SRI BIJOY KUMAR DAS,PRESIDENT:-

      Deficiency in service in respect of non-payment of maturity amount on Insurance Policy are the allegations arrayed against OP.

2.                 Complaint in brief reveals that, Complainant obtained a Life Insurance Policy bearing No. 598079571 commencing from dt. 28/02/2011 for yearly premium of Rs. 7,000/-, with maturity value of Rs. 70,000/-. Complainant was paying the yearly premium regularly, Op on dt. 29/11/2015 vide letter No. 504/claims intimated the complainant-Policy holder to deposit required documents for release of maturity benefit amount of Rs. 62,501/-. Accordingly, the Complainant deposited the documents required for release of the maturity amount. It is reveals from the complaint petition that, Op issued information to release the maturity amount through NEFT. But, Complainant noticed that only Rs. 34,621/- has been transferred to her account instead of Rs. 62,501/- as informed/settled by the Op in their letter. It is alleged that the disbursement amount of Rs. 34,621/- violating the assured maturity benefit amount as per the discharge voucher is nothing but deficiency in service in part of the Op, which caused mental agony to the Complainant. Complainant prays this Forum seeking directing to Op- Corporation to release the balance maturity amount of Rs. 27,880/- along with Rs. 15,000/- for mental agony.

3.                   On receipt of the Notice Op-Life Insurance Corporation appeared through their Ld. Counsel and filed written statement by countering the allegations of the Complainant. Op-Corporation in the written statement  challenge the maintainability of the Complainant and stated that Complainant policy holder had take the Policy under Bima accountNo.-1(Table-805) which is under Unit linked Plan of assurance with death cover, on dt.28/2/2011 with yearly premium Rs. 7,000/- and the date of maturity as dt. 28/02/2016. as per the Policy condition the Policy holder is entitled to get the maturity amount equal to the balance in Policy holders Fund and in case of death of Policy holder during the term of Policy provided Policy is in force, death claim will be full sum assured + balance in Policy holders Account. In case of paid up, death claim will be balance in Policy holders Account’s shall be payable. It is averred that in the present litigation under Policy No. 598079571, the premium balance was Rs. 29,733/- and the interest is Rs. 4887/- as on dt. 28/02/2016 and the total amounts to Rs. 34,621/- and  maturity value has been credited to the S/B Account of Complainant on dt. 28/02/2016. It is also averred that due to error in computer programme, the amount payable in death under the Policy was wrongly mentioned in the discharge voucher, as the amount payable under maturity and Complainant taking the advantage of computer error, claiming the maturity amount bypassing the Policy conditions. It is further averred that Op-Corporation discharges it’s function as per the Rules, Regulations and LIC ACT-1956 and the Policy had issued to the Policy holder is a contract under the Policy of LIC and the allegations of the Complainant can be never termed as deficiency in service, in the circumstances the Complainant devoids of any merit and is liable to dismissed with cost. 

4.                  Heard the  arguments advanced by Ld. Counsels appearing for the Parties. The documents filed by Complainant are marked as Exhibit-1 to 8 and the documents of Ops are marked as Exhibit-A(i) and B(i). Considering the Complaint, written statement and Exhibits the admitted facts of the case are that Complainant obtained a LIC Policy bearing No.598079571 commencing from dt. 28/2/2011 and its maturity date was  28/02/2016, with an annual premium of Rs. 7,000/-. It is an admitted fact that Policy bond and discharge voucher was issued to the Complainant-Policy holder. It is also admitted that an amount of Rs. 34,621/- was credited to the Complainant’s S/B Account as maturity amount.

                     Now, the question to be decide here that, whether the Op- Crop has committed any deficiency in service by releasing a lesser maturity amount as alleged by the complainant by violating the terms and conditions of the Policy? It is the case of the Complainant-Policy holder that on maturity of the Policy in question the Op- Corp. by issuing a letter to release Rs. 62,501/- as matured value (Exhibit-7) and accordingly complainant also acknowledging the discharge voucher (Exhibit-8) put her signature in the presence of the witness and sent to the Op-Corp. for release of the maturity amount. But Op-Corp. without complying the amount mentioned in the discharge voucher, only released Rs. 34,621/- through S/B Account of Complainant. Op-Corp. resisting the claim states that as per the terms & conditions of Policy(Exhibit-A(i), B(i)) the maturity amount is released as follows:-

“ On Life assured surviving the stipulated date of maturity the balance on the Policy holder’s account shall be payable.” It is also case of  the Op that in the instant dispute Complainant-Policy holder’s premium balance is Rs. 29,733/- and the interest is Rs. 4887/- as on dt. 28/2/2016, in toto Rs. 34,621/-. It is the further case of Op that, due to error in computer programme the intimation and discharge voucher issued to the Complainant-Policy holder wrongly mentioning the matured amount and complainant is not at all entitled to the claimed maturity amount as per the terms of the Policy.

                    We, considered the Complainant, written statement, submissions of the parties and examined the documents (Exhibits). It is clear from the Policy produced before this Forum that, in case of Policy holder’s survival till the date of maturity, the Policy holder is only entitled to receive premium amount deposited in his/her account along with permissible interest. According to op-Corp. the premium balance on the Complainant’s account is Rs. 29,733/-, and the maturity period of Policy is valid for 51 years and admittedly the annual premium is Rs. 7000/- . Though the Complainant in her petition, states that she has paid the yearly premiums regularly, but failed to prove the same, when it is challenged by Op-Corp in connection to total premium amount paid by the Complainant-Policy holder. It is the settle principle of law that Insurance Policy is a ‘Contract’ between ‘insured’ and insurer’ and the terms and condition of the Policy is the essence of the contract, either of the party can’t violate the same unilateral. It is also clear that as per the terms and condition of the Policy Complainant-Policy holder is entitled to receive the maturity amount under Bima Account No-1 (Table No-805) against the Policy No.598079571, which comes into Rs. 34,621/- and in our opinion the said amount is the lawful matured amount of the Complainant Policy holder. So far the allegation of intimation and issuance of discharge voucher mentioning the amount of Rs. 62,501/- is technical error which can’t super cede the ‘Policy’ and it does not create any legal entitlements in favour of the Complainant-Policy holder as Complainant-Policy holder has received her maturity due as per the terms and condition of the Policy.

                   Accordingly, the complaint is dismissed without any cost.

           Pronounced in the open Court, this 15^th  day of September,2017.                 

                  I, agree.                             I, agree.         

                   Sd/-                                      Sd/-                            Sd/-                          

               MEMBER                           MEMBER                PRESIDENT 

List of Exhibits on behalf of the Complainant              

List of Exhibits on behalf of the  OPP Party