ORDER

Jagroop Singh Mahal, Member - This is complainant's appeal against order dated 5.2.2009 passed by learned District Consumer Disputes Redressal Forum-II, U.T., Chandigarh (hereinafter to be referred as District Forum) vide which the complaint filed by the complainant was dismissed.

2. According to the complainant, he was approached by Ms. Nishu Garg of OP No. 1 and on her persuasion, took a policy effective from 27.12.2005 with an annual premium of Rs. 1,60,408 under Life Maker Unit Linked Investment Plan. When the policy was received by him, the allocation of funds was not made by the OPs/respondents as per the commitment and discussions held at the time of finalization of the proposal and therefore, the complainant applied for "free look cancellation" of the policy on 6.12.2006. When he did not hear anything from the OPs/respondents, he served a legal notice dated 21.3.2008 to refund the full amount of Rs. 1,60,408 along with interest but was informed by the respondents that he was liable to pay administration charges, etc. the policy cannot be cancelled and the OPs/respondents decided to deduct more than 55% value of the premium, which was fraudulent and unethical act on thei