Punjab

Sangrur

CC/481/2018

Amrik Singh - Complainant(s)

Versus

Axis Bank Ltd. - Opp.Party(s)

Sh. Jatinder Verma

02 Dec 2022

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, SANGRUR .

          

                                                                         Complaint No. 481

 Instituted on:   20.11.2018

                                                                         Decided on:      02.12.2022 

 

Amrik Singh S/o Amar Singh H.No.C/390, Guru Nanak Colony, Sangrur.         

                                                          …. Complainant.     

                                                 Versus

1.     Axis Bank Ltd. Sangrur, SCF no.17 7 18, Ground Floor and Basement Kaula Park Market, Sangrur through its Branch Manager.

2.     Max Life Insurance Company Ltd., Eleven Floor DLF Sq, Jacaranda Marag, DLF, Phase 2 Gurugram (gudgaon) 122002 through its Manager.

3.     Max Life Insurance Company Ltd. St. No.1, Block A, opp Shahi Samadhan, Thlaes Bag Colony Mittal Hospital Sangrur through its Manager.

….Opposite parties. 

 

For the complainant  : Shri Jatinder Verma Adv.              

For the Op.no.1        : Shri N.S.Sahni Adv.

For the Op.no.2&3    : S.S.Randhawa Adv.

 

 

QUORUM                                       

JOT NARANJAN SINGH GILL: PRESIDENT

SARITA GARG                           : MEMEBR

KANWALJEET SINGH             : MEMBER

 

 

ORDER

KANWALJEET SINGH, MEMBER.

 

1. The brief facts of the case are that the present complaint is filed by complainant and he pleaded that Op.no.1 is the authorized agent of Op.no.2 & 3. Authorized agent of Ops approached to the complainant in the first week of October 2012 and allured that the Ops started a new plan that if any person deposits the premium for a minimum period of three years then he will get double of the deposited amount after the completion of six years i.e. October, 2018 and the investment will be safe and secure. On the assurance of the agent of Ops, complainant on 12.10.2012 deposited an amount of Rs. 1,00,000/- for two investments i.e. Rs.50,000/- for each. Ops issued two receipts regarding the payment deposited by the complainant and Ops issued two policies bearing numbers 873875132 and 873875165 to the complainant. The payment was made by the complainant through Op.no.1. At that time Ops have took the signature of complainant on various blank printed performas. Complainant deposited the remaining two installment/Premium with the Ops on 12.09.2013 and 14.11.2014 for Rs. 49,250/- each under policy number 873875165 and remaining three installments of Rs. 49,250/- on 12.09.2013, 16.10.2014, 16.10.2015 under policy number 873875132. The maturity of the policy was October, 2018. The receipts of 3^rd and 4^th installment have never been issued to the complainant by Ops. Ops stated that the policies are online. There is no need to issue any receipt and policy documents. That after the due date of maturity i.e. 12.10.2018, the complainant approached Op.no.1 and Op.no.3 many times and requested them to release the maturity amount of Rs. 2,97,000/- under policy number 873875165 and Rs. 3,95,698/- under policy number 873875132. Then the Op.no.1 to 3 refused to accept the request of complainant. Lastly, complainant has prayed that Ops be directed to release the maturity amount of Rs.2,97,000/- under policy number 873875165 and Rs.3,95,698/- under policy number 873875132 along with interest @18% per annum from the date of maturity till realization. Further the Ops be directed to pay a sum of Rs. 70,000/- on account of mental agony and harassment and 11,000/- as litigation expenses.
2. Upon notice Ops appeared and filed written statement separately. In the reply, OP number 1 denied that the authorized agent of Op.no.1 approached to the complainant in the first week of 2012 and purposed to start a new plan to the complainant. As per law when the plea of fraud of signatures on the blank paper is taken, then the Consumer Forum has got no jurisdiction. Such like cases cannot be decided in summary manner and only civil court can decide the cases. However, complainant himself at his own purchased the policy from the Op.no.2 and 3. He is guilty of suppressing the true and material fact from the Forum. There is no allegation against Op.no.1. The policies were issued by Op.no.2 and 3. Op.no.1 has been wrongly and illegally impleaded as party to the complainant. Complainant never approached the Op.no.1 for issuance of any documents nor for release of payment. There is no deficiency in service on the part of Op.no.1. The complaint should be dismissed with the special costs of Rs.20,000/-.
3. In reply filed by Ops number 2 and 3, preliminary objections have been that the complainant had submitted his duly signed proposal form after fully understanding the terms and conditions of the policy. That no cause of action ever arose to the complainant to file the present complaint. The terms and  conditions are the base of the insurance contract and both the parties can neither go nor claim beyond the terms and conditions of the contract. The complainant had not filed the complaint within the limitation as prescribed under law. On 20.09.2012 Op.no. 2 and 3 received a duly filled and signed proposal form for policies number 873875165 and 873875132. The documents were sent to the complainant of the policies. The allegations of the complainant have been denied. Policies number 873875165 and 873875132 were issued to the complainant along with policy schedule and terms and condition. Complainant has not raised any objection within the free look period. The complainant had deposited total premium of Rs.1,97,849.72/- under the policy number 873875132 and Rs.1,48,500/- under the policy number 873875165. The annual target premium was Rs.48,500.81 without taxes. Under both policies and total sum assured was Rs.5,42,078/-. Mode of premium of both the policies was annual and number of premium received under policy number 873875132 and 873875165 are 4 & 3, respectively. It has been denied that the complainant approached to the Op.no.1 and 3 many times after the due date of maturity i.e. 12.10.2018. Complainant himself has defaulted and had not paid regular premium under the policy and prayed the complaint may  be dismissed in the interest of justice.
4. Complainant tendered into evidence affidavit Ex.C-1 and documents Ex.C-2 to Ex.C-7 and closed the evidence. Similarly, Op.no.1 tendered into evidence affidavit Ex.Op.1/1 and closed the evidence. Op. 2 and 3 also tendered the evidence Ex. Op.2 and 3/1 to Ex.Op.2 and 3/8, affidavit Ex.Op.2 and 3/9 and closed the evidence.
5. We have heard the learned counsels of both the parties and gone through the record file carefully with the valuable assistance of the Learned counsels for the parties. During arguments the contentions of the learned counsels are similar to their respective pleadings. So, there is no need to reiterate the same for avoiding the repetition. Further it is admitted fact that the complainant had taken two policies bearing number 873875132 and 873875165 and deposited the premium amount premium of Rs. 1,97,849.72/- under the policy number 873875132 and Rs. 1,48,500/- under the policy number 873875165. Mode of premium of both the policies wase annual and number of premium received under policy number 873875132 and 873875165 are 4 & 3 respectively. The complainant had deposited the amount of premium on 12.10.2012 to 16.10.2015. The date of the maturity of the said policy was October, 2018. The date of filing of present complaint by complainant is 20.11.2018. From this angle, OP number 2 and 3 regarding the complaint was not filed within limitation by complainant is falsified. This Commission examined the terms and conditions of the policy scheduled clause 12, which is reproduced as under:-

