Unit Link insurance and consumer court
Parveen Goyal
(Querist) 23 June 2016
This query is : Resolved
Dear Sir
I have purchased live insurance plan on single premium basis. On receving policy it was of regular premium insted of single prwmium and co has deducted high allocation charges as ULIP insurance. I have applied for freelook within 15 days. Now co is not refunding my amount.
Please guide can i file suit in consumer court for this if yes than under which section. Said policy is based on market.
Thanks
Devajyoti Barman
(Expert) 24 June 2016
In CONSUMER FORUM YOU CAN RAISE DISPUTE AGAINST DEFICIENCY OR SERVICE AND UNFAIR TRADE PRACTICE.
HOWEVER SINCE I DO NOT THE ACTUAL OFFER AND DELIVERY OF PROMISE, I CAN NOT COMMENT ON MERIT OF THE CASE.
R.K Nanda
(Expert) 24 June 2016
U can file consumer complaint in CF .
Kumar Doab
(Expert) 24 June 2016
You have posted that:
"I have purchased live insurance plan on single premium basis. On receving policy it was of regular premium insted of single prwmium'
Who filled the form?
You?
Or you signed on the blank form?
In any case it is also not clear what reason was written by you to cancel the policy?
Was the policy brochure, benefit illustration supplied to you and signed by you?
Is there any overwriting on proposal form?
The companies claim adverse movement of NAV, Stamp duty etc while refunding the charges.
You need to post full facts.
Dr J C Vashista
(Expert) 25 June 2016
I agree with expert Mr. Kumar Doab, nothing more to add.
Parveen Goyal
(Querist) 28 June 2016
Dear experts
Thanks for your reverts. Sorry as by mistake complete matter was not posted. The question is not regarding who filled the form.
Question is
Policy applied for was ULIP and was given for freelook within the prescribed time period and I have got receving with stamp and sign.
The case is now in consumer court from last 3 years. In starting 2+ years opp advocate missed the court or taken the date. Now he is saying as this is ULIP policy which is investment in market due to this it is business hence cannot be matter of cf.
Please guide is this correct if not than help by giving authority.
Regards
Kumar Doab
(Expert) 28 June 2016
The companies claim adverse movement of NAV, Stamp duty etc while refunding.
The Free Look cancellation is part of the contract.
Non refund is deficiency.
It is surprising that forum has not noted the absence of OP's lawyer and has given dates for 2 years.
What is the opinion of your own counsel?
T. Kalaiselvan, Advocate
(Expert) 29 June 2016
In your first post you have sought whether you can file a case in consumer forum and in your subsequent post you have stated that your case in this regard is pending for more than two years in the consumer forum. It means you are giving misleading information to test the skills of experts here.
Since the case is pending in the court for years, what is the opinion of your own lawyer about this? Moreover the points raised by the opponent lawyer is in his defence might be based on his own opinion and may not be a legal issue. Since you have raised the point for breach of contract i.e., you have opted for cancellation within the cool-off period of 15 days, the matter is very well maintainable attributing to the deficiency of service on the grounds of breach of contract.
Kumar Doab
(Expert) 29 June 2016
Expert Mr. Kalaiselvan, is right.
The author was aware that complaint is filed in DCDRF 3 years back while posting this query.
The author should have mentioned full facts in 1st query itself.
Are you contesting the complaint yourself?
Better engage a very able counsel.
Parveen Goyal
(Querist) 30 June 2016
Dear all
Thanks for your kind guidence. My intention was not to mislead experts. Actualy I typed the whole matter both 1st day and 2nd day but 2nd part was deleted by mistake for which i was not awared ond on 2nd part I am not expert than how can I try to test the skils of experts. Sorry for that.
Thanks again for your guidence. If I will need help in future I will write again.
Thanks a lot
