DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, BATHINDA.
CC.No.79 of 28-02-2013
Decided on 28-06-2013
Gurjant Singh aged about 53 years S/o Gurnam Singh R/o VPO Akliya Kalan, Tehsil & Distt. Bathinda.
........Complainant
Versus
1.Aviva Life Insurance Company Ltd., The Mall, Bathinda, through its Branch Manager.
2.Aviva Life Insurance Company India Ltd., Aviva Tower Sector Road, Opp.Golf Course, DLF Phase-V, Sector 43, Gurgaon-122003.
.......Opposite parties
Complaint under Section 12 of the Consumer Protection Act, 1986.
QUORUM
Smt. Vikramjit Kaur Soni, President.
Sh.Amarjeet Paul, Member.
Smt.Sukhwinder Kaur, Member.
Present:-
For the Complainant: Sh.Rajan Singla, counsel for the complainant.
For Opposite parties: Sh.Varun Gupta, counsel for opposite parties.
ORDER
VIKRAMJIT KAUR SONI, PRESIDENT:-
1. The complainant has filed the present complaint under section 12 of the Consumer Protection Act, 1986 as amended upto date (Here-in-after referred to as an 'Act'). Briefly stated the case of the complaint is that the adviser of the opposite parties allured the complainant that if he will pay total 3 annual premiums, in that case after the completion of 3 years, he can surrender his policy and can get its refund with interest @ 18% per annum. On the allurement of the adviser of the opposite parties the complainant has purchased 'Easy Life Plus' policy bearing No.ELP2011509 after paying Rs.12,500/- as first annual premium. The complainant received the policy documents and has not received any terms and conditions of the said policy. The complainant paid total 3 premium of Rs.12,500/- each, in this way he has paid the total amount of Rs.37,500/- to the opposite parties. After completion of 3 years the complainant approached the office of the opposite party No.1 for getting the amount of his insurance policy with interest @ 18% per annum as assured by the adviser of the opposite parties. The officials of the opposite party No.1 got submitted all the policy documents including all the receipts alongwith surrender form from the complainant and assured him that the amount of his policy with interest will be sent to him on his residential address within 10-15 days. The complainant has received one cheque No.318395 dated 31.5.2011 amounting to Rs.7460/- with regard to his policy from the opposite parties and after receiving the same he approached the opposite party No.1 and asked its officials to refund the balance amount of Rs.30,040/- with interest @ 18% per annum but they asked him that his policy has been surrendered and the full and final amount with regard to his policy has already been sent to him. The complainant repeatedly requested the opposite party No.1 to refund the balance amount alongwith interest but it did not pay any heed to his requests. Hence the complainant has filed the present complaint to seek the directions to the opposite parties to refund the balance amount of Rs.30,040/- alongwith interest @ 18% besides cost and compensation.
2. Notice was sent to the opposite parties. The opposite parties after appearing before this Forum have filed their joint written statement and pleaded that after understanding all the terms & conditions and benefits of all the plans were explained to him in vernacular language, the complainant opted to purchase the 'Easy Life Plus' Unit Linked Plan. The complainant has filled the proposal form bearing No.NUU11936395 on 14.05.2008. The complainant opted to pay Rs.12,500/- as half yearly premium with sum assured of Rs.2,50,000/-, term of the plan 10 years, premium paying term 10 years and opted type of fund as Unit Linked Fund as Balanced fund 20% and growth fund 80%. The complainant has also signed the declaration to this effect. After receiving the proposal form and going through its entire contents, the underwriters of the policy had issued the insurance policy bearing No.ELP2011509, commenced from 17.5.2008 and sent the policy documents alongwith its terms and conditions to the complainant on the given address through Speed Post and the same was duly received by the complainant and are in his possession. There is a Free Look Period option in which the policyholder has the right to review the policy terms and conditions and cancel the policy within a period of 15 days from the date of receipt of the policy documents if not satisfied. If the policyholder cancel his/her policy, the premium will be refunded after adjusting for adverse movement in units' price less charges incurred on the account of the stamp duty and medical expenses but in the present case, the complainant did not do so. The actual payment of the benefits in the said policy varied, based on the actual performance of the Investment Fund(s) chosen by the policyholder. The Unit price of any Investment Fund may increase or decrease as per the performance of the financial markets. The complainant received the policy documents alongwith its terms and conditions but he purposely and with malafide intention denied the fact of receiving the same. The complainant paid the first premium of Rs.12,500/- on 14.5.2008 and paid next premium on 12.11.2008 and renewal premium was due on 14.5.2009 but the complainant did not pay the same within the grace period as provided under the policy terms and conditions so the said policy lapsed due to the non payment of the premium but on 9.9.2009 the complainant paid the due premium against the said policy and got revive the same and thereafter on 14.11.2009 the renewal premium was due but the complainant failed to pay the same. The complainant has not revived his policy rather he surrendered the same with the opposite parties, for this he filed surrender-cum-cancellation form with them and submitted entire policy documents, the opposite parties processed the request of the complainant and paid the entire surrender value to him as per the terms and conditions of the said policy.
