Insurance company told to repay premium

BANGALORE: The Consumer Disputes Redressal Forum has directed Met Life Insurance Co Ltd to repay the insurance premium, along with Rs 5,000 for damages and Rs 1,000 cost to one of its policy holders for misrepresenting facts.One of the marketing representatives of Met Life met Madhusudhan Prabhu and convinced him to subscribe to the Met Monthly Income Plan after giving him a printed brochure. Prabhu promptly paid Rs 29,500 towards the yearly premium of the policy.The marketing executive had told Prabhu that Met life would pay Rs 2,000 per month for the next 15 years or till the yearly premiums are paid. However, neither the brochure nor the marketing executive mentioned anything about the accrued bonus at the maturity of the project.When asked to clarify about the same, the marketing executive told Prabhu that he would be getting Rs 5 lakh as bonus at the end of the term and did not guarantee the bonus amount.According to Prabhu's calculation he would have ended up paying Rs 5.12 lakh towards the premium in 15 years and the interest on the premium amount towards the premium paid at 10 per cent per annum would be around Rs 12 lakh.After realising that the facts were concealed by the marketing executive at the time of selling the policy to him, Prabhu requested Met Life to refund the premium amount paid by him. However, Met Life refused to refund premium and Prabhu filed a petition in Fourth Additional Consumer Forum.