Telephone No.022-69985000-04.
…Opposite parties
BEFORE: Amit Arora……………..President
Mukesh Sharma…………Member.
Indira Bhadana………….Member.
PRESENT: Complainant in person.
Ms. Levanshi Mangla, counsel for opposite party No.1.
Sh. D.K.Sharma, counsel for opposite party No.2
ORDER:
The facts in brief of the complaint are that my policy due date was 13.07.2022 before one month (since June 2022). She had received call from customer care or Bank of Baroda, they told her that her policy amount was due but she was not understanding which policy amount pending but she invested in fixed deposit from Bank of Barda. She was very surprised when her son read her fixed deposit document that he told her that was not fixed deposit documents this was India First Life Insurance Policy and this was on market base. Here she was understanding some fraud with her and her son (Inder Raj) old her why he no share with her. So, she was here late communicating with her son above activity. She was gone to Bank of Baroda with her son (Inder Raj) dated 18.07.2022 she had submitted application for close her India First Life Insurance Policy as soon as possible and please refund her balance amount Rs.1,50,000/- with fixed deposit. She was trying many times call to her policy agent but she was not picking her phone. His e-mail addess mention on her policy and she had aleady shared her problem with them. But no response received from agent side.
- Letter submitted into the bank for closed policy immediately details as per attached in note-2.
She visited Bank of Baroda for the purpose nto open fixed deposit Rs.4,00,000/- dated 09.07.2021 but Bank staff/policy agent share with her new scheme of fixed deposit that was double benefit in more than two yearas here Bank Manager & Bank Staff also involved in this all activity. She was not educated lady and she had no any knowledge of market plan policy NAV relative, so please open her fixed depost. They were agreed to open her fixed deposit that time. He had no any commitment with policy agent/bank Manager/bank staff for open India First First Life Insurane policy.
- She had original voice recording of Bank of Baroda, Chief Manager Mr. Saxena where she was feeling guilty. She can proof it when required.
As per banking rule and regulation bank never passed any transaction without cheque. But bank issued policy in place of fixed deposit. And modify transction in two part Rs.1,50,000/- issued India First Life Insurance Policy, Policy No. was 20039187, policy amount was 1,50,000/- dated 13/07/2021 and its maturity date was 13.07.2023 and another issued was fixed deposit Rs.2,50,000/- in same date 09.072021. Deduction amount.The aforesaid act of opposite party amounts to deficiency of service and hence the complaint. The complainant has prayed for directions to the opposite party to:
a) her money would be refunded Rs.1,50,000/- with interest @ 24% p.a. from the deduction to till date by Bank of Baroda.
b) pay Rs. 3,00,000/- as compensation for causing mental agony and harassment .
2. Opposite party No.1 put in appearance through counsel and filed written statement wherein Opposite party No.1 refuted claim of the complainant and submitted that as per the terms and conditions of the policy the Complainant was provided a freelook period of 15 days from the date of receipt of the policy to cancel the policy in case there were any discrepancies in the policy. It was submitted that the Answering Opposite Party as per clause 10(1) and 8(1) of the IRDA (Protection of Policyholder's Interest) Regulations, 2017, sent the policy document along with the copy of the proposal form to the Complainant giving her an opportunity to review/cancel the policy within freelook period. In the present case, the policy document was dispatched to the complainant via blue dart vide Airway Bill Number 38473221721 on 14th July 2021 and the same was delivered on 16th July 2021 Despite receipt of the policy terms, the Complainant failed to approach the Answering Opposite Party within the freelook period with any grievances with respect to the terms and conditions of the policy. Thereby implying that the terms and conditions of the policy were in order. The Complainant was now stopped from raising any grievances or issues relating to the policy. The Complainant was bound by the policy contract and was deemed to have given-up/ waived her rights by not exercising the freelook provision. It is submitted that after receiving the documents, the Complainant failed to approach the Answering Opposite Party within the freelook period of 15 days from the date of receipt of the policy document. Opposite party No.1denied rest of the allegations leveled in the complaint and prayed for dismissal of the complaint.
3. Opposite party No.2 put in appearance through counsel and filed written statement wherein Opposite party No. refuted claim of the complainant and submitted that the complainant had not come with clean hands and had concealed the material facts from this Hon'ble court. The true facts were that India First Life Insurance Co. Ltd. was a separate legal entity exclusively dealing with all the matters relating to the Insurance and Bank of Baroda Branches had nothing to do with the functioning/working and issuance of policy etc., as such, the opposite party Bank of Baroda had wrongly/unnecessarily been arrayed as a party in the complaint by the complainant. The complainant with malafide Intention had filed the present complaint against the respondent bank instead of India First Life Insurance Co. Ltd. In view of the same, either the Hon'ble Forum removes the name of bank from array of parties or dismiss the complaint against the Bank and the complainant be asked to summon the India First Life Insurance Co. Ltd. if she was aggrieved by any act of that company. Opposite party No.2 denied rest of the allegations leveled in the complaint and prayed for dismissal of the complaint
4. The parties led evidence in support of their respective versions.
5. We have heard learned counsel for the parties and have gone through the record on the file.
6. In this case the complaint was filed by the complainant against opposite parties–Bank of Baroda with the prayer to: a) her money would be refunded Rs.1,50,000/- with interest @ 24% p.a. from the deduction to till date by Bank of Baroda. b) pay Rs. 3,00,000/- as compensation for causing mental agony and harassment .
