Consumer forum refuses to cancel insurance policy

A consumer forum here has refused to cancel a life insurance policy taken by a man, noting that before entering into it he had the 15 days' "free look period to exercise an option of rejection" as provided by the insurer.
Central Delhi District Consumer Disputes Redressal Forum, presided by Rakesh Kapoor, dismissed the application filed by one Dinesh Vohra, who had sought cancellation of a policy taken from ICICI Prudential Life Insurance Co Ltd, saying its terms and conditions were not acceptable to him.
"Admittedly, the complainant (Vohra) had received policy documents from the Opposite Party (firm) after the purchase of the policy," the forum said.

It said that Vohra "had 15 days free look in period to exercise an option of rejection of the policy", but he did not avail the same.
"As a result of which a binding contract had come into being between the parties which cannot be avoided now," it said, while dismissing the complaint.
While citing an order by the Supreme Court, the forum also said that the terms and conditions of the contract have to be "strictly construed and no variation can be made therefrom".

Vohra had told the forum that he had purchased a life insurance policy from the firm in August 2010.

He had approached the forum seeking cancellation of policy as its terms and conditions were not acceptable to him, he said.
The insurance firm, however, had contested the claim.