ORDERS:

Charanjit Singh, President;

1        The complainant has filed the present complaint under Section 34 to 39  of the Consumer Protection Act (herein after called   as 'the Act') against the opposite parties by alleging that the complainant Amarjit Singh Randhawa has maintained a bank account bearing No. 12590100002311 which was opened in the year 1983 in Bank of Baroda, Branch, Tarn Taran and it is continuing without any break and presently there is balance in lakhs of Rupees in it. Similarly, complainant also maintained another account in Vijay Bank, Tarn Taran which was merged in Bank of Baroda and the said account bears number 12590100020465 and in this account, there is balance which runs into lakhs of Rupees. Apart from that, the complainant has also maintained fixed Deposits, the amount in which is more than half Crore. Similarly, Smt. Ranjit Kaur wife of Amarjit Singh complainant has also maintained her saving account as well as Fixed Deposit accounts the amount in both is more than Rs. 1 Crore. The complainant has very good relations with the Bank of Baroda right from the year 1983 till 26.08.2023. In the year 2018, Mr. Mehta official of the Bank of Baroda and that of India First Life Insurance Company Limited, opposite party No.2 influenced complainant and his wife to get an Insurance Policy to the tune of Rs. 5 Lakh for a period of five years with yearly installment of Rs. 1 Lakh and it was disclosed by Mr. Mehta that at the end of five years period, complainant can withdraw the amount with interest and during the period of five years, the risk of death will be covered. As such, policy bearing number 70733969 was issued to complainant Amarjit Singh Randhawa in his name on 07.08.2018. The complainant approached the official of the Bank of Baroda, Tarn Taran on 26.08.2023 for the renewal of his FDRs and for taking the payment of amount of policy number 70733969 and after renewal of all his FDRs, the official told the complainant the amount of policy cannot be released as the same has not been ripened and it is for a long period. The complainant has paid all the five installments as per the policy to India First Life Insurance Company Limited through the Bank of Baroda, Branch Tarn Taran. The first installment of Rs. 1,10,295/- was paid by complainant on 31.07.2018 and the second installment of Rs. 1,07,920/- was paid on 06.08.2019 in Bank of Baroda from his saving account and the third installment of Rs.1,07,920/- was paid on 06.08.2020 and the fourth installment of Rs.1,07,920/- was paid 02.08.2021 and final and fifth installment of Rs. 1,07,920/- on 05.08.2022 and in this way complainant has paid a sum of Rs. 5,42,635/- to the said company and Bank of Baroda. As such, complainant is entitled to a sum of Rs. 1,92,000/- as interest on Rs. 5,42,635/- in all upto 05.08.2023. Complainant is entitled to interest @ 12% per annum on Rs. 1,10,295/- from 31.07.2018 to 05.08.2023 which comes to Rs.66,000/-. Similarly, complainant is entitled to interest @ Rs.12% on Rs. 1,07,920/- from 06.08.2019 to 05.08.2023 which comes to Rs. 50,400/-. Further the Complainant is entitled to interest @ 12% per annum on Rs. 1,07,920/- from 06.08.2020 to 05.08.2023 which comes to Rs. 37,800/-. Further the Complainant is entitled to interest @ 12% per annum on Rs. 1,07,920/- from 06.08.2021 to 05.08.2023 which comes to Rs. 25,200/-. Further the Complainant is entitled to interest @ 12% per annum on Rs. 1,07,920/- from 06.08.2022 to 05.08.2023 which comes to Rs. 12,600/- As such, complainant is entitled to total amount of Rs. 7,34,635/-. A sum of Rs. 5,42,635/- has been paid by the complainant to opposite party Nos.1 and 2 through Bank account and it is not a loan amount but it is amount of the complainant lying with the opposite party. Complainant is further entitled to pendentilite and