Date of filing : 18-05-2011
Date of order ; 10-07-2012
IN THE CONSUMER DISPUTES REDRESSAL FORUM, KASARAGOD
CC.115/2011
Dated this, the 10th day of July 2012
PRESENT
SRI.K.T.SIDHIQ : PRESIDENT
SMT.P.RAMADEVI : MEMBER
SMT. K.G.BEENA : MEMBER
T.A.Abdul Hameed, } Complainant
T.P. Complex, Near Marxist Bhavan,
Nullippady, Kasaragod.
(Adv. Benny Jose, Kasaragod.)
1. The Branch Manager, } Opposite parties
Kasaragod Branch Office, L.I.C. of India,
P.B.No.12, MG Road, Kasaragod.Po.
2. The Divisional Officer,
Life Insurance Corporation of India (LIC),
Divisional Office, Manamchira, Kozhikode.
(Adv. P.V.Jayarajan, Kasaragod)
O R D E R
SRI.K.T.SIDHIQ, PRESIDENT
Bereft of unnecessaries the case of complainant is that opposite parties arbitrarily deducted `10,100/- from the assured amount of his life insurance policy when it is matured. According to him his life insurance policy No.66296360 commencing from 28-03-1986 was matured and he was entitled to get `152150/- including the bonus and cumulative bonus. Out of the said the said amount he was indebted `102907/- to opposite party towards the repayment of loan `95000/- with interest. So the balance he ought to have been received was `49243/-. But opposite party paid `39,102/- only. When enquired about this deduction he did not get any satisfactory explanation from the officers of opposite parties. Hence the complaint.
2. According to opposite parties the policy of the complainant was matured in March 2011. But to settle the claim at the earliest it is their custom to issue claim intimation letter and satisfaction voucher well in advance. This is followed in all branches. Though the policy of the complainant was matured only on in March 2011, the claim intimation letter was sent on 28-11-2010 incorporating the vested bonus and final additional bonus as per the valuation dated 31-03-2009. This is the practice followed for so many years. After the end of each financial year the Actuarial Department of LIC conduct actual valuation of LIC’s liabilities and assets and with the approval of finance ministry the surplus is distributed to policy holders by way of bonus. Results of the valuation is usually publishing in the month of October and the valuation is effective from first January. Result of valuation as on 31-03-2010 was published on 29-10-2010 and it is effective from 01-01-2011. As per the last years valuation simple reversionary bonus of the policies falling under the category of the complainant’s policy has increased and the final additional bonus has decreased. As on 31-03-2009 the final additional bonus was `500/- but it was reduced to `250/- as on 31-03-2010. But the bonus incorporated in the claim satisfaction voucher was `500/-. Therefore the short fall of `10,100/- occur. Hence there is no deficiency in service on the part of opposite parties.
3. Complainant filed proof affidavit in lieu of examination-in-chief. Exts A1 to A3 marked. On behalf of opposite parties Sri.Govinda Naik, Senior Branch Manager of LIC, Kasaragod Branch filed affidavit. Exts B1 & B2 marked. Both sides heard. Documents perused.
4. Ext.A2 is the details of payment and deductions pertaining to complainant sent by opposite parties to complainant. In Ext.A2 in the deduction column 10,100/- is seen deducted as others deductions III.
5. In order to substantiate the contention regarding the valuation for each financial year, opposite party produced Exts B1 & B2. Ext.B1 is the Bonus Rates as per the valuation results as on 31-03-2009. In Ext.B1 table 4 the amount of final additional bonus for the policies having the assured sum in between `25000 - 50000/- is `500/- where as in Ext.B2 the bonus is shown as `250/-.
6. The complainant has no case that he is eligible for the bonus as per the Bonus valuation results effective from1-1-2010 onwards. There is no dispute that his policy is matured only in 2011. Hence he is entitled for the bonus rates effective from 01-01-2011 only and the calculation of the opposite party as shown in their version is true and correct.
7. Therefore we do not find any deficiency in service on the part of opposite parties and the complainant is only deserves a dismissal which we hereby do.
The complaint is therefore dismissed with no order as to costs.
MEMBER MEMBER PRESIDENT
Exts.
A1. Letter sent by OP to complainant.
A2. 26-03-2011 Details of payment and deductions.
A3. 29-08-2011 Photo copy of Cheque
B1. Bonus Rates Results of Valuation as at 31-3-09 effective from 1-1-10.
B2.Bonus Rates results of Valuation as at 31-3-10 effective from 1-1-11.
MEMBER MEMBER PRESIDENT
Pj/
