration of having understood the product brochure and the terms of the contract of insurance.
It was stated that Singh approached them for a duplicate bond in November 2009 and the indemnity bond was submitted by him. Accordingly, the duplicate policy bond was dispatched by the company while a letter for cancellation of policy was sent by him next month. Since the free look period had lapsed, the company said, cancellation was not possible, as per the terms of the policy. The commission, thus, adjudged that the appeal was without merit and was dismissed.