AHMEDABAD - Gbic.co.in

not also availed option of cancellation of policy during the free look periodi.e. 15 days from the date of receipt of the policy document, hence weare unable to refund the premium as per the policy conditions.FINDINGS & CONCLUSIONS:-There is no doubt that the policy no. 0091300248 issued under Unit Gainfor Rs. 25000/- for 20 years term. It is a known fact that proposal formare being filled in by the agents only and only signature are beingobtained of the policy holder. The Q. No. 5, premium frequency columnis also misguiding. It is also difficult to convince that a person havingincome of only 1,30,000/- p.a. and having a liability of 06 familymembers, can pay annual premium of Rs. 25000/-for 20 years 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.