IN THE CONSUMER DISPUTES REDRESSAL FORUM, ALAPPUZHA
Thursday the 31st day of December, 2015
Filed on 15.06.2015
Present
1) Smt. Elizabeth George (President)
2) Sri. Antony Xavier (Member)
3) Smt. Jasmine D (Member)
in
CC/No.183/2015
Between
Complainant:- Opposite party:-
Mrs. Yoosuf Shameen Shaheed Bajaj Allianz Life Insurance Co.
Thaj Manzil, Zilla Court Ward First Floor, Pulimoottil Arcade
Alappuzha Kanjikkuzhy, Kottayam, Rep. by
(By Adv. K.V. Subhakuamar) its Chief Executive
O R D E R
SMT. JASMINE D. (MEMBER)
The case of the complainant in short is as follows:-
The complainant had taken a “Bajaj Allianz Capital Unit Link Plan” gain non participating policy from the opposite party on 25.10.2007. The complainant paid the premium of 1 lakh on 25.10.2007. The sum assured is Rs.10 lakh. The opposite party has taken Rs.508.31/- as mortality charges from the premium paid by complainant. The opposite party has also taken Rs.62.82/- as service tax, Rs.50/- as policy administration charge and Rs.395.83/- as initial management charge from the premium and thereafter Rs.93,983/- from the premium is invested in the name of complainant by taking 5085.6622 units of the plan and allotted the same in the complainant’s account. The complainant did not remit the subsequent premium and policy has lapsed and the complainant did not revive policy within the revival period of two years. The complainant did not opt to continue the policy and hence the complainant is entitled to get the value of the units in his account as on the date of lapse at the end of third policy year. Repeated demands were made by the complainant to the opposite party to pay the value of the units in the complainant’s account. But the opposite party is not considering the request of the complainant so far. Hence the complainant has issued a notice through her advocate on 21.4.2015 calling upon the opposite party to consider the claim of the complainant and pay the value of the units in the complainant’s account as on the date of the lapse of policy with 12% interest per annum within 7 days after the receipt of the notice, otherwise complainant will treat that her claim is refused by the opposite party. The opposite party has received the notice on 23.4.2015. But the opposite party did not send any replay so far. Hence filed this complaint.
2. Notice was served to the opposite party, but they did not appear before the Forum and hence opposite party was ex-parte. Heard the counsel for the complainant.
3. The evidence in this case consists of proof affidavit filed by the complainant and Exts. A1 to A3 were marked.
4. Considering the allegations of the complainant the forum has raised the following issues:-
1) Whether there is any deficiency in service on the part of the opposite party?
2) Whether the complainant is entitled to get the relief sought for?
5. Points No.1 & 2:- The case of the complainant is that she had taken a unit linked policy from the opposite party and the first premium of 1 lakh was paid on 25.10.2007. Thereafter the complainant did not remit the subsequent premium and automatically the policy got terminated. The opposite party was bound to pay the value of units in her account as on the date of lapse at the end of third policy year. The complainant also sent a lawyer’s notice to the opposite party, but no amount was refunded so far. Hence filed this complaint. The complainant filed proof affidavit and documents Exts.A1 to A3 were marked. As per the terms and conditions of the policy 5(b) ii) (Ext.A1) – “The Policy holder may revive the Policy within a revival period of two years from the due date of first unpaid Regular Premium subject always to Section 5(b) below, failing which the contract shall be terminated and 100% of the value of Accumulation Units in respect of Regular Premiums as on date of lapse, and the Top Up Premium Fund Value, if any shall be paid at the end of the third Policy Year or at the expiry of the revival period whichever is later.” Admittedly the complainant does not revive the policy and the policy got terminated. So the complainant is entitled to get the value of accumulated units in respect of the regular premium prevailing at the end of third policy year ie. on 25.10.2010. Even though notice was served to the opposite party they did not turn up. Since the policy taken by the complainant is the unit linked policy the fund value is not a fixed one and it may fluctuate. Since the opposite party has not given any amount to the complainant so far there is deficiency in service on the part of the opposite party. The complainant is entitled to get the value of units prevailing at the end of third policy year ie. on 25.10.2010 with interest. Since the primary grievance of the complainant has been met squarely and adequately, we refrain from awarding further compensation. So the complaint is allowed accordingly.
In the result, the complaint is allowed. The opposite party is directed to refund the value of units in the account of the complainant as on 25.10.2010 along with 8% interest per annum from 26.10.2010 till realization. No order as to costs. The order shall be complied within a period of one month from the date of receipt of this order.
Pronounced in open Forum on this the 31st day of December, 2015.
Sd/- Smt. Jasmine.D. (Member) :
Sd/- Smt. Elizabeth George (President):
Sd/- Sri. Antony Xavier (Member) :
Appendix:-
Evidence of the complainant:-
Ext.A1 - Photo copy of the Life Insurance Policy
Ext. A2 - Copy of notice
Ext. A3 - Postal receipt
Evidence of the opposite party:- Nil
// True Copy //
By Order
Senior Superintendent
To
Complainant/Opposite party/S.F.
Typed by:- pr/-
Compared by:-
