DR. SUNIL DESAI Vs. METLIFE INSURANCE COMPANY LTD.

JUDGEMENT

(1.) The present Consumer Complaint has been filed under Sec. 21 of the Consumer Protection Act, 1986 (for short "the Act") against the Opposite Party seeking to direct the OP:-

(2.) The matters pertain to allegation of wrongful termination and foreclosure of two Unit Linked Insurance Policies of the complainant. Since the main facts and contentions are substantially similar in both the Cases, except for the details of the policies, claims etc, both cases are being disposed of by this common order. For convenience CC No.49 of 2014 is considered as the lead case.

(3.) Brief facts of the case, as per the complainant, are that he availed a Unit Linked Insurance Policy from MetLife India Insurance Company Pvt. Ltd. (Opposite Party OP) for a sum assured of .1 crore, having duly paid a total premium of .30 lakhs over the years 2007, 2008, and 2009 as per the policy terms. No further premium was paid thereafter. Upon checking the policy status on OP website on 9/4/2012, he was shocked to discover that they were foreclosed in March 2012, without any prior notice or opportunity of being heard. He immediately approached the OP Bandra Branch for clarification and was informed that the policy could be revived upon payment of .2.5 lakhs. Relying on this assurance, he issued a cheque dated 04. 05.2012 for .2.5 lakhs, which was encashed by OP, yet no policy reinstatement took place.