Do we have any lawyer in here? Need your help please.

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Deal Subedar
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Need a bit of help to understand how to file case in consumer court against Bajaj Allianz Life Insurance Company.

8 Comments  |  
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Pro Critic
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First, talk to a lawyer for advice and legal guidance.

Filing a case in consumer court is easy. You don’t need to hire a lawyer to file a case. Search on Google, you will find many good resource.

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Deal Subedar
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what happened ?

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Deal Subedar
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micke wrote:

what happened ?

The company had issued a Capital Unit Gain Policy on 30th March, 2007. I paid my first premium on 30th March, 2007 & second renewal premium on 31st March, 2008.

Thereinafter, policy had lapsed as I have not paid the premium due on 28th March, 2009. Thereafter on 29th April 2009, Company had withdrawn the lapsed capital of my policy. There were 2689.497 units at a unit price of Rs. 9.6160/- , as on the date of lapse of my policy . The redeemed value of units as on the relevant date was Rs. 25862.21/-. Subsequently, on 31st December 2001 I had revived my policy by paying the premium due and other charges of Rs. 20000/-. Resultant, Company had infused the redeemed value of Rs. 25862.21/- under my policy and purchased 1485.1219 units at the unit price of Rs. 17.4142/- as on the date of revival. Due to 1,204.3751 were forfeited wrongly from my account.

PS: Please look at this case filed in H.P. State Consumer Disputes Redressal Commission, Shimla  https://indiankanoon.

org/doc/87160791/ and below court order:

11. In view of the above stated position, we accept the appeal, set aside the impugned order and direct the respondents to credit to the account of the appellant, money value of the units as on the date of revival of the policy, i.e. 15.9887 per unit, and not on the basis of price, prevailing at the time of lapse of the policy. Respondents are also directed to pay 10,000/-, on account of compensation and a sum of 5,000/-, on account of litigation expenses.

My case is exactly similar!

I request them to infuse   1,204.3751 (2689.497 – 1485.1219)  units in my account or else I will be left with no choice but to file case against them in consumer court.

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Deal Cadet
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Consumer forum is good. However, be prepared to go to Central consumer forum ,Delhi (Bajaj may try to drag it).
I would suggest you to start with Insurance Ombudsman, next Consumer forum.

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Deal Subedar
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ramadesidime wrote:

Consumer forum is good. However, be prepared to go to Central consumer forum ,Delhi (Bajaj may try to drag it).
I would suggest you to start with Insurance Ombudsman, next Consumer forum.

Local consumer court in Pune won’t help as both I & company’s head office are based in Pune itself.

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Critic
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Just try the IRDA link I gave above,banks & insurance companies take complaints seriously when their sector’s regulator is involved.

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