AHMEDABAD - Gbic.co.in

FINDINGS & CONCLUSIONS:-There is no doubt that the policy no. 0084774450 issued under Unit GainPlan for Rs. 25000/-. It is a known fact that proposal form are beingfilled in by the agents only and only signature are being obtained of thepolicy holder. The Q. No. 5, premium frequency column is alsomisguiding. It is also difficult to convince that a person having income ofonly 5000/- per month can pay premium of Rs. 25000/- every year withliability of 03 family members, which proves that it is a misrepresentationof facts for the personal interest. The affidavit of theagent Mr. Kaushal Patel also proves that the insurance wascanvassed for single premium only. At the underwriting stage theRespondent should take into consideration premium amount with annualincome which is totally ignored in this case.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.