The case of the complainant in a nutshell is that the complainant had purchased insurance policy being no. C202386454 and paid premium of Rs.9,998/- on 1.12.2004. The policy term was 12 years. The maturity value of the policy was Rs.1,58,661.74 and this policy is a Pension Plan Policy, of the oP no.1 and 2 company. Initially the yearly premium amount was Rs.9988/- but subsequently from the year 2007, that amount was enhanced at Rs.10,091/-. The petitioner paid the said premium regularly upto 1.12.2015 i.e. the last premium of the said policy. After completion of the term of the policy i.e. on 1.12.2015 the oP company sent one system generated letter dated 2.9.2016 to the complainant through e.mail and asked for certain documents as mentioned in that intimation to be submitted to heir nearest branch. The Maturity value of the aid policy is
Ra.1,58,661.74. Upon receiving the said intimation the complainant went to his nearest Branch office of the oP /Insurance company at Serampur on 22.9.2016 for processing of the maturity claim payment of Rs.1,58,661.74 . But the Branch Manager (Operation) of the OP/Insurance company refused to accept the documents and told the complainant that no pension plan is available from TATA AIA LIFE and it is the duty cast upon the complainant to purchase the annuity from any other Insurance company or can take the prematurity surrender value of Rs.1,51,000/- instead of Rs.1,58,661.74 . Hence this complaint.
The Op no. 1 and 2 contested the case by filing Written version denying inter alia all material allegations. The positive case of the Ops is that they have explained all the benefits of the policy to the complainant and after being fully convinced complainant took the policy wherein Insurance company dispatched the original policy documents to complainant on 20.12.2004. As per the terms and conditions of the policy, the policy matured on December 1, 2016. Before the policy matured, the Opposite party on 2.9.2016 sent a Maturity claim Intimation to the complainant asking for certain documents in order to process the Maturity claim and thereafter the complainant went to the oP no.1 and asked for annuity plan from the Ops whereas the Opposite party does not have any such annuity
plan and therefore the complainant was asked to purchase the annuity with 100% maturity amount, but unfortunately the complainant kept on insisting that either he would purchase annuity plan of Opposite parties which does not even exists or he would withdraw the maturity claim in the above said policy which is not possible as per the terms and conditions of the policy. Hence, the Op prays for dismissal of the complaint.
Complainant filed (1) Photo copy of Insurance policy, (2) Photo copy of intimation (3) Photo copy of the letter dated 26.09.2016 addressed to The Managing Director of the said Insurance Co. (4) Photo copy of letter dated 7.10.2016 sent by the company to the complainant. Opposite parties on the other hand filed photo copy of Insurance policy , photo copy of letter dated 2.9.2016 addressed to the complainant, Photo copy of Basic definitions of Nirvana and some other photo copies of documents. Complainant filed Affidavit in chief and Written Notes of Argument. Op also filed Affidavit in chief and Written Notes of argument.
Upon pleadings, Written version and the documents filed by all the parties the following points are framed for proper adjudication of this case.
Points
- Whether the petitioner is a Consumer ?
- Whether there is any deficiency in service on the part of the oP ?
- Whether the complainant is entitled to get relief as prayed for ?
DECISION WITH REASONS
All the points are taken together for easiness of discussion.
From the documents filed by both sides it appears Annexure P-2 of TATA AIA Life that net amount payable as admitted by the oP is Rs.1,58,661.74p. There had been no indebtedness. It also appears from the documents that maturity value is due on December, 1, 2016 but the complainant surrendered the policy on 22.9.2016. Accordingly, the claim of complainant comes down prematurity surrender value at Rs. 1,51,000/-. The difference between the parties on the point of payment is only Rs.7,661/-. In fact the maturity amount is Rs.1,58,661.74p . There is no document filed by the oP that complainant paid the amount as per their proposal i.e. surrender value of the policy. The complainant filed this case on 21.12.2016. The Op appeared here on 30.1.2017. So, within that period the op has sufficient time to pay the complainant the full value because the policy likely to be matured on 1.12.2016. So there was no bar as per their statement to make
payment of full amount on or after 1.12.2016. It is expected that Op authority shall protect the interest of the consumer like this complainant. In no way, IRDA Rule has any impact on the disbursement of full amount on 1.12.2016, even after filing this case and within 30.1.2017. The op had enough time to look into the allegation of the complainant and had time to pass order in favour of the complainant by issuing A/c payee cheque or sending the amount through NEFT in the account of the complainant. But the Op did not do it. This is an act without due care and attention of the Opposite parties which give birth of deficiency in service as embodied in the Code in our hand. Accordingly, after considering pros and cons of the case we are of opinion that complainant’s prayer desired to be allowed , prayer no.1 along with this the complainant is entitled compensation of Rs.10,000/- and litigation cost. Cost. Hence it is –
Ordered
That the CC no. 209 of 2016 be and the same is allowed on contest. The Opposite party no.1 and 2 are directed to pay Rs.1,58,661.74p to the complainant. The Op no.1 and 2 are also directed to pay Rs.10,000/- to the complainant towards his mental agony , harassment and pain. The Op no.1 and 2
are further directed to pay Rs.10,000/- to the complainant towards litigation cost. The Op no.1 and 2 shall comply the above order within 30 days from the date of this order by issuing A/c payee cheque for a sum of Rs.1,58,661.74p in favour of the complainant and also issue A/c payee cheque for a sum of Rs.20,000/- towards compensation and litigation cost i.d. Rs.200/- per day shall be imposed upon the OP no.1 and 2 and that amount will be deposited in the Consumer Legal Aid Fund till full relaisation , after the statutory period of 30 days.
Let a copy of this order be made over to the parties free of cost.
