ORDER

Binoy Kumar, Member.—The present Appeal has been filed under Section 19 of the Consumer Protection Act, 1986 (hereinafter referred to as “the Act”) by M/s Bajaj Allianz Life Insurance Company Limited and Another (hereinafter referred to as the Appellants/Opposite Parties) against Mr. Sarat Kumar Gajendra & Ors.(hereinafter referred to as the Respondents/Complainants) assailing the Order dated 08.01.2020 passed by the State Consumer Disputes Redressal Commission, Cuttack, Odisha (hereinafter referred to as the “State Commission”), whereby the Complaint filed by the Respondents was allowed.

2. The facts in brief as narrated in the Complaint are that on 30.06.2006 the Opposite Party-3/Sanjib Tripathy (hereinafter referred to as the Agent), an Agent of the Opposite Party-1/Bajaj Allianz Life Insurance Company Limited/Appellant (hereinafter referred to as the Insurance Company) approached the Respondents to purchase Life Insurance policies. The Agent as averred assured the Respondents that they were to deposit the premium amount for the policy for one time only. After the expiry of 3 years they would have option to close the policy and to receive the paid up premium amount with hi