Punjab

Sangrur

CC/23/2020

Ajaib Singh Sarao - Complainant(s)

Versus

Exide Life Insurance Company Limited - Opp.Party(s)

Sh. Rajan Kapil

13 Jul 2023

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, SANGRUR .

 

                                                                        Complaint No. 23

 Instituted on:   13.01.2020

                                                                        Decided on:     13.07.2023

1.     Ajaib Singh Sarao son of Sh. Raghbir Singh, resident of H.No.48, Mehal Mubarak Colony, Sangrur;

2.     Manpreet Singh son of Ajaib Singh, resident of H.No.48, Mehal Mubarak Colony, Sangrur now residing at 65 Paramount Villas NW Calgary T3K0A4, Alberta, Canada through his Special Power of Attorney Ajaib Singh Sarao son of Sh. Raghbir Singh, resident of H.No.48, Mehal Mubarak Colony, Sangrur.

                                                         …. Complainants.    

                                                 Versus

1.             Exide Life Insurance Company Limited (formerly known as ING Life Insurance Company Limited) Branch Office: SCO 10-11, Chhoti Baradari, Backside Hotel Narain Continental, Mall Road, Patiala through its Branch Manager 147001.

2.             Exide Life Insurance Company Limited (formerly known as ING Life Insurance Company Limited), Registered office: 3^rd Floor, JP Techno Park No.3/1, Miller Road, Bannglore-560001 through its Managing Director.

                                                        ..Opposite parties.

 

For the complainant    :       Shri Rajan Kapil, Adv.

For Opp.parties          :       Shri Sanjeev Goyal, Adv.

 

Quorum                                           

Jot Naranjan Singh Gill, President

Sarita Garg, Member

                        Kanwaljeet Singh, Member

 

ORDER

JOT NARANJAN SINGH GILL, PRESIDENT

 

1.             Complainant has preferred the present complaint against the opposite parties  on the ground that in the month of February, 2013,   agent of the OPs approached complainant number 1 and allured him to purchase the insurance policy under which the complainant was to deposit Rs.40,000/- per year for at least five years in the policy, then he will get the more than double of the invested amount in 6^th year apart from the benefit of the insurance. The complainant number 1 agreed to purchase the policy in the name of his son i.e. complainant number 2, who is residing at Canada. As such, in the month of March, 2013 the complainant number 1 paid Rs.40000/- in cash to the agent of the OPs against which the OPs issued receipt number 02522634 dated 7.3.2013 with the hope to get double of the amount after six years, but when approached the OPs in the month of March, 2019, nothing was paid on the ground that it being an insurance policy and the complainant number 2 was required to pay for 48 years, whereas the complainant paid only one instalment.   It is further stated that agent of the OPs forged the signature of complainant number 2 as he was residing in Canada on 7.3.2013. The complainant is aggrieved from the OPs by not paying the maturity amount of Rs.80,000/- by the OPs as such has filed the present complaint. Thus, alleging deficiency in service on the part of the Ops, the complainant has prayed that the Ops be directed to pay to the complainant the amount of Rs.80,000/- along with interest @ 18% per annum and further claimed compensation and litigation expenses.

2.             In reply filed by the Ops, preliminary objections are taken up on the grounds that the complaint of the complainant is vague, false, vexatious and frivolous one, that this Commission has got no jurisdiction to entertain and decide the present complaint, that 15 days free look period was provided to the complainant after receipt of the policy, but nothing was done by the complainant to cancel the policy, that the complainant has not paid the renewal premium which fell due on 7.3.2014 as such the policy has entered in lapsed mode. It is further averred that the complainant had an option to revive the policy within five years from the date of first unpaid premium, but nothing was done and that the complaint should be dismissed. On merits, it is stated that the company had received the duly filled online proposal form on 7.3.2013 from the complainant for issuance of the policy and based on the information, policy in question was issued on 7.3.2013 whereby premium was to be paid for 16 years and the policy term was 48 years. It is stated that the complainant remained silent for more than seven years, therefore, he cannot be permitted to come forward and make such allegation. Lastly, the OPs have prayed for dismissal of the complaint with special costs.

3.             The learned counsel for the complainant has produced Ex.C-1 to Ex.C-3 copies of documents and affidavit and closed evidence. On the other hand, the learned counsel for the OPs has produced Ex.OPs/1 to Ex.OPs/3 copies of documents and affidavits and closed evidence.

4.             We have gone through the pleadings put in by  the parties along with their supporting documents with their valuable assistance. 

5.             At the very outset, it is an admitted fact between the parties that complainant number 1 purchased an insurance policy  in the month of March, 2013 in the name of complainant number 2 whereby he deposited Rs.40,000/- in the policy on 7.3.2013 and was to deposit the money atleast for 5 years. The learned counsel for the complainant has argued that the complainant had invested the amount of Rs.40,000/- which was in turn payable after six years to the tune of Rs.80,000/- and when the complainant approached the OPs for release of payment of Rs.80,000/- against the above said investment, then the OPs refused to pay the same on the ground that the policy is in the lapsed condition as the complainant failed to deposit the amount of policy regularly, whereas the complainant deposited only one instalment of Rs.40,000/- with the OPs. On the other hand, stand of the OPs is that the complainant purchased the policy in question, whereby he had to pay the premium amount of Rs.38,791/- against policy number 02641599 regularly for the period of sixteen years, whereas the complainant deposited only one instalment. Moreover, the complainant even did not chose to cancel the policy within free look period of 15 days.  Further a bare perusal of the document Ex.C-2, which is first premium receipt dated 7.3.2013 clearly reveals that the complainant paid Rs.39,989.64 being the first premium against policy number 02641599 and it is clearly mentioned on the same that next premium payment will be due on 7^th March, 2014, but no payment/instalment was paid thereafter by the complainant.  As such, the complainant cannot said to have no knowledge of the policy in question.  The complainant did not pay the premium after paying first instalment.  There is no explanation from the side of complainant that why he did not pay the instalments of the policy regularly.  Moreover, it is the own case of the complainant in the complaint itself that he opted the plan of the OPs wherein if any person will deposit Rs.40,000/- yearly for atleast 5 years, then he will get the more than double of the invested amount in 6^th years.  But, the complainant did not even paid the premium for five years on regular basis, as such, we are of the considered opinion that the complainant has miserably failed to prove his case that he paid the premium on regular basis for five years and the policy in question went in the lapsed condition and no refund can be ordered against the lapsed policy until it is got restored.  Accordingly, we are unable to accept such a contention of the complainant that he is entitled for the refund of the deposited amount/ double of the amount, as the complainant has failed to establish his case.

6.             Accordingly, in view of our above discussion, we dismiss the complaint of the complainant. However, the parties are left to bear their own costs. A copy of this order be supplied to the parties free of cost. File be consigned to the records after its due compliance. 

                        Pronounced.

                        July 13, 2023.