                Cash surrender Value

After the policy has been in force for at least three years and provided all the premiums have been paid for three full years, then the company will grant a cash surrender value which will be not less than 30% of premium excluding the first year's premium received, but never more than the base face amount of the policy. The cash surrender value payable will be subject to the condition that the policy is in full force and that there are no statutory or other restrictions to the contrary. Indebtedness, if any, to the company will be deductible from the cash surrender value.

6. It is crystal clear that the terms and conditions of the policy are binding on both the parties. Moreover Op.no.2 and 3 himself admitted in the reply on merit at para no.3 that the complainant had deposited total premium of Rs.1,97,849.72/- under the policy number 873875132 and 1,48,500/- under the policy number 873875165. Further the Ops are also admitted that the policy number 873875132 the complainant deposited four installments of premium and another policy bearing number 873875165 the complainant deposited the premium in three installments. No doubt it is admitted fact that the mode of premium of both the policies was annual. It is well settled principle of law is that the admission is in itself best evidence to prove the case. From this angel Op.no.2 and 3 himself admitted reply on merit at para no.3 that the complainant deposited to Op.no.2 and 3 a sum of Rs.1,97,849.72/- and another amount of Rs.1,48,500/- under the policies in question.
7. Keeping in view the facts and circumstances of the present complaint in hand we partly allow the complaint of the complainant and direct OPs number 2 and 3, who are  jointly and severely liable to pay surrender value as per clause 12 of the terms and conditions of the policy in question.  We further direct OPs number 2 and 3 to pay to the complainant a  consolidated amount of compensation and litigation expenses to the tune of Rs.5000/-. This order be complied with within a period of sixty days of its communication.

8.           The complaint could not be decided within the statutory time period due to heavy pendency of cases.

9.         Copy of this order be supplied to the parties free of cost. File be consigned to the records after its due compliance.

                                Announced.                                              

                                December, 02, 2022

 

 

( Kanwaljeet Singh)    (Sarita Garg)  (Jot Naranjan Singh Gill)

    Member                        Member                  President

   BBS/-