HOSHIAR SINGH MEHTA S/O LATE SHRI LABH RAM R/O VILLAGE AND P.O. Vs. M/S. BAJAJ ALLIANZ LIFE INSURANCE COMPANY LTD. AND 2 ORS. THROUGH ITS OPERATION HEAD, G.E. PLAZA AIRPORT ROAD, YERWADA DISTRICT

JUDGEMENT

(1.) The complainant/petitioner purchased two policies from the respondent one for Rs. 3,50,000.00 and the other for Rs. 35,000.00. In respect of the policy of Rs. 3,50,000.00, the petitioner was required to pay the second instalment of premium in March 2013. He however did not pay the said premium. In the second policy taken by the complainant/petitioner, he was required to pay Rs. 35,000.00 per year for 7 years.

(2.) The complainant/petitioner approached the District Forum with a complaint alleging therein that in March 2013 when he could not deposit the second instalment of Rs. 3,50,000.00, a person claiming to be the agent of the insurer took Rs. 35,000.00 from him and gave a personal code with an assurance/inducement to make the amount of Rs. 3,50,000.00 onetime payment and he was made to talk to a lady, who claimed to be an officer of IRDA and who assured him that on 29.05.2013 a sum of Rs. 26,000.00 will be transferred to his account. Further, when he visited the IRDA, he was told that there was no such person working with them. When he went to Branch Office of the insurer, he was told that the second instalment of Rs. 3,50,000.00 was due with late fee of Rs. 24,000.00 and if he did not make the second instalment with late fee, the entire amount shall be forfeited. The complainant sought direction to the insurer to reimburse the amount of Rs. 3,50,000.00 + Rs. 35,000.00 to him. He also sought registration of a criminal case against Rakesh Kumar Dogra, who was the agent of the insurer who had sold the policy to him as well as against other persons who allegedly embezzled cash of Rs. 26,000.00.

(3.) The complaint was resisted by the insurer. It was stated in the reply filed by the insurer that policy no.0252167532 was issued by them against receipt of Rs. 3,50,000.00, whereas the second policy was issued against receipt of Rs. 35,000.00. The complainant was required to pay one more instalment of Rs. 3,50,000.00 against the first policy issued to him but since he did not pay the said instalment, the policy had lapsed. As regards, the second policy it was stated that since no premium at all was paid by the complainant that policy had also lapsed.