View 32350 Cases Against Life Insurance
View 32350 Cases Against Life Insurance
Prabir Kumar Panigrahi filed a consumer case on 20 Feb 2023 against 1-IDBI FEDERAL LIFE INSURANCE COMPANY LTD in the Sambalpur Consumer Court. The case no is CC/16/2021 and the judgment uploaded on 20 Feb 2023.
PRESIDENT DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, SAMBALPUR
CONSUMER COMPLAINT NO. 16/2021
Present-Dr. Ramakanta Satapathy, President,
Sri. Sadananda Tripathy, Member,
Prabir Kumar Panigrahi, aged about 41 years
S/O- Bhakta Prasad Panigrahi,
Occupation-Advocate/Legal Practice,
R/O- Gopal Vihar, Panigrahi Chamber
Po/Ps-Dhanupali, Tahl/Dist-Sambalpur. ......Complainant.
Vrs.
1. IDBI FEDERAL LIFE INSURANCE COMPANY LTD.
At-1st Floor, Tradeview, Oasis Complex, Kamala City,
P.B.Marg, Lower Parel (W), Mumbai,
Maharastra, PIN-400013.
2. AGEAS FEDERAL LIFE INSURANCE COMPANY LTD
(Formerly known as IDBI Federal Life Insurance Company Ltd)
At-22nd floor, A wing, Marathon future, N.M. Joshi Marg,
Lower Parel (East), Mumbai, Maharastra, PIN-40013
3. IDBI FEDERAL LIFE INSURANCE COMPANY LTD.
At-IDBI Bank, Kadambari Complex, Nayapara,
Golebazar, Dist-Sambalpur, PIN- 768001(Odisha) ......Opp.Parties
Counsels:-
Date of Filing:31.03.2021, Date of Hearing :09.01.2023, Date of Judgement : 20.02.2023
Presented by Dr. Ramakanta Satapathy, PRESIDENT
On 26.07.2019 the Complainant sent e-mail to O.P. No.1 but no any solution made. On 03.04.2020 Rs. 13,145.60P was credited. The Complainant complaint before the O.P. No.1 but no any satisfactory reply was given.
On 25.03.2021 visited the agent who said that the company is silent. Thereafter the Complainant filed this Complaint.
The details of the policy are as follows:-
Name of the Life Assured:- Mr. Pabir Ku. Panigrahi
Name of the plan :- IDBI Federal Incomesurance Endowment and
Money Back Plan
Date of Issurance :- March 31,2013
Policy No. :- 4000554076
Policy Term :- 10 years
Premium Term :- 5 years
Premium Term :- Rs. 10,359/-
Sum Assured :- Rs. 65,000/-
The Complainant has paid 5 premium in the policy and accordingly the O.Ps payout the Complainant every year since 2019.The benefit was payable as lump sum either after policy holder’s death or on the maturity date, whichever is earlier. There is no short fall in payment.
There is no deficiency on the part of the O.Ps. The O.Ps acted as per policy terms and conditions and complaint is liable to be dismissed.
Payout Date Guaranteed Payout Date
March 30, 2019 Rs. 13,145.00
March 30, 2020 Rs. 13,145.00
March 30, 2021 Rs. 13,145.00
March 30, 2022 Rs. 13,145.00
March 30, 2023 Rs. 13,145.00
From 31.03.2013 to 31.03.2017 the Complainant has paid premiums of Rs. 10,314/- it is not denied by the O.Ps. The Premium receipts have been filed.
The Complainant has paid the following amount to-wards premium each year.
Annual Installment Premium :-Rs. 10,314.00
Service Tax :-Rs. 309.42
Education Cess :- Rs. 09.28
Total Payment :- Rs. 10,632.70P.
In the IDBI Federal Insurance Endowment and Money Back Plan the projected guaranteed benefit shown is Rs. 15,080/- and basing on the said statement the Complainant is dissatisfied with the O.Ps when not received the said amount in the year 2019 and 2020. The additional annual payout depends on the plan choosen and 10 years Govt. of India security rate applicable at the time of payment of premium.
Projected guaranteed benefit and actual guaranteed benefit are different terms. The O.Ps have paid the guaranteed benefits basing on the security rate issued by the Govt. of India from time to time.
As the Complainant has entered into insurance contract with O.Ps, after receipt of policy bond within 15 days not returned the policy, it indicates that the Complainant is agreed on the terms and conditions of the policy. For five years the annual premium has been paid. In the other hand after receipt of payout in 2019 and 2020 came to this Commission for redressal without going detail on the policy.
From the aforesaid back-ground it is clear that the Complainant was with wrong notion of receipt of guaranteed payout of Rs. 15,080/- whereas the actual payout is Rs. 13,145.60. The O.Ps have followed the terms and conditions of policy and found not deficient in their service.
Accordingly, it is ordered:
ORDER
The complaint is dismissed against the O.Ps on contest. The parties are to bear their own cost.
Order pronounced in open court on this 20th February. 2022.
Supply free copies to the parties.
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