future interest also. At the time of issuing policy and ongoing negotiation at that time, Mr. Mehta the official of the Bank and Insurance Company gave impression to the complainant and his wife that it is insurance policy for a period five years and the at the end of five years, the complainant will be entitled to encash the same with handsome interest. In fact it is common practice of the Insurance Agents who are sitting in the Banks and inconnivance with the Bank Officials, they influence the people and account holders in the Bank to purchase the policy but all the hidden terms of the policy are not disclosed to the customer. It is fraud and concealment of facts on the part of opposite party with the consumer and they get the signature of the consumer hurriedly and do not allow to read the policy terms. Consumers and Customers of the Bank always believe their bank officials and others who are sitting in the Bank presuming that they are Bank Officials. The complainant never thought to purchase a retirement policy keeping his age in view who is 75 years old now and no time is left to enjoy the monthly/yearly payment of any amount after some years more. This fact must have been kept in view by the Bank Official and Official of India First Life Insurance Company and there is no sense of selling such a policy to any customer who is unable to enjoy the benefit of policy. Hence, it is fraud played by the official of both Insurance Company and Bank of Baroda at the relevant time and the complainant is victim of misrepresentation made by them. To avail the promotion and out of turn promotion, it is common practice among the opposite party Nos.1 and 2 to influence the people without disclosing the complete effect of such a policies on the consumers. Such like practices on the part of Banks and Insurance Companies must be dealt with iron hands on their throat and neck. The complainant has served registered notice dated 03.10.2023 upon opposite party and they were requested to release the amount of Rs. 7,34,635/- to the complainant but it seems that it was not taken seriously. Firstly this notice was sent to Insurance Company on its address mentioned in the policy but it was received back with the report that addressee moved. Then the copy of the notice was again sent to at its new address on 13.10.2023.  The opposite party did not care to act upon this representation dated 03.10.2023 sent through registered post which was received by the opposite party and this act of non-responding to notice/representation in the situation explained in the above paragraph and 100% non-payment of amount of policy, is deficiency in services to the complainant. It is high degree of sadness and negligence on the part of opposite parties that nothing was done by them and there is no response to the notice sent by Amarjit Singh complainant to the opposite party. As such, opposite parties have committed an offence under The Consumer Protection Act and also caused mental pain, harassment and agony to the complainant. The complainant has prayed that the opposite parties may kindly be directed to make payment of Rs. 7,34,635/- with interest during pendency of the present complaint and future interest thereon @ 18% per annum on the above said amount. Alongwith the complaint, the complainant has placed on record his affidavit Ex. C-1, Notarised copy of Policy dated 7.8.2018 Ex. C-2, Notarised copy of receipt dated 5.8.2019 Ex. C-3, Notarised copy of receipt dated 5.8.2020 Ex. C-4, Notarised copy of receipt dated 6.8.2021 Ex. C-5, Notarised copy of receipt dated 5.8.2022 Ex. C-6, Legal notice dated 3.10.2023 Ex. C-7, Potal receipts dated 3.10.2032 are Ex. C-8 to Ex. C-10, copy of Adhar Card of complainant Ex. C-11, Antoher notice sent to insurance company on its new address Ex. C-12 and postal receipt Ex. C-13.

