AHMEDABAD - Gbic.co.in

FINDINGS & CONCLUSIONS:-There is no doubt that the policy no. 0089332597 issued under Unit Gainfor annual premium of Rs. 25000/-for 20 years term. It is a known factthat proposal form are being filled in by the agents only and onlysignature are being obtained on the proposal form of the policyholder.The policyholder was uneducated. The Q. No. 5, premium frequencycolumn is also misguiding. The annual income of the proposer is only60000/- p.a., it is difficult to convince that the person having income ofonly 60000/- p.a. can deposit premium of Rs. 25000/- every year whichproves that it is a mis-representation of facts for the personal interest.The insurance is a contract of utmost good faith. Both the parties areexpected to reveal the facts only. Any mis-representation of facts oneither side vitiates the contract ab-initio.In view of the above for the sake of equity and justice the respondent isdirected to cancel the policy and refund full amount of premium i.e. Rs.25,000/- with interest @ 9% p.a. from the date of receipt to till the dateof payment within 15 days from the date of receipt of this order.