Orissa

Sambalpur

CC/15/2021

Prasanta Kumar Panigrahi - Complainant(s)

Versus

1-IDBI FEDERAL LIFE INSURANCE COMPANY LTD - Opp.Party(s)

20 Feb 2023

ORDER

PRESIDENT DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, SAMBALPUR

                             CONSUMER COMPLAINT NO. 15/2021

 

Present-Dr. Ramakanta Satapathy, President,

  Sri. Sadananda Tripathy, Member,

Prasanta Kumar Panigrahi,

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-1^st 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-22^nd 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:-

1. For the Complainant                   :-         Self
2. For the O.P.s                                 :-         Sri. A.K.Sahoo, Advocate &Associates

 

Date of Filing:31.03.2021,Date of Hearing :09.01.2023,Date of Judgement : 20.02.2023

  Presented by Dr. Ramakanta Satapathy, PRESIDENT

1. The case of the Complainant is that the Complainant is having a life Insurance policy bearing No. 4000554098 with a premium of Rs. 10,679.90P per annum from 2013 to 2017 of the O.P. No.1. O.P. No.2 has taken over the establishment of O.P. No.1. O.P. No.3 is the seller of policy, application submitted before and premium paid and policy bond issued. On 14.04.2013 the policy certificate was issued. As per term after one year of lock-in period, the O.Ps have to money back Rs. 15,080/- per annum for next five years. The O.Ps deducted Rs. 10,679.90P every year in March from S.B. A/C No. 714104000010195 of the Complainant for five years. As per assurance the lock-in period is one year and Rs. 15,080/- was to be paid from next five year 2019 to 2023. The company only paid Rs. 13,145.60P per annum to the Complainant instead of RS. 15,080/- only per annum in the S.B. A/C No. 714604000010539. The agent was contracted, who advised to  e-mail to the Company.

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.

2. The O.Ps in their version submitted that “IDBI Federal L.I.C. Ltd.” has changed to “Ageas Federal L.I.C. Co. Ltd.”. The policy document has been dispatched to the Complainant on 14.04.2013. The Complainant not returned the policy to the insurer after 15 days of receipt of policy. No agent can assured beyond the terms and conditions of the policy. The Complainant opted for “Flexible pay out option.”

The details of the policy are as follows:-

          Name of the Life Assured:- Mr. Prasanta Kumar Panigrahi

                Name of the plan            :- IDBI Federal Incomesurance Endowment and

                                                   Money Back Plan

          Date of Issurance            :- March 31,2013

          Policy No.                      :- 4000554098

          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.

3. Perused the documents filed by the Complainant and O.Ps. The O.P. have submitted the account statement wherein the guaranteed Annual payout are follows:-

Payout Date                                     Guaranteed Payout

March 30, 2019Rs. 13,145.00

March 30, 2020Rs. 13,145.00

March 30, 2021Rs. 13,145.00

March 30, 2022Rs. 13,145.00

March 30, 2023Rs. 13,145.00

From 31.03.2013 to 31.03.2017 the Complainant has paid premiums of Rs. 10,359/- 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. 10,359.00

Service Tax                              :-Rs.     310.77

Education Cess                        :- Rs.        09.32

Total Payment                          :- Rs. 10,679.09P.

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 20^th February. 2022.

Supply free copies to the parties.