Decided on August 21,2020

Bajaj Allianz Life Insurance Company Ltd. Appellant
Master Ahan Luc Menezes Pinto Respondents


- (1.) The complainants who are mother and son, obtained two separate ULIP Policies namely Allianz Bajaj Unit Gain Policies for Rs.50 lacs each paying annual premium of Rs.10 lacs each for the first three years of the policies. In July 2007, they received a statement of account which disclosed that the value of their investment at that time was Rs.25,65,810.03. The case of the complainants is that the policies were taken through an agent of the insurer namely Mr. Prakash D.M. who had promised annual return of 30% to them while selling the policies. Since even the principal amount paid by them had reduced as per the statement supplied to them, the complainants sought refund of the amount which they had paid alongwith interest on that amount.
(2.) The case of the insurer is that as per the proposal form submitted by the complainants, the fund allocation proposed by them was 20% in equity fund, 20% in debt fund, 30% in cash fund and 30% in balanced fund but the policy holder could always change the allocation as per his choice. According to the insurer, the complainants had exercised the option to shift their shares to 100% equity as against 20% envisaged in the original proposal and this was done on 11.04.2008. After surrendering the policies on 17.09.2009, the complainants approached the concerned State Commission by way of two separate Consumer Complaints.
(3.) The complaints were opposed by the insurer primarily on the ground that there was no deficiency on their part in rendering services to the complainants and that the value of the investments made by the complainants had reduced to Rs.26,29,700/- on account of the valuation prevailing at that time.;

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