Chandigarh

DF-II

CC/511/2018

Sangeeta Negi - Complainant(s)

Versus

Future Generali India Life Insurance Co. Ltd., - Opp.Party(s)

Devinder Kumar Adv.

22 May 2019

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL FORUM-II, U.T. CHANDIGARH

 

Consumer Complaint  No	:	511 of 2018
Date  of  Institution	:	13.09.2018
Date   of   Decision	:	22.05.2019

 

 

 

 

 

Sangeeta Negi @ Sangeeta wife of Sh.Bhagwan Singh Negi, aged about 45 years, House No.720/16, Bapu Dham Colony, Sector 26, Chandigarh.         HaryaHarHar      

             …………….Complainant

 

Versus

 

1]  Future Generali India Life Insurance Co. Ltd., Corporate Office 001, Delta Plaza, Ground Floor 414, Veer Savarkar, Marg, Prabha Devi, Mumbai through its Managing Director.

2]  Future Generali India Life Insurance Co. Ltd., SCO No.4-5, 2^nd Floor, Sector 8-C, Madhya Marg, Chandigarh through its Branch Manager.

  

………. Opposite Parties

 

BEFORE:  MRS.PRITI MALHOTRA    PRESIDING MEMBER

                    MR.RAVINDER SINGH     MEMBER

           

Argued by :- Sh.Devinder Kumar, Adv. for complainant.

             Sh.Gaurav Bhardwaj, Adv. for OPs

 

RAVINDER SINGH, MEMBER

 

                    The complainant on being allured by agent of OPs purchased policy ‘Future Guarantee Advantage Plan’ floated by OPs and paid an amount of Rs.6000/- on 5.3.2010 and accordingly issued policy bearing No.00393659 (Ann.C-1 & C-2).  It is averred that agent of the OPs assured the complainant that she would get handsome return on the said policy after five years.  Accordingly, the complainant paid regular premium of Rs.6000/- per annum for five years against the said policy (Ann.C-3).  It is stated that after completion of five years period, the complainant approached the Opposite Parties for refund of the investment amount under the policy and deposited all requisite documents (Ann.C-4 coly.).  Thereafter, the complainant was informed by Opposite Party No.2 vide letter dated 10.11.2017 that the amount has been credited in her account (Ann.C-5), but the complainant did not receive any amount in her bank account.  It is stated that the complainant showed her bank passbook to the Opposite Party No.2 showing that no such amount has been credited in her account as informed, but the Opposite Parties paid no heed to check their record. Ultimately, the complainant sent legal notice to the Opposite Parties on 15.5.2018, but that too did not yield any result. Hence, this complaint has been filed alleging the above act of the Opposite Parties as gross deficiency in service.

 

2]       The OPs have filed reply and while admitting the factual matrix of the case, stated that the complainant has paid 5 yearly premiums totaling to Rs.30,000/- under the said policy.  It is stated that the last yearly premium was received on 4.3.2014 which was for the period from 5.3.2014 to 5.3.2015, meaning thereby the premium was paid against the policy only till 5.3.2015.  It is stated that vide renewal premium notice dated 3.2.2015 and 20.3.2015, the complainant was reminded to pay the premium due on 5.3.2015, but she failed to pay the due premium even upto the grace period of 30 days and as such, the policy was lapsed on 5.4.2015.  It is stated that the policy was fore-closed owning to the non-receipt of the premium towards the policy since 5.3.2015 and as such the policy would have no further value except as provided under the Non-Forfeiture Provisions and hence, the company dispatched a cheque dated 10.3.2017 bearing No.214910 for payment of the foreclosure amount of Rs.23,180/- to the complainant through registered post on 17.3.2017 at her address mentioned in company record.  It is stated that the said cheque was cleared from the bank account and hence there is no reason for the company to believe that the said cheque was not received by the complainant. Denying all other allegations and pleading no deficiency in service, the Opposite Parties have prayed for dismissal of the complaint.

3]      Replication has been filed by the complainant thereby reiterating the assertions as made in the complaint.

 

4]       Parties led evidence in support of their contentions.

