HYDERABAD: The district consumer forum here, has directed an insurance firm to refund Rs 2 lakh and pay Rs 50,000 as compensation for forging the signature of the insurer and for investing the amount in an insurance policy instead of a long-term investment plan.
Complainant CB Rajendra Prasad submitted that he was approached by a manager of Tata AIA Life Insurance Co Ltd in 2012 with a lucrative proposal of one-time investment in their organisation, and also suggested making such investments in his son’s name as the complainant was aged 60.
Believing them, he had invested Rs 2 lakh. As his son resides in USA, he informed the manager that he would prefer a one-time investment and his son would sign the required documents after he returned to India. Prasad had even handed over a copy of his son’s passport as the identity proof.
A few days later, Prasad was shocked after he received an insurance policy document via courier in his son’s name, which had his son’s forged signatures. Immediately, he brought the issue to the notice of the insurance company and requested them to return the policy and refund the amount. He even issued legal notices. Left with no option, he approached the consumer forum seeking relief.
The representatives of the insurance firm, in their written version, claimed that Prasad voluntarily purchased the policy and that he should have availed the free-look period immediately after receiving the policy document. They said that the policy was sourced through the manager and that the firm has disassociated with him and that allegations of mis-selling and forgery by the manager cannot be looked in by them at such a belated stage.
During the trial, the bench noticed that the opposite party had not produced any evidence to prove that the signatures of the insured on the proposal form are genuine and not forged. The bench further said that the firm had been unfair in investing the amount in an insurance policy rather than in a long-term investment in the company that too in the name of his son, which is against insurance norms.
Apart from refund and compensation, Rs 10,000 was awarded towards the costs incurred by the complainant.
Complainant CB Rajendra Prasad submitted that he was approached by a manager of Tata AIA Life Insurance Co Ltd in 2012 with a lucrative proposal of one-time investment in their organisation, and also suggested making such investments in his son’s name as the complainant was aged 60.
Believing them, he had invested Rs 2 lakh. As his son resides in USA, he informed the manager that he would prefer a one-time investment and his son would sign the required documents after he returned to India. Prasad had even handed over a copy of his son’s passport as the identity proof.
A few days later, Prasad was shocked after he received an insurance policy document via courier in his son’s name, which had his son’s forged signatures. Immediately, he brought the issue to the notice of the insurance company and requested them to return the policy and refund the amount. He even issued legal notices. Left with no option, he approached the consumer forum seeking relief.
The representatives of the insurance firm, in their written version, claimed that Prasad voluntarily purchased the policy and that he should have availed the free-look period immediately after receiving the policy document. They said that the policy was sourced through the manager and that the firm has disassociated with him and that allegations of mis-selling and forgery by the manager cannot be looked in by them at such a belated stage.
During the trial, the bench noticed that the opposite party had not produced any evidence to prove that the signatures of the insured on the proposal form are genuine and not forged. The bench further said that the firm had been unfair in investing the amount in an insurance policy rather than in a long-term investment in the company that too in the name of his son, which is against insurance norms.
Apart from refund and compensation, Rs 10,000 was awarded towards the costs incurred by the complainant.
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