DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, BATHINDA
CC.No.305 of 29-07-2013
Decided on 26-11-2013
Jagjit Singh Chahal aged about 70 years S/o Partap Singh Chahal R/o H.No.296, Model Town, Urban Estate Phase-I, Bathinda.
........Complainant
Versus
1.Aviva Life Insurance Co., India Ltd., Head Office: Aviva Tower Sector Road, Opposite Gold Course DLF, Phase 5, Sector 43 Gurgaon 122003, through its Managing Director.
2.Aviva Life Insurance Co., India Ltd., Regd. Office 2nd floor Prakashdeep Building 7 Tolstory Marg, New Delhi 110001, through its Manager.
3.Aviva Life Insurance Co., India Ltd., having its branch office, The Mall Road, Bathinda, through its Branch Manager.
.......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.Gurpreet Singh, 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'). The brief facts of the complaint are that the complainant is retired from Education department. In the year 2007, the complainant had saving account in Centurion Bank of Punjab, Bathinda now merged into HDFC Bank and visited the bank in routine, one of the bank employee namely Raman, introduced the complainant with Suresh Kumar agent/adviser of the opposite parties (Adviser Code No.Y0761187), Suresh Kumar allured him that he has good policy plan for the old persons and conveyed him that the policy plan is for 6 years and regular premium amount is to be paid Rs.15,000/- per annum and sum assured would be Rs.1,70,000/- after 6 years. The representative of the opposite parties also conveyed the complainant that he would be paid the full amount after depositing the regular premium of Rs.15,000/- per annum for 6 years, and after completing the abovesaid policy, an amount of Rs.1,70,000/- would be paid to him. At the time of selling of the abovesaid policy, the official of the opposite parties took the signatures of the complainant on some unfilled blank and printed papers. The complainant has paid the first premium of Rs.15,000/- on 7.12.2007 vide cheque bearing No.402077 of Centurion Bank of Punjab. After some days, the agent of the opposite parties came to the house of the complainant and gave the hand written slip bearing No.WSG1779994 on dated 17.12.2007, client ID 1508431 and instructed him to deposit the regular premium upto 2012 for Rs.15,000/-. The complainant deposited the premium of Rs.15,000/- per year regularly to the opposite parties, their representative has issued him only abovesaid slip but has not supplied him any policy or its terms and conditions till date. The last premium of Rs.15,000/- has been paid by the complainant on 21.12.2012 to the opposite parties which was the final premium. The complainant approached the opposite party No.3 to seek the payment of the abovesaid policy, its officials asked him to come after one month to take the cheque. The complainant approached the office of the opposite parties at Bathinda but they have not given any reply and issued him the cheque of Rs.1,70,000/- as assured by them. The complainant many times approached the opposite parties and requested them to make the payment of Rs.1,70,000/- of the abovesaid policy but they did not pay any heed to his requests. The opposite parties conveyed the complainant that the amount of Rs.75,000/- is lying with them and asked him to collect the same from their office as and when he desires. Hence the complainant has filed the present complaint to seek the directions to the opposite parties to pay the sum assured of Rs.1,70,000/- alongwith cost and compensation and to give any other additional, alternative or consequential relief for which he may be found entitled to.
2. Notice has been sent to the opposite parties and the opposite parties after appearing before this Forum have filed their joint written statement and pleaded that the Centurian Bank of Punjab now HDFC Bank was their referral partner and at present the opposite parties having no relation with the said bank. The opposite party is life insurance company registered under the provisions of the Insurance Act, 1999 and rules and regulations made therein and do its work as per the provisions of the law as applicable within the Indian Territory. The complainant himself showed his willingness to purchase the life insurance plan of the opposite parties and approached their adviser/agent and got the entire information about all their insurance plans. After understanding all the terms & conditions and benefits of all the plans, the complainant opted to purchase the 'Life Saver Plus Unit Linked Plan'. The complainant has filled the proposal form bearing No.NUP10696298 on 7.12.2007 and opted to pay Rs.15,000/- as the term of the plan was 6 years, premium paying term was 6 years and premium frequency was annually and opted the type of fund as 'Unit Linked Fund' as 100% Growth Fund. The complainant has also signed the declaration to this effect. Before filling of the abovesaid proposal form, the proposer should be satisfied with the details of the product and must pay specific attention to the additional information and commitment sections in the key features brochure of the product. After receiving the duly signed proposal form and going through the entire contents of the proposal form, the underwriters issued the insurance policy bearing No.WSG1779994, commenced from 17.12.2007 and sent the policy documents alongwith its terms and conditions to the complainant on the given address through Overnite courier vide Air Way Bill No.552379584 on dated 18.12.2007 and the same was duly received by him on dated 20.12.2007 and the same is in his possession and not disputed by him. 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 the period of 15 days from the date of receipt of the policy documents but the complainant has not availed that option as he was satisfied with the terms and conditions of the abovesaid policy. The complainant has opted 6 years term of the insurance plan and paid 6 premiums against the abovesaid policy to the opposite parties. As per the terms and conditions and provisions of the Insurance Law, the maturity of the abovesaid policy will due on 18.12.2013 and the complainant can get the maturity amount after that. As such the present complaint is premature and not maintainable. If the complainant wants to withdraw the abovesaid policy amount before the maturity of the abovesaid policy, as per its terms and conditions, he can apply for the surrender of the abovesaid policy and accordingly the surrender value as on date of surrender will be paid to him by the opposite parties. The opposite parties further pleaded that the parties are bound by the terms and conditions of the abovesaid policy and have relied upon various authorities in support of their version.
