Chandigarh

DF-I

CC/163/2020

Rajesh Garg - Complainant(s)

Versus

Bajaj Allianz Life Insurance Co. Ltd. - Opp.Party(s)

In Person

11 Jun 2021

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION-I,

U.T. CHANDIGARH

                                                    ========

 

                                     

Consumer Complaint No.	:	CC/163/2020
Date of Institution	:	26/05/2020
Date of Decision	:	11/06/2021

 

Rajesh Garg, aged 53 years, S/o Late Sh. M.L. Garg, R/o H.No.2070, Sector 21-C, Chandigarh.

…..Complainant

 

V E R S U S

 

Bajaj Allianz Life Insurance Co. Ltd., SCO 215-217, Sector 34-A, Chandigarh.

…… Opposite Party

QUORUM:	SURJEET KAUR	PRESIDING MEMBER
	SURESH KUMAR SARDANA	MEMBER

                                                                       

PRESENT:	:	Complainant in person.
	:	Sh. Nitin Thatai, Counsel for Opposite Party.

 

Per Suresh Kumar Sardana, Member

 

1.         Adumbrated in brief, the facts necessary for the disposal of the instant Consumer Complaint are, the Complainant had taken a Single Premium Policy from the Opposite Party on payment of  `1,00,000/- on 02.04.2010. The said Policy was to mature on 28.03.2020. On maturity, Complainant was entitled to atleast 170% of the unit price payable on 28.03.2020. However, there has neither been any response or credit of the aforesaid amount by the said date. The Complainant escalate his grievance with the Opposite Party vide e-mail and Whatsapp, but to no avail. With the cup of woes brimming, the Complainant has filed the instant Consumer Complaint, alleging that the aforesaid acts amount to deficiency in service and unfair trade practice on the part of the Opposite Party.
2.         Notice of the complaint was sent to Opposite Party seeking its version of the case.
3.         Opposite Party contested the Complaint and filed its reply, inter alia, admitting the basic facts of the case. It has been pleaded that the Complainant was issued Bajaj Allianz Shield Plus Policy (Unit Linked Plan) on 02.04.2010 and the term of the Policy was 10 years. It was a Single Premium Policy and the Complainant had paid a single premium of `1,00,000/-. The Insurance Policy of the Complainant matured in March, 2020 and since it was a Unit Linked Policy, the maturity amount was calculated as per the stipulations in the Policy and a Cheque of `1,55,460/- dated 31.03.2020 was prepared to be sent to the Complainant, but the same could not be delivered to the Complainant owing to country vide lockdown due to Covid-19 and the Cheque got stale. However, a fresh maturity Cheque was dispatched to the Complainant and was received by him on 13.08.2020. Pleading that there was no deficiency in service on its part, a prayer has been made for dismissal of the complaint.
4.         The complainant has filed replication, wherein he has reiterated all the averments, contained in the complaint, and repudiated those, contained in the written version of Opposite Party.
5.         Parties were permitted to place their respective evidence on record, in support of their contentions.
6.         We have gone through the entire record, along with the written arguments advanced by both the sides and heard the arguments addressed by the Complainant as well as Ld. Counsel for the Opposite Party.
7.         It is the case of the Complainant that per terms of the Policy mentioned in Annexure C/1 he is entitled to at least 170% of the unit price payable on 28.03.2020, but the aforesaid amount has not been credited by the said date. Per contra, the Opposite Party claims that the maturity amount was calculated as per the stipulations in the Policy and a Cheque dated 31.03.2020 for an amount of `1,55,460/- was prepared, but the same could not be delivered to the Complainant as the entire country was under lockdown due to Covid-19. During the interregnum, the said Cheque got sale and a fresh maturity Cheque was dispatched to the Complainant which was received by him on 13.08.2020.
8.         The Complainant maintains that the maturity amount has not been appropriately calculated and the payment of the maturity amount of `1,55,460/- is in contravention of the terms of the Policy. According to him, a total 9865.6675 units were allocated to him on 31.03.2010 and the maturity amount ibid has been calculated by the Opposite Party as per the number of units at the time of maturity i.e. 7148.3561. This fact has not been disputed by the Opposite Party. However, the Opposite Party has not given any justification or basis for reduction of the number of units from 9865.6675 at the time of allocation till the time of maturity. In this view of the matter, the Complainant is held entitled to 2,14,555/- (9865.6675 [No. of Units at the time of allocation] x 21.7477 [NAV at the time of maturity]). Since the Complainant has already received `1,55,460/-, the Opposite Party is liable to pay the balance amount of `59,095/- to the Complainant. Thus, the act of the Opposite Party in not paying the maturity amount in accordance with the minimum amount guaranteed at the time of inception of the Policy, amounts to gross unfair trade practice and deficiency in service on the part of the Opposite Party.
9.         In the light of above discussion, this consumer complaint deserves to succeed. The same is accordingly partly allowed.  Opposite Party is directed as under:-

(i)     To pay the balance amount of `59,095/- to the Complainant.

(ii)    To pay `15,000/- as compensation to the complainant for the deficiency in service, unfair trade practice and harassment caused to him.

(iii)   To also pay a sum of `10,000/- to the complainant as litigation expenses. 

10.         This order shall be complied with by Opposite Party No.1 within one month from the date of receipt of its certified copy, failing which, Opposite Party No.1 shall be liable to pay interest @12% p.a. on the amounts mentioned at Sr. No. (i) & (ii) from the date of filing the complaint till realization, besides paying litigation expenses mentioned at Sr. No.(iii) above.
11.         Certified copy of this order be communicated to the parties, free of charge. After compliance file be consigned to record room.

Announced

11^th June, 2021

                        Sd/-

 (SURJEET KAUR)

PRESIDING MEMBER

 

 

Sd/-

 (SURESH KUMAR SARDANA)

MEMBER

 “Dutt”