MR. PRAVAT KUMAR PADHI, PRESIDENT:-
Complainant has filed C.C.Case No. 55/2022 U/s-35 of C.P.Act,2019 before this Commission seeking following relief:
“ Honbl’e Commission may kindly issue necessary direction to the Ops to payment of Rs. 8,00,000/- received by the Ops premium. installment with interest & bonus from the date of acceptance i.e, 05.08.2019 till the actual payment & Rs. 5,0000/- be awarded towards mental agony & torture.
Brief fact of this case is that the Complainant is an Army personal and having banking transaction with SBI Mahal Branch. After contact of Branch Manager, Sri Amit Kumar Sethi,(Insurance Advisor) he advice to Complainant to purchase on Insurance Policy under Plan SBI Life Annuity Plus . Complainant being biased on the version of the Insurance advisor and motivated by him purchased policy bearing No. 22788282310 having proposal number 2201113636 dt. 30.06.2019 baring customer ID No. 53597948 on payment of premium of Rs. 8,00,000/-(Rs. Eight Lakhs) on dt. 05.08.2019. It is clearly revealed by the advisor(Op-30 that any time the policy can be surrendered and the premium paid with interest shall be payable by SBI Life forthwith. Complainant was badly need of money for his treatment and intended to surrender the Policy with the Op-Insurer at their Kendrapara Office(OP-4) and they declined to accept the surrender of the Policy without assigning any cause for their non-acceptance. So Complainant sent a notice through Advocate on dt. 10.08.2022 to the Op-1 to direct the local branch office (Op-4) to accept the surrender of the original policy and to make payment of the premium paid with bonus and interest. But surprisingly the Op No.1 declined to pay any amount on the policy on the ground that the surrender of Policy is not available under the Policy.
The Ops have filed their written version stating that, the Policy was issued on the basis of the proposal form for the assessment of risk & issuance of the Policy. In this Form, under Point No. 14 of the Policy, the policy holder has declare that, “ I hereby declare that the above statements, answers and /or particulars given by me are true and complete in all respects to the best of my knowledge. I, understand that the information provided by me will form the basis of the insurance Policy…… I understand and agree that the statements in this proposal constitute warranties………”. In accordance with the IRDAI regulations, in case is not satisfied with the term & conditions as mentioned in the Policy Document, he/she has the option to return the policy under Free look cancellation to SBI Life Insurance Co. Ltd. AS per the point No. 6.2 Free look period, 6.2.2 under the Policy “If you have purchased the policy through a channel other than distance marketing, you have 15 days from the date of receipt of this policy documents to review its term & conditions. If you are not satisfied, you can return the policy stating the reasons for cancellation.” The Company has paid the monthly installments of Rs. 4220/- under the policy from 05.09.2019 till 05.10.2022 to his Bank A/C No. 1167882672 held with SBI, Mahal Branch and will to continue to pay the same as per the terms & condition of the Policy. As per clause No. 6.5, surrender benefits of the Policy, “Surrender facility is not available under the Policy”.
The Complainant has deposited the money with Ops and received annuity in each and every month for about 3 yrs without any objection and when there is clear stipulation in the Policy that surrender facility is not available under this Policy and when there was scope within 15 days of receipt of Policy the Complainant has not surrendered and on expiry of 15 days Complainant has missed the opportunity of surrender and we find no deficiency in service on the part of Ops when they are paying annuity of Rs. 4330/- per month & Complainant is receiving the same but neither disclosed the same in C.C.Case not disputed by filing any rejoinder/written statement which amounts to suppression of fact by Complainant and come to this Commission with unclean hand. There is no deficiency in service as defined U/s-2(7) of C.P.Act, 2019 and accordingly the C.C.Case devoid of any merit.
But in view of the settlement between the parties it is agreed that the Complainant shall receive the amount deducting some %, and the annuity amount already received till date.
In view of the settlement between the parties, the Ops are directed to refund the amount within a period of 45 days from the date of receipt of this order, failing which the Ops shall to be liable for execution proceeding under the C.P.Act, 2019. No order as to cost.
With the aforesaid observations the C.C.Case No. 55/2022 is allowed & accordingly disposed off.
Issue extract of the order to the parties for compliance.
Pronounced in the open Commission, on this the 16th day of August,2023
I, agree.
Sd/- Sd/-
MEMBER PRESIDENT
