IN THE MATTER OF

Smt. Gunjan Singh W/o Shri Kehari Singh Poniya Gunjan Kuteer, Shankar Vihar Colony, Near Quarsi Ramghat Road, Aligarh

                                           V/s

1. Branch Manager Life Insurance Corporation of India CBO 2 Hafiz Manzil, Marris Road Aligarh
2. Divisional Mananager, Life Insurance Corporation of India Masudabad, G.T. Road,Aligarh

CORAM

 Present:                                   

1. Shri Hasnain Qureshi, President
2. Shri Alok Upadhayay, Member
3. Smt. Purnima Singh Rajpoot,Member

PRONOUNCED by Shri Hasnain Qureshi, President

JUDGMENT

1. The present complaint has been filed by the complainant before this commission for:-

1. Op be directed to pay the assured sum Rs.50000 under the insurance policy with bonus.
2.  Op be directed to pay Rs.10000 for mental and physical pain and cost of the complaint.

2. The Complainant has stated that she had subscribed an insurance policy from op no.2 on 28.4.2007 which was to be matured on 28.4.2019. The assured sum Rs.100000 was payable on 14.12.2012. Complainant paid the premium by the month October, 2011. Complainant could not pay the premium and the policy was surrendered in May, 2012. The op paid the amount Rs.32141 whereas the premium amount was paid Rs. 50000 during the five years.                         
3. Op submitted in WS that op have paid the surrender value of the policy. In view of provisions of section of 113(1) of Insurance Act 1938 a life insurance policy under which premium have been paid for three years the policy will be eligible for surrender value along with cash value of bonus if any. The maximum guaranteed surrender value under the policy is equal to 30% of total premium paid excluding premium of first year, all extra premium and /or additional premium for accident premium provided the premium shall be paid for last three years. However corporation allows a liberal surrender value which is called special surrender value which will be more than guaranted surrender value at longer duration. The complainant has been paid special surrender value at Rs.32141 which is more than guaranted surrender value Rs.30779.0.      
4. Complainant has filed his affidavits and papers in support of his pleadings. Op has also filed affidavits and papers in support of his pleadings.
5. We have perused the material available on record and heard the parties counsel.
6. The first question of consideration before us is whether the complainant is entitled to any relief?
7. Complainant has stated that she could not continue the policy and received the amount Rs.32141 on making surrender of the policy. Op has stated that on surrender of the policy the complainant was paid special surrender value Rs.32141 and she having full knowledge of same has filed a frivolous complaint which is liable to be dismissed. It is clear that the complaint is not maintainable and is liable to be dismissed.
8.  The question formulated above is decided against the complainant.
9. We hereby dismiss the complaint.
10. A copy of this judgment be provided to all the parties as per rule as mandated by Consumer Protection Act, 2019. The judgment be uploaded forthwith on the website of the commission for the perusal of the parties.
11. File be consigned to record room along with a copy of this judgment.