3. The parties have led their evidence in support of their respective pleadings.
4. Arguments heard. The record alongwith written submissions submitted by the parties perused.
5. Admitted facts of the parties are that the complainant has purchased 'Easy Life Plus' Unit linked Plan vide policy bearing No.ELP2011509 and paid Rs.12,500/- as first annual premium. The complainant paid the total amount of Rs.37,500/- to the opposite parties, in this way he has paid 3 premiums. The amount of Rs.7460/- has been refunded to the complainant vide cheque No.318395 dated 31.5.2011 by the opposite parties.
6. The disputed facts of the parties are that after the completion of 3 years the complainant approached the office of the opposite party No.1 for getting the amount of his insurance policy with interest @ 18% per annum and submitted all the policy documents including all the receipts alongwith surrender form etc. The amount of Rs.7460/- vide cheque No.318395 dated 31.5.2011 was sent to the complainant by the opposite parties.
7. The opposite parties submitted that their adviser gave the entire information about all their insurance plans in vernacular language. Thereafter, after understanding all the terms & conditions and benefits of all the plans in vernacular language the complainant opted to purchase the 'Easy Life Plus' Unit Linked Plan. The policy bearing No.ELP2011509 was issued to the complainant. The complainant opted half yearly premium against the said policy and paid the first premium of Rs.12,500/- on 14.5.2008 and paid next premium on 12.11.2008 and renewal premium was due on 14.5.2009 but the complainant did not pay the same within the grace period as provided under the policy terms and conditions, hence the said policy lapsed due to the non payment of the premium but on 9.9.2009 the complainant paid the due premium and got revive the said policy and thereafter on 14.11.2009 the renewal premium was due but the complainant failed to pay the same. The complainant has paid only 3 half yearly premium against the said policy. The complainant did not revive his policy rather he surrendered the same with the opposite parties, for this he filed surrender-cum-cancellation form with them and submitted entire policy documents, on this the opposite parties processed the request of the complainant and paid the entire surrender value to him as per the terms and conditions of the said policy.
8. The complainant has particularly submitted that he has received the said policy only but no terms and conditions has been sent to him but he himself admitted in his complaint that all the policy documents alongwith original receipts with surrender form have been submitted to the opposite party No.1 by him thus the contention of the complainant is not believable as no policy documents are sent without terms and conditions. The complainant has specifically submitted that he has paid the premium for 3 years whereas a perusal of Schedule Ex.OP1/1 shows that the premium frequency was half yearly and he paid only 3 half yearly premiums. If for argument sake it is believed that the complainant was entitled for the refund of premium at the completion of three years alongwith interest @ 18% p.a, even then the complainant is not entitled for the refund of remaining amount as he has deposited only 3 half yearly premiums, this fact has been duly proved on file from Ex.OP1/1 Schedule, Ex.OP1/2 Policy account statement, Ex.OP1/3 Proposal form Clause 4.6 and Ex.OP1/6 Benefit illustration. Despite receiving the policy documents and receipts as admitted by the complainant himself, he has concealed the fact that the premium was paid only for one and half years not for 3 years. The complainant applied for the surrender value and accordingly the surrender value was paid to him by the opposite party No.1.
9. Thus from the facts, circumstances and evidence placed on file this forum concludes that on receiving the request for surrender of the said policy the opposite parties have paid the amount of Rs.7460/- to the complainant as per the terms & conditions of Article 5 Surrender Value & Auto-foreclosure.
10. Therefore in view of what has been discussed above we hold that there is no deficiency in service on the part of the opposite parties. Hence this complaint is hereby dismissed without any order as to cost.
11. A copy of this order be sent to the parties concerned free of cost and the file be consigned to the record room.
Pronounced
28-06-2013
(Vikramjit Kaur Soni)
President
(Amarjeet Paul)
Member
(Sukhwinder Kaur) Member
