The complaint was dismissed
Hichha Ram Sen and his son said they went to an Axis Bank branch in Kanker in December 2014 to place ₹3 lakh in a senior citizen fixed deposit. Instead, they alleged, bank staff and an insurance representative persuaded them to buy a Max Life Gain Premier policy by promising better returns. Sen was elderly and hearing impaired; the complaint said the product was not properly explained to him. These were the complainants’ allegations, not findings against the bank or insurer.
The policy was issued in a son’s name, with Sen as nominee. According to the complainants, four premium payments totalling about ₹3.95 lakh were made through January 2017. After the policy was surrendered, about ₹2.67 lakh came back. The shortfall was part of their claimed loss. It was not a payment ordered by the commission.
Why the commission did not order a refund
Axis Bank denied mis-selling and said the insurance contract had been entered into voluntarily. Max Life also contested the complaint. On 25 June 2026, the Uttar Bastar–Kanker District Consumer Commission dismissed it because the complainants had not proved deficiency in service or unfair trade practice on the material before it. The order did not decide that such sales practices are lawful in all circumstances; it resolved the evidence in this complaint.
The distinction matters here because an earlier telling of the case suggested that the customer had won ₹2.47 lakh. He did not. A difference between premiums paid and surrender value does not by itself prove what was promised at the bank counter or whether informed consent was missing.
What a similar file would need
A review would start with the proposal and signed declarations, the product illustration, bank debit trail, delivery and free-look records, and any contemporaneous messages or recordings about an FD or guaranteed return. The policyholder’s age and hearing impairment warrant close attention to how the product was explained and consent recorded, but they do not replace proof of the disputed sale.
Our insurance mis-selling guide sets out the documents and grievance routes for a bank-sold policy.
If the insurer’s response leaves specific evidence unanswered, the complaint can be escalated through its grievance process and IRDAI’s Bima Bharosa channel. The merits still turn on the particular proposal, representations and records.