2        Notice of this complaint was sent to the opposite parties but no one appeared on behalf of opposite parties and consequently, the opposite parties were proceeded against exparte vide order dated 23.1.2024.

3        We have heard the Ld. counsel for complainant and have also carefully gone through the evidence and documents on the file.

4        The complainant has produced on record his affidavit Ex. C-1 and declared that the opposite parties by alleging that he has maintained a bank account bearing No. 12590100002311 which was opened in the year 1983 in Bank of Baroda, Branch, Tarn Taran and it is continuing without any break and presently there is balance in lakhs of Rupees in it. Similarly, complainant also maintained another account in Vijay Bank, Tarn Taran which was merged in Bank of Baroda and the said account bears number 12590100020465 and in this account, there is balance which runs into lakhs of Rupees. Apart from that, the complainant has also maintained fixed Deposits, the amount in which is more than half Crore. Similarly, Smt. Ranjit Kaur wife of Amarjit Singh complainant has also maintained her saving account as well as Fixed Deposit accounts the amount in both is more than Rs. 1 Crore. The complainant has very good relations with the Bank of Baroda right from the year 1983 till 26.08.2023. In the year 2018, Mr. Mehta official of the Bank of Baroda and that of India First Life Insurance Company Limited, opposite party No.2 influenced complainant and his wife to get an Insurance Policy to the tune of Rs. 5 Lakh for a period of five years with yearly installment of Rs. 1 Lakh and it was disclosed by Mr. Mehta that at the end of five years period, complainant can withdraw the amount with interest and during the period of five years, the risk of death will be covered. He further declared that policy bearing number 70733969 was issued to complainant Amarjit Singh Randhawa in his name on 07.08.2018.  Policy is Ex. C-2 The complainant approached the official of the Bank of Baroda, Tarn Taran on 26.08.2023 for the renewal of his FDRs and for taking the payment of amount of policy number 70733969 and after renewal of all his FDRs, the official told the complainant the amount of policy cannot be released as the same has not been ripened and it is for a long period. He further contended that the complainant has paid all the five installments as per the policy to India First Life Insurance Company Limited through the Bank of Baroda, Branch Tarn Taran. The first installment of Rs. 1,10,295/- was paid by complainant on 31.07.2018 and the second installment of Rs. 1,07,920/- was paid on 06.08.2019 in Bank of Baroda from his saving account and the third installment of Rs.1,07,920/- was paid on 06.08.2020 and the fourth installment of Rs.1,07,920/- was paid 02.08.2021 and final and fifth installment of Rs. 1,07,920/- on 05.08.2022 and in this way complainant has paid a sum of Rs. 5,42,635/- to the said company and Bank of Baroda. He further declared that complainant is entitled to a sum of Rs. 1,92,000/- as interest on Rs. 5,42,635/- in all upto 05.08.2023. Complainant is entitled to interest @ 12% per annum on Rs. 1,10,295/- from 31.07.2018 to 05.08.2023 which comes to Rs.66,000/-. Similarly, complainant is entitled to interest @ Rs.12% on Rs. 1,07,920/- from 06.08.2019 to 05.08.2023 which comes to Rs. 50,400/-. Further the Complainant is entitled to interest @ 12% per annum on Rs. 1,07,920/- from 06.08.2020 to 05.08.2023 which comes to Rs. 37,800/-. Further the Complainant is entitled to interest @ 12% per annum on Rs. 1,07,920/- from 06.08.2021 to 05.08.2023 which comes to Rs. 25,200/-. Further the Complainant is entitled to interest @ 12% per annum on Rs. 1,07,920/- from 06.08.2022 to 05.08.2023 which comes to Rs. 12,600/- As such, complainant is entitled to total amount of Rs. 7,34,635/-. He further declared that a sum of Rs. 5,42,635/- has been paid by the complainant to opposite party Nos.1 and 2 through Bank account and it is not a loan amount but it is amount of the complainant lying with the opposite party. Complainant is further entitled to pendentilite and future interest also. At the time of issuing policy and ongoing negotiation at that time, Mr. Mehta the official of the Bank and Insurance Company gave impression to the complainant and his wife that it is insurance policy for a period five years and the at the end of five years, the complainant will be entitled to encash the same with handsome interest. In fact it is common practice of the Insurance Agents who are sitting in the Banks and inconnivance with the Bank Officials, they influence the people and account holders in the Bank to purchase the policy but all the hidden terms of the policy are not disclosed to the customer. It is fraud and concealment of facts on the part of opposite party with the consumer and they get the signature of the consumer hurriedly and do not allow to read the policy terms. Consumers and Customers of the Bank always believe their bank officials and others who are sitting in the Bank presuming that they are Bank Officials. To avail the promotion and out of turn promotion, it is common practice among the opposite party Nos.1 and 2 to influence the people without disclosing the complete effect of such a policies on the consumers. Such like practices on the part of Banks and Insurance Companies must be dealt with iron hands on their throat and neck. He further declared that the complainant has served registered notice dated 03.10.2023 upon opposite party and they were requested to release the amount of Rs. 7,34,635/- to the complainant but it seems that it was not taken seriously. Firstly this notice was sent to Insurance Company on its address mentioned in the policy but it was received back with the report that addressee moved. Then the copy of the notice was again sent to at its new address on 13.10.2023.  As such, opposite parties have committed an offence under The Consumer Protection Act and also caused mental pain, harassment and agony to the complainant  and prayed that the present complaint may be allowed.

5        The evidence led by the complainant on the file goes unchallenged and unrebutted as Opposite Parties are proceeded against exparte in the present complaint and there is no reason on the file as to why the evidence produced by the complainant be not believed. Otherwise also, due notice was issued to the Opposite Parties and opposite parties did not appear in this Commission in order to contest the complaint which shows that the Opposite Parties have nothing to say upon the allegations leveled against them by the complainant.  

6        In light of the above discussion, the complaint succeeds and the same is hereby allowed with costs in favour of the complainant. The opposite parties No. 1 and 2 are directed to pay Rs. 7,34,635/- to the complainant. The complainant has been unnecessarily harassed by the opposite parties for a long time, therefore, the complainant is entitled to Rs. 50,000/- as compensation on account of harassment and mental agony and Rs 15,000/- as litigation expenses from the opposite parties. Opposite Parties are directed to comply with the order within one month from the date of receipt of copy of the order, failing which the complainant is entitled to interest @ 9% per annum, on the awarded amount, from the date of filing instant complaint till its realisation. Copies of the order be furnished to the parties as per rules. File is ordered to be consigned to the record room.

Announced in Open Commission

19.03.2024