Sarat Chandra Mahapatra filed a consumer case on 25 Jan 2017 against Branch Manager,Life Insurance Corporation of India in the Cuttak Consumer Court. The case no is CC/42/2015 and the judgment uploaded on 13 Apr 2017.
IN THE COURT OF THE DIST. CONSUMER DISPUTES REDRESSAL FORUM,CUTTACK.
C.C No.42/2015
Sarat Chandra Mahapatra,
S/o:Late Raghunath Mahapatra,
At present Plot No.4D-975,Sector-10,CDA,
Cuttack-14,Odisha. … Complainant.
Vrs.
Branch Manager,
Life Insurance Corporatiion of India,
C.D.A,Sector-6,Dist:Cuttack,Odisha. … Opp. Party.
Present: Sri Dhruba Charan Barik,LL.B. President.
Sri Bichitra Nanda Tripathy, Member.
Smt. Sarmistha Nath, Member (W).
Date of filing: 06.04.2015
Date of Order: 25.01.2017.
For the complainant: Complainant himself.
For O.Ps(O.P.1,2 & 3) : Sri R.K.Pattnaik,Advocate & Associates.
Sri Bichitra Nanda Tripathy,Member.
The complaint is against the O.P. for deficiency in service.
The complainant contributed for one pension plan i.e. New Jeevan Surakhsa-1 vide policy no.585434898 dt.28.2.2005 with LIC of India(Annexure-1) & continued to pay premium for ten years till 2014 @ Rs.10,000/- per year as per terms and conditions of the policy. On 7.7.2014 the O.P send a notice to the complainant and intimated that the policy would vest on 28.2.2015 and the NCO-BONUS-REBATE amount under the policy was Rs.1,40,115/-.(Annexure-2). The complainant submitted required documents such as original policy bond, surrender application, xerox copy of S.B.Account and pan card etc. for drawal of the said amount after vest date i.e. 28.2.2015(Annexure-3). The O.Ps paid the vest of policy on 10.01.2015 amounting to Rs.1.36,829/- instead of Rs.1,40,115/- and as such paid a less amount of Rs.3286/- to the complainant. The complainant contacted the O.P several times on the above matter but in vain. On 22.01.2015 he made a written representation to the Manager, Customer relations, LIC Divisional Office, Cuttack for Redressal of his grievances (Annexure-4).But it yielded no result. Finding no other way, the petitioner took shelter under this Hon’ble Forum. He has prayed to pay him the amount paid less towards the rest policy amount i.e. Rs.3286/-, Loss for mental tension and anxiety i.e. Rs.10,000/- and cost of litigation etc. Rs.5,000/-. Total Rs.18,286/-.
Since the complainant had to exercise his option befor the date of vesting, the O.P. send a letter to the complainant on 7.7.2014 intimating the complainant to exercise his option in the matter relating to the mode of payment of the annuity i.e. whether such annuity is to be paid monthly/quarterly/half yearly or annually. The complainant was entitled to receive with respect to available purchase price of the annuity amounting to Rs.1,40,115/- which includes National cash option (NCO) + vested Bonus + Final additional bonus depending upon the payment of premium. The complainant was also intimated about the purchase price of the annuity, type of annuity available and commutation value (optional) on the date of vesting on 28.2.2015 and the complainant was requested to exercise his option to receive the annuity under the alternative options A to J (As per annexture-2 to the petition) and an additional option whether to receive the commuted value with subsequent annuity at a reduced rate.(Annexure-A). The complainant exercised his option to take the money in one lump sum by surrendering the policy. Instead of sending the option as requested vide letter dt.7.7.2014 of the O.P., he submitted original policy bond, executed surrender discharge voucher which was received by the O.P office on 8.1.2015. The policy holder was also entitled to get lump sum money as surrender value prior to date of vesting. After the policy attains the vesting, the policy holder is entitled to get the annuity. As desired by the complainant the surrender value of Rs.1,36,829/-was paid to the complainant on 10.01.2015 as per policy conditions (Annexure-B) as mentioned in Col.7(i) of the policy bond- i.e. “ The policy can be surrendered for cash at any time after premium have been paid for two years from the date of issue but before the date on which the annuity vests, for an amount equal to 90% of the all premium paid excluding the premium for the first year and the term assurance premium and extra premium, if any. The policy cannot be surrendered after the date on which the policy vests. Since the complainant raised a complaint regarding the less amount paid to him, the O.P vide their letter explained the complainant the details regarding payment t of surrender value(Annexure-C). Since the surrender value is paid prior to the date of vesting- payment of vesting amount i.e. Rs.1,40,115/- does not arise at all. When the policy holder submits surrender value before the vesting date of implies that he does not want the annuity and accordingly the surrender value was settled by the O.P and the same was remitted as per request of the complainant.
ORDER
The complainant failed to prove the deficiency in service on the part of the O.P. Hence the case is dismissed.
Typed to dictation, corrected and pronounced by the Hon’ble Member in the Open Court on this the 25th day of January,2017 under the seal and signature of this Forum.
(Sri B.N.Tripathy )
Member.
( Sri D.C.Barik )
President.
(Smt. Sarmistha Nath)
Member(W).
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