Order-27.
Date-17/02/2016.
This is an application u/s.12 of the C.P. Act, 1986.
Complainant by filing this complaint has submitted that she migrated to Australia about 25 years back and her parents joined her at Australia in the year to stay abroad permanently.
Complainant’s father had a property at 32, Jatin Das Road, Kolkata – 700 026 and the complainant’s father decided to sell the said property in the year 2006 and intended to invest the part of the receipt as Fixed Deposit with HDFC Bank in the name of the complainant and for this the complainant’s father approached the bank executive to help him in doing the needful as the vision of the complainant’s father has been affected in the meantime.
In fact, one Arjun Banerjee claiming to be the Relationship Manager of the OP came to the house of the complainant to collect the necessary papers and cheque from the father of the complainant and he also suggested to get the signature of the complainant by sending her the form by scanning and hence the complainant’s father did not get the opportunity to look at the forms he had sent to the complainant for her signature and forwarded by electronic mail and complainant’s father as a result in good faith issued a cheque of Rs.8 lakh through Mr. Banerjee with the belief that the said amount will be invested as fixed deposit for three years and the said Mr. Banerjee promised to give the complainant’s father the necessary documents shortly before the departure of the complainant’s father for Australia and the said Mr. Banerjee personally handed over the documents to complainant two days before the departure of the complainant’s father and the complainant’s father had no opportunity to look at the document before his departure from India to Australia and complainant’s father was in completely hurry for his departure to Australia as a result whereof the complainant’s father got no opportunity to look into the papers handed over by the representatives of the OP and the complainant’s father was in complete belief that the said sum of Rs.9 lakh has been invested in fixed deposit only for three years with the OP Bank. Thereafter, complainant and her parents after lapse some period got the opportunity to look into the papers handed over by the representatives of the OP and to their utter surprise found that the said amount of Rs.8 lakhs has been invested into insurance policy of the OP for 10 years and the premium of such insurance policy is Rs.8 lakh each year. Complainant’s father repeatedly told to Mr. Banerjee that his interest is limited for 3 years in view of his advanced life and the complainant’s father wanted to exit after 3 years as the complainant would get nothing for the 1st year contribution and 50 percent for remaining 2 years contribution but to his utter shock and complete surprise the complainant found that the insurance was of 10 years maturity period and the complainant’s father was misguided by withholding the true information and further more the complainant had no idea that HDFC Bank has a sister concern namely Standard Life Insurance Company and incidentally the name of the insurance product has no lineage with information which itself was further confusing to the complainant’s father.
Immediately complainant and her father contacted from Australia over long distance telephone calls and electronic mails protesting about the inability of the complainant to pay the insurance product of 10 years at the rate ofRs.8 lakh per year as premium and on repeated requests the insurance product was reduced to Rs.2,500/- per year from Rs.8 lakhs as per the condition of the above scheme and the same has been done most illegally and clandestinely unknown to the canons of law as the intention of the complainant to invest in fixed deposit but the representatives of the OP’s totally misguided the complainant and kept the complainant completely in darkness.
Fact remains HDFC Life Insurance reduced the maturity value of the policy to Rs.2,65,000/- together with bonuses and the maturity amount would come to near Rs.5,00,000/- after 10 years and the above condition was not acceptable by the complainant simply because the amount of Rs.8 lakhs invested would have given about more than 7 lakhs by way of interest of simple interest at the rate of9 percent per year. Therefore, the OP Bank had deliberately refused to correct the situation in the interest of the complainant which is bad in law. OP Bank had not disclosed that how they have arrived at maturity value of Rs.2,65,000/- when incidentally the scheme stipulated that if the customer can exist after 3 years when the 1st year contribution would be taken as ‘O’. After the expiry of six years of continuous efforts of the complainant OP Bank agreed on their own volition and will and cancelled the policy and agreed to refund back the invested amount of the complainant but despite continuous representations or reminders the OP Bank have refused to pay the bonus/interest earned/accrued out of the money they have retained with themselves and used by the OP for 7 years. In fact, OP Bank in a derogatory manner and illegal manner invested the money in HDFC Life Insurance Policy wherein it was required to pay premium of Rs.8 lakhs per year for the next 10 yers and the maturity value of the policy on the basis of the above policy/contribution would have been 1crore (approx) which was quite impossible for the complainant to pay.
Complainant was again shocked to receive bond document without showing any calculation, insurance coverage of Rs.2,49,000/- as against 64 lakhs as envisaged in the original proposal and based on Rs.2,49,000/- insurance value the fund value today is Rs.4,18,000/- as confirmed by HDFC Life with all bonuses like revision of bonus, terminal bonus, complainant will get a sum of Rs.5 lakh on maturity.
