Reliance Life Insurance Co ordered to refund complainant
District Consumer Disputes Redressal Forum, Fatehgarh Sahib, has directed Reliance Life Insurance Company Ltd to refund Rs 2.50 lakh to Harjinder Singh, a resident of village Bhanguan(Bassi Pathana), who had filed his complaint to the forum on May 28, 2012, against the insurance company.
In his complaint, Harjinder had stated that he had purchased life insurance classic policy of the insurance company on July 30, 2011, and paid lump sum one time premium to Rs 2,50,000 by cheque.
The agent of the insurance company assured him that if he does not feel satisfied with policy terms at any time, he will be paid back full premium amount, on demand and the agent also got signature of the complainant on blank forms. He was further assured by the insurance company that it will send original policy documents to the complainant very soon, but the insurance company failed to send the original policy documents. When he did not receive the policy documents, the complainant sent the joint legal notice to send original policy documents or to pay back premium, plus compensation within 14 days from the receipt of the notice. But the insurance company did not give any reply nor made any payment to the complainant.
The insurance company took a number of legal objections but they admitted that the complainant purchased RLIC Classic Plan Single Insurance policy after understanding all terms and conditions.
The company denied other allegations.
The forum accepted the complaint that the premium paid by him should be refunded to him and directed insurance company to refund Rs 2.50 lakh with 6 per cent interest from the date of deposit till its realisation along with Rs 5,000 as litigation charges within one month from the date of receiving copy of this order.