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 the insurance policy bearing No.WSG1779994, commenced from 17.12.2007 and has deposited the premiums of Rs.15,000/- per annum for 6 years.
6. The disputed facts of the parties are that the complainant submitted that on the allurement of the opposite parties, he has purchased the abovesaid policy as one of their agent/adviser Suresh Kumar, having adviser code No.Y0761187 told him about the plans of Aviva Life Insurance for the old persons. The complainant had paid 6 premiums for 6 years and after paying the last premium of Rs.15,000/- on dated 21.12.2012, he approached the opposite party No.3 to seek the payment of the sum assured i.e. Rs.1,70,000/- but the opposite party No.3 has not pay any heed to his request. Thereafter the complainant approached many times to the office of the opposite parties at Bathinda and again approached in the month of July, 2013 to seek the payment of the abovesaid policy but the opposite parties did not listen to his requests and conveyed him that the amount of Rs.75,000/- is lying with them and asked him to collect the same from their office as and when he desires.
7. On the other hand the submission of the opposite parties is that the complainant has himself approached their adviser/agent and got the entire information about all their insurance plans and opted to purchase the 'Life Saver Plus Unit Linked Plan'. The complainant has filled the proposal form bearing No.NUP10696298 on dated 7.12.2007 and opted to pay Rs.15,000/- as the term of the plan was 6 years, premium paying term was 6 years and premium frequency was annually and opted the type of fund as 'Unit Linked Fund' as 100% Growth Fund. The complainant has also signed the declaration to this effect. On the basis of duly signed proposal form, the insurance policy bearing No.WSG1779994, commenced from 17.12.2007 was issued to the complainant. The policy documents alongwith its terms and conditions were also sent to the complainant on the given address through Overnite courier vide Air Way Bill No.552379584 on dated 18.12.2007 and the same was duly received by him on dated 20.12.2007 and the same is in his possession and not disputed by him. As per the terms and conditions and provisions of the Insurance Law, the maturity of the abovesaid policy will due on 18.12.2013, and the complainant can get the maturity amount after that.
8. A perusal of Ex.C3 shows that the complainant has purchased the abovesaid policy through the agent of the opposite parties as the agent code No.Y0761187 is duly mentioned in Payment Summary dated 21.12.2012, Ex.C3. A further perusal of Policy Schedule, Ex.OP1/15, shows that sum assured is Rs.75,000/-; regular premium amount:-Rs.15,000/-; premium frequency:-Annual; allocation rate (%):-95.0; date of last payment of premium:-17.12.2012; policy term:- 6 years; premium payment term:- 6 years and maturity date:-17.12.2013. As the maturity date of the abovesaid policy is 17.12.2013 and the complainant is entitled for the maturity amount on 17.12.2013, he has filed the present complaint before this Forum on 30.7.2013, which shows that the complaint is premature. As per proposal form, Ex.OP1/2, the sum assured is Rs.75,000/-, whereas in Ex.OP1/4 i.e. Aviva Adviser Declaration, the sum assured applied for is mentioned
as Rs.7,50,000/-, thus the proposal form got filled by the opposite parties is contradictory. At no stage the opposite parties pleaded that there is any writing error in filling of the sum assured amount in the proposal form, whereas the complainant submitted that the sum assured is Rs.1,70,000/-. Moreover if the complainant has to pay the premium of Rs.15,000/- for 6 years even then the sum assured cannot be Rs.75,000/- as the total amount is to be paid in 6 years is Rs.15,000/- X 6= Rs.90,000/-, whereas in the policy schedule, Ex.OP1/15, the sum assured is mentioned as Rs.75,000/-. If the premiums are to be paid to the tune of Rs.90,000/- in 6 years, then the sum assured cannot be lesser than the premiums paid. Moreover Ex.OP1/16, shows that the complainant has deposited the amount of Rs.90,000/- in 6 years, growth fund is 100% and sum assured is Rs.75,000/-. If for arguments sake we believe the version of the opposite parties that the sum assured is Rs.75,000/- and premium paid by him is invested in the growth fund, in that case the complainant is entitled for maturity value + fund value as the sum assured is Rs.75,000/- only and the remaining amount of total premium that is Rs.15,000/- is invested in the units.
9. Thus in view of what has been discussed above the complainant is entitled for the sum assured of Rs.75,000/- on maturity i.e. 17.12.2013 + fund value both as in the unit linked policies some amount is deducted towards the life insurance to cover the risk of the life assured and remaining amount is invested in the market growth fund, thus at the time of maturity, the complainant is entitled for Rs.75,000/- + fund value of his units.
10. As discussed above this complaint is pre-mature, thus at this stage we cannot hold that there is deficiency in service on the part of the opposite parties. However after the maturity date of the abovesaid policy i.e. 17.12.2013, the complainant is entitled for payment of the above mentioned amount immediately.
11. Therefore in view of what has been discussed above this complaint is accepted without any order as to cost. The opposite parties are directed to pay the amount of Rs.75,000/- as sum assured + fund value alongwith detailed calculation sheet. The compliance of this order be started after the maturity date of the abovesaid policy i.e. 17.12.2013.
12. The compliance of this order be done by the opposite parties within 60 days from the date of maturity of the abovesaid policy i.e. 17.12.2013.
13. A copy of this order be sent to the parties concerned free of cost and file be consigned to the record room.
Pronounced in open Forum
26-11-2013
(Vikramjit Kaur Soni)
President
(Amarjeet Paul)
Member
(Sukhwinder Kaur)
Member
