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The firm was also ordered to refund Rs 50,000 (with nine per cent interest from November 2007) along with Rs 3,500 as costs of litigation.
A resident of Sector 24, Punam Gupta, had bought an insurance-cum-investment policy, United Linked Young Star Suvidha Plus Policy, from HDFC Standard Life Insurance Company Limited after depositing Rs 50,000 by cheque as premium for the first year.
Despite completing all formalities and submitting the relevant documents, Gupta said she did not receive the original insurance policy from the company for a long time. Apparently, the company had sent the documents to an incorrect address even though Gupta had furnished the correct particulars.
The complainant also wrote to the insurance company pinpointing various inaccuracies in the policy documents and also stating that their representative concealed certain important facts of the policy, due to which it had become difficult for her to continue with the policy. But her pleas went unheard. Fed up, Gupta decided to abandon the policy and did not deposit the second yearly instalment of Rs 10,000.
In its verdict, the forum held: “Despite Gupta’s efforts to get the anomalies weeded out, nothing was done by the insurance company to rectify the mistakes. The firm did practically nothing to incorporate the necessary corrections and also did not bother to supply the original documents to her for a long time, which is clearly a grave deficiency in service on their part.”
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