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Hence, the respondent is directed to pay Rs. 49990/- with interest from the date of receipt ofthe premium amount to till the date of making the payment, within 15 days to receipt of thisorder.Dated at BHOPAL, on 17 th of FEBRUARY 2010.Order No.BPL/LI 10-11/ 95Case No. KTK-260-21/12-09/MumShri Akhilesh Jain ……..………….……..ComplainantKotak Mahindra Life Insurance Co. ……..…RespondentBrief Background – MiscellaneousShri Akhilesh Jain, resident of Bhopal (M.P.) lodged the complaint that he has purchased thePolicy No. 00847559 for SA of Rs. 15.00 lakh for 10 years term on 07.01.2008. He had aFixed Deposit account with Kotak Bank and FD was matured invested with Kotak LifeInsurance with the understanding that he will pay Rs. 3.00 lakhs as first deposit andthereafter 10,000/- for 05 years as subsequent premium. After the completion of 01 year hedeposited Rs. 10,000/- towards the subsequent premium which was refused by the respondentand asked him to pay Rs.50,000/- to continue the policy. Hence he applied for cancellationof the policy contract and refund of premium, despite of several reminders and personalfollow up, the respondent has not refunded the amount.Aggrieved from the action of the respondent the complainant lodged the complaint on09.12.2009 seeking the direction to refund of premium amount with interest.The respondent presented by Shri Ashish Bhardwaj submitted that Policy was issued to thecomplainant as per the proposal form no. NR 305072 under Platanium Advantage Plan, butsubsequently, the option was changed and policy was issued for Rs. 15.00 lakh s.a. withyearly premium of Rs. 3.00 lakhs p.a. for 10 years. As per the terms & condition of thepolicy the premium is payable for Rs. 3.00 lakhs p.a., however, if the complainant has notpaid the same and ask for the reduction in s.a. and premium as goodwill gesture he ispermitted to pay Rs. 50,000/- as per the plan features approved by the IRDA. Thecomplaint may be dismissed without any relief.FINDINGS & CONCLUSIONS:-1. There is no doubt that on the basis of the proposal form no. NR 295454 dated23.12.2007, the above policy was issued to the LA on 07.01.2008 which wassubsequently replaced by NR 305072 dated 07.01.2008 by the respondent withoutthe knowledge of complainant proves miss-selling.2. The acceptance of subsequent premium amount for Rs.10,000/- p.a. and to ask forRs. 50,000/- subsequently along with the request for reduction in Sum Assuredagain proves miss-selling.3. Insurance is a contract of utmost good faith, any mis-representation on either sideis vitiate the contract ab-initio.