To establish his case the complainant has led in his evidence, Ex.CW1/A – affidavit of Sheela Devi, Ex.C-1 – Ration card, Ex.C-2 – letter dated 18.08.2022 written to Bank Manager, Bank of Baroda, Faridabad, Ex.C-3 – letter dated 20.07.2022,, Ex.C-4 - (By Speed Post),Ex.C-5 – postal receipt, Ex.C-6 – email dated 20.07.2022, Ex.C-7 – statement of account, Ex.C8 (colly) - policy, Ex.C-9 – letter dated 22.09.2022, Ex.C-10 – letter dated 06.08.2022.
On the other hand, counsel for the opposite party No. 1strongly agitated and opposed. As per the evidence of the opposite party No.1
Ex.RW1/A – affidavit of Kamlesh Mishra, Assistant Vice President, Legal of India First Life Insurance Company Ltd., 12th & 13th floor, North, C-Wing, Tower-04, Nesco IT Park, Nesco Cenber, Western Express Highway, Goregaon, Mumbai, Maharastra, Ex.R-1 – proposal form, Ex.R-2 – Policy documents, Ex.R-3 – complaint decision letter dated 29.07.2022, Ex.R-4 - Mandate Form- Diect Debit/NACH.
As per evidence of opposite party No.2 Ex.RW1/A – affidavit of Shri Vinay Kumar Mishra, Branch Manager, Bank of Baroda, 5J – 103, NIT, Faridabad.
7. Counsel for the complainant argued at length and stated at Bar that it is a case of miusale. Opposite parpty No.1 is the branch of opposite party No.2. They are authorized person of opposite party No.2 and Sheela Devi – complainant came for fixed deposit in her name but the officials of opposite eparties Nos.1 & 2 issued her India First Life Insurance Policy. As per evidence of opposite eparty No.1, there is a true copy of Ex.R1 which is not duly signed by the complainant and also Ex.R-2 & R-3 which does not show that Sheela Devi – complainant buy this policy for herself.
On the other hand, counsel for the complainant also argued at length that as per Ex.C2 Sheela Devi issued a letter datead 18.07.2022 to Bank Manager for closing her LIC policy, It is evident from letter dated 20.07.2022 Sheela Devi made a complaint to the officials of opposite eparty. As per Ex.C4 the complainant sent a complaint through speed post. As per email dated 20.07.2022 vide Ex.C6 that the bank staff opened forcefully Life Insurance Policy. As per statement of account vide Ex.C7 on 09.07.2021 an amount of Rs.1,50,000/- was withdrawn and on 09.07.2021 an amount of Rs.2,50,000/- was withdrawn from her account. After receiving the letter dated 14.07.2021 vide Ex.C8 (colly) from the opposite party regarding demand notice for the extra premium, the complainant filed this complaint on 21.12.2022.
8. After going through the evidence led by Sheela Devi which shows the bonafide of the ocmplainant. Opposite party No.1 is sitting in the bank with the official of the bank issued a Life Insurance Policy in favour nof the ocmplainant . It is case of missale. She is a poor illetrate lady. She signed in Hindi with difficulty and she is more than 50 years old and she went to the opposite eparty for the fix deposit for her daughter and herself for her livelihood but the official of the bank alongiwth opposite epaprty No.1 issued the Life Insurance Policy.
9. Keeping in view of the above submissions, the Commisison is of the opinion that the complaint is allowed. Opposite party No.1 is directed to refund Rs.1,50,000/- alongwith interest @ 9% p.a. from the date of filing of complaint till its realization to the complainant. Opposite party No.2 is also directed to issue a fixed deposit, if she desired in favour of the complainant. Opposite parties Nos.1 & 2 are also directed to pay Rs.2200/- as compensation for causing mental agony & harassment alognwith Rs.2200/- as litigation expenses to the complainant. Compliance of this order be made within 30 days from the date of receipt of copy of this order. Copy of this order be sent to the parties concerned free of costs. File be consigned to the record room.
Announced on: 16.08.2023 (Amit Arora)
President
District Consumer Disputes
Redressal Commission, Faridabad.
(Mukesh Sharma)
Member
District Consumer Disputes
Redressal Commission, Faridabad.
(Indira Bhadana)
Member
District Consumer Disputes
Redressal Commission, Faridabad.
