been
clearly stipulated that in all the cases of Unit Linked Policies, the
insurer is bound to get the signatures of the policy holder from ... void ab-initio.
The complainant himself had opted for regular premium Unit Linked
Policies, therefore, it cannot be accepted that it was one time
investment
unit linked one. The
District Forum failed to take into consideration, that since it was a not a
unit linked Policy, but a traditional ... which came into force on
01.07.2010, were only applicable to the unit linked Policies. Reliance placed
by the District Forum, on the aforesaid Regulations
true information about the details of the existing
policies, including the United Linked Policies Plan. The DLA has filled
five different proposal forms
amount under the Insurance
Regulatory and Development Authority (Treatment of Discontinued Linked
Insurance Policies) Regulations 2010 (hereinafter to be referred as IRDA
Regulations ... same are in respect of Unit Linked Policies. Both the
Policies, in the instant case, are Non Linked Insurance Policies and,
therefore, the provisions
form and declaration made
thereunder, the respondents issued the Life Saver Unit Linked Policy
bearing No.LSU-1844988 to the appellant. The salient features ... entitled to any refund of the premium. In the United
Linked Policies, the company incurs heavy losses if the policy is
cancelled by the policy
premium allocation charges
are specifically explained for the UNIT
LINKED POLICIES. It is mentioned that in
the first year 60% of the premium paid ... will be deducted
for policy allocation charges
and with remaining amount, the units
will be allotted and risk will be covered.
From second year onwards
return it to us within 15 days
of receipt. For Unit Link products, we
will refund you the fund value on date of cancellation ... Policies, in question, it is
apparent that the same are not unit linked policies and , thus fall under the
category of other products
that the Assessee had invested Rs. 3 crores in ICICI
Prudential Unit Linked policies consisting of 3 policies of Rs. 1 crore each. The
Insurance ... lacs as allocation charges and also mortality
charges and to that extent units allocated to the Assessee were less against the
amount invested. This means
their agent O.P. No. 4 Mr.
Prakash D.M., unit linked Life Insurance Policies known as Allianz Bajaj unit
gain policies ... that the
policies are on whole life regular premium paying unit linked life Insurance
policies. Clause 3.1 declared that death
benefit was payable. The policy
filled in and signed proposal forms from the
complainant for seeking insurance policies (Annexure A2 Colly). It was further
submitted that the complainant also signed ... policy documents, it was categorically mentioned that In Unit Linked
Insurance Policies (ULIPs), the investment risk in the investment portfolio is
borne by the policy