In fact, it is a gross deficiency on the part of the OP who rendered service to the complainant so the complainant is entitled to get the compensation of Rs.10,00,000/- for causing harassment and mental agony and interest over the amount and further redressal.
On the other hand, OP Bank by filing written statement submitted that the complainant relied upon the documents which pertains to HDFC Life, a separate legal entity having office situate at Ground floor, Menoka Estate,3, Red Cross Place, Kolkata – 700 001. In fact OP is a Bank not HDFC Life Insurance Company so complainant has bought all allegation about the purchasing of insurance policy not about any fixed deposit.
Truth is that the entire transaction was made in the year 2006-07. Thereafter, after lapse of 7 years complainant filed this complaint against the Bank with whom there is no relationship of consumer and service provider with OP HDFC Bank. Moreover it is submitted that allegation as made by the complainant against the OP is completely false and fabricated and misleading one and truth is that against HDFC Life complainant has not brought any allegation but fact remains in the meantime complainant has already cancelled that policy No.11261226 and received the entire amount of Rs.815167 on 07-10-2013 so under any circumstances, the complainant’s complaint is completely false and vexatious and with some ill motive the complaint is filed to grab more money. Furthermore, complainant has so many policies and in addition to the above policy complainant invested, some other policies and have been paying money.
Further on perusal of account of the complainant being No.00221000251379 reveals that complainant subsequently paid premium to insurance company time to time in between 2008-2013 so, all other allegations are established false and fabricated and only for grabbing money and with some false allegation complainant has filed this complaint.
Moreover, complainant is wel-aware of the policy terms and factor and knowing fully well that they invested it not only in that case but in some other cases they invested and all other policies were also cancelled and got refund of money and one policy is still continuing by the complainant with the insurance company HDFC Life insurance. Fact remains bank never rendered any insurance to the complainant not received any service charge for alleged insurance service and also complainant has not brought any allegation against the insurance company. Insurance Company is not made a party for which the complaint is liable to be dismissed with cost as it is a frivolous and fabricated complaint.
Decision with Reasons
On careful consideration of the complaint and the written version and also considering the documents filed by the complainant and also the argument as advanced by the Ld. Lawyer of the parties it is found that Santo Lobo purchased one policy from HDFC Standard Insurance Company on 11-09-2007 on payment of Rs.8 lakh and premium was adjusted on 03-09-2007. Thereafter, complainant received policy document further from the document filed by the complainant it is found that endorsement to the policy no.11261226 and from that document it is found that with effect from 03-09-2004 complainant changed the instalment and sum assured and accordingly changed mandate schedule of the benefits was sent to the complainant and that was also filed.
Considering that document i.e. endorsement of the policy no.11261226 dated 27-08-2008 it is clear that the complainant took that policy which was effective from 03-09-2007. Thereafter, he prayed for amended schedule of benefits which was also considered and allowed and amended schedule of benefits in respect of the said policy i.e. 11261226 was changed and came into effect from 03-09-2008 that means complainant purchased the policy knowing fully well. Thereafter, she prayed for amended schedule of benefits that was also allowed on 03-09-2008 and it was reported to the complainant on 27-08-2008.
Subsequently, complainant prayed for change of nominee that was also allowed by the insurance company and that letter was received by the complainant on 10-12-2010 that means complainant accepted that policy up to 10-12-2010 for changing schedule of benefits in the year 2009 nominee’s name was changed on 10-12-2010 that was allowed. Moreover, subsequently complainant prayed for cancellation of the said policy and ultimately said policy was cancelled by the insurance company and complainant was paid the total amount of Rs.8,15,107/- on 07-10-2013.
Taking into consideration of the entire facts and materials it is clear that complainant knowing fully well of the investment in the insurance paid a sum of Rs.8 lakh and insurance policy no.11261226 dated 18-09-2007 was issued and that was received by the complainant that is admitted and thereafter complainant was not sitting idle but he changed the amended schedule of the benefits and that was allowed by the insurance company on and from 03-09-2008 and endorsement to said policy number was received by the complainant. Thereafter, complainant prayed for change of nominee that was allowed on 10-12-2010. Complainant received that letter also then it is clear that from 2007 to 2010 complainant was wel-aware of the continuation of the policy so complainant took such step but ultimately prayed for cancellation and complainant received the settlement amount on cancellation of the said policy no.112611226 on 07-10-2013.
