AHMEDABAD - Gbic.co.in

Complainant presented himself and submitted that he was interested for term insurancepolicies only and he never intended to purchase unit linked policies as he has no trust for thathence asked for the refund of the premium with interest in cancellation of the policies.Despite of my verbal follow up with my agent he could not delivered the policy documents tome, ultimately on 01/10/2009 I complaint to the respondent in writing for non receipt ofpolicy documents. In reply of which they issued duplicate policy documents on 20/10/2009which I have collected from the respondent’s Indore Office, prior to that I have neverreceived any policy documents from the respondent. After going through the terms &conditions I found that policies were issued with unit linked plans for which I was notinterested hence wrote to the company for cancellation of the policies and refund of moneyon 21/10/2009 within free look period. The respondent has wrongly refused to cancel thepolicies in refund the amount may be directed to refund the premium with interest treatingthe policies cancellation within free look period.The respondent represented by Shri Rohit Singh Baghel, Executive Branch Operationssubmitted that the policy was issued to the complainant as per the proposal form signed bythe complainant and policy was issued & delivered accordingly by overnite courier on30.05.2008 to Mr. Mansharam vide airway bill no. 564451184. Further he added that theyhave not received cancellation request for almost 1 and a half years. After receipt of requestdated 01/10/2009 for issue of policy documents we sent again duplicate policy documents tothe complainant as a good gesture. The subsequent 03 quarterly premium were also beenpaid. As the free look period is over, hence we could not cancel the policy as per the terms &conditions of the policy.FINDINGS & CONCLUSIONS:-1. There is no doubt that the above policies were issued to the complainant.2. It is proved that the respondent has failed to hand over the original policydocuments to the complainant / family members of the complainant on time.3. It is also proved that as & when the complainant has received the policydocuments on 20.10.2009, he requested for cancellation within the free lookperiod.In view of the above, it is found that the action of the respondent is not just & fair.Therefore, the respondent is directed to refund Rs. 6,92,500/- with @9% interest from thedate of receipt of the premium amount to till the date of making the payment, within 15 daysto receipt of this order.Dated at BHOPAL, on 18 th of FEBRUARY 2010.Order No.BPL/LI 10-11/ 99Case No. AVA-239-22/11-09/MumSmt. Farida Kutubuddin ……..………….……..ComplainantAviva Life Insurance Co. ……..…Respondent