 

5]       We have heard the learned Counsel for the complainant as well as ld.Counsel for OPs and also carefully examined the entire evidence on record.

 

6]       The complainant took the Future Guarantee Advantage Policy No.00393659 on 5.3.2010 from OPs.  The complainant paid Rs.6000/- per annum with effect from 5.3.2010 till 5.3.2014 i.e. total premium of Rs.30,000/-. 

   

7]       The OPs treated the said policy as fore-closed and prepared a cheque NO.214910, dated 10.3.2017 of foreclosed amount of Rs.23,180/- and allegedly forwarded the same to the address of the complainant as full & final payment towards the policy in question.   

 

8]       As per Future Guarantee Advantage Policy, is a saving linked insurance policy, where an individual policy account is maintained by the Company.  The allocated portion of premium paid under the policy is to be credited to the policy account and the interest declared as per the policy during the policy term shall be added to the policy account at the end of each month starting from policy commencement. 

 

9]       The Policy terms & condition under Clause 7.2(b) stipulates as under:-

        

Number of completed Policy years	Policy Year	Surrender penalty as percentage of Policy Account Value
1 year or less	1st	100%
More than 1 but less than or equal to 2	2nd	50%
More than 2 but less than or equal to 3	3rd	35%
More than 3 but less than or equal to 4	4th	20%
More than 4 but less than or equal to 5	5th	10%
More than 5	6th onwards	NIL

 

10]      The surrender value in the present case, as worked out by the OPs to be only a sum of Rs.23,180/- is not in terms of policy guidelines, referred above. It is ridiculous that the complainant has paid Rs.30,000/- @Rs.6000/- per annum with effect from 5.3.2010 to 5.3.2014, but her investment did not yield any premium thereon in her favour, rather the amount has been reduced considerably. The Opposite Parties despite opportunity given to them failed to point out the way of calculation of surrender value as worked out by them. 

 

11]      The Policy being saving linked insurance plan should not have caused any depreciation to the disadvantage of the policyholder and as such, the OPs are found to be liable to pay back the amount of Rs.30,000/- plus interest @6% per annum i.e. rate of interest on savings bank account, as prevalent in nationalized banks, to be calculated from 5.3.2015 onwards. 

 

12]      The complainant has categorically denied the receipt of any payment of Rs.23,180/-, as alleged by the Opposite Party to have been dispatched to the complainant at her address by way of cheque No.214910, dated 10.3.2017.  The OPs though have placed on record the payment certificate from HDFC Bank showing transfer of amount of Rs.23,180/- in the name of Sangeeta (Ann.R-5), but the Opposite Parties did not lead any further evidence to prove that the said amount has actually been paid to the complainant Sangeeta w/o Bhagwan Singh Negi, resident of House No.720/16, Bapu Dham Colony, Sector 26, Chandigarh.  The payment of Rs.23,180/- seems to have been credited in the name of wrong person. Thus the deficiency in service on the part of OPs is proved and liable to pay the amount to the complainant. 

 

13]      The account statement of the complainant Sangeeta Negi in Punjab National Bank, Sector 26, Madhya Marg, Chandigarh 160029 (Ann.C-6) does not contain any such entry in proof of receipt of Rs.23,180/- in her account. The Opposite Parties are responsible for making payment to the complainant and cannot absolve themselves if any amount has been, on that account, credited in the name of any other wrong person. The Opposite Parties have every right to recover back the amount, which they have wrongly paid or deposited in some other account other than the complainant. 

        

14]      Keeping into consideration the entire facts, as discussed in the preceding paragraphs, the present complaint is allowed against OPs No.1 & 2 with direction to pay an amount of Rs.30,000/- to the complainant along with interest @6% p.a. from the due date i.e. 5.3.2015 till realization and also to pay compensation of Rs.5,000/- for causing mental agony & harassment, along with litigation cost of Rs.10,000/-.

         The copy of this order be forwarded to the parties free of cost as per rules.

Announced

22th May, 2019                                                             

Sd/-

                                                           (PRITI MALHOTRA)

PRESIDING MEMBER

 

Sd/-

(RAVINDER SINGH)

MEMBER