Most interesting factor is that complainant purchased other policies from the HDFC Life Insurance being policy no.13763220 which was surrendered and complainant received the surrender value of Rs.5,11,629/- which was received by the complainant on 24-12-2014. Complainant had another policy with the HDFC Life Insurance being policy No.13906328 having surrender value of Rs.2,94,399/- and that was also received by the complainant on 24-12-2014, further it is found that complainant has a continuing policy no.16761873 started on 30-03-2014 only one year paid Annual Premium Rs.99,999/- (pension Super plus). HDFC Life Insurance company has filed a number of transaction in respect of the insurance policy with the HDFC Life Insurance if it is taken into consideration in that case it is found that complainant is a very learned man knowing fully well of amended benefit of the insurance policy and purchased another policy from the insurance company not from the present bank and there is no such paper that the present bank issued the policy. On the contrary it is proved that all the policies transaction, communication letter was made by the complainant with the HDFC Standard Life Insurance Company but not with the HDFC Bank. So, the entire claim of the complainant is false, fabricated and at the same time the disputed policy has been cancelled by the complainant and complainant received the surrender value of Rs.8,15,107/- on 07-10-2013 and that conduct of the complainant simply proves that with some false motive and purpose complainant filed this complaint against bank but bank has not played any role at all and there is no such document produced by the complainant that complainant deposited the application form or etc. to the bank authority and banking authority issued the policy. On the contrary it is proved that complainant has a bank account with the HDFC Bank being No.00221000251379 and from that account complainant staying at Australia issued instruction to the HDFC Life and HDFC Life deducted premium from time to time in between 2008 to 2013 then it is proved that the allegation of the complainant is completely false against the HDFC Bank.
Fact remains complainant’s allegation is for not getting compensation or interest for last 7 years from the insurance company if that is the allegation which allegation was also submitted before the Assistant Director, Consumer Affairs Department and that allegation was also against HDFC Life Insurance policy not against the HDFC Bank and that complaint was filed by D.P. Guha on 28-02-2014 after receiving the settlement amount in respect of the cancelled policy no.11261226.
Most interesting factor is that the complainant is a very intelligent lady and now she is NRI and she was applied for one after another policy and opened the policy and cancelled the policy received the settlement amount thereafter opened one Super Pension plus. So, fact remains the entire allegation and story as enumerated the complainant is completely concocted one and only for the purpose of grabbing some money the complaint is filed long after purchasing the policy and amended schedule of the policy and change of name of the nominee in the year up to 10-12-2010 and if actually complainant had any grievance and complainant was deceived after receiving the said policy then there was no ground for the complainant to file application to the insurance company for amended schedule of benefits prior to 03-09-2008. But peculiar factor is that after receipt of the amended schedule of benefit with effect from 03-09-2008 she waited for 2 years and, thereafter, prayed for change of nominees on 10-12-2010 and that was allowed. Then she got such amendment of schedule of benefits and also for changing the nominee of the same. So, it is clear that complainant knowing fully well purchased the policy and it is a just policy. She also purchased other two policies prior to that those policies have been cancelled by the complainant. Complainant received cancelled amount not very recently but on 07-10-2013 and also cancelled other two policies bearing No.13763220 and 13906328 and received the entire surrender value on 24-12-2014 and after receiving such sort of amount from insurance field invariably with the help of some unscrupulous person the complainant has filed this complaint but complainant did not hire any service by paying any charges for purchasing any policy from the OP Bank.
Truth is that HDFC Bank and HDFC Standard Life Insurance Companies are two different companies. Present OP deals in banking business and HDFC Standard Life Insurance deals in insurance business but even then insurance company is not made party knowing fully well that the complaint of the complainant shall be proved false against insurance company so, with the help of some unscrupulous person complainant filed some vexatious and false claim only to harass the HDFC Bank. No doubt there was/is no legal or justified ground against HDFC when complainant is not a consumer under the OP Bank.
Moreover, the complainant continued that policy but did not file any allegation that he did not receive policy, receive amended schedule of benefit of the policy up to 2010. But policy was issued and documents are in the hands of the complainant since 11-09-2007 till filing of the case on 25-03-2015 but her cause of action arose on 11-09-2007. But at the time of filing this complaint the complaint is no doubt hopelessly barred by limitation and for condonation of delay complainant did not file any application u/s.24A of the C.P. Act for which from very inception of the complaint, complaint is hopelessly barred by limitation and in view of the settled principle of law the present complaint is barred by limitation and so such sort of admitting complaint by this Forum is illegal and void even if it was admitted by this Forum and such sort of illegal admission of the complaint by the Forum cannot be validated only for admitting it by this Forum and that is that position of the law.
Furthermore Ld. Law of the OP submitted that as there was communication so the cause of action shall be continued if there is any further communication but peculiar factor is that up to 10-12-2010 complainant one after another application filed, changed the nominee, changed the schedule of benefit etc but grievance was not against the bank or insurance company but Ld. Lawyers for the complainant tried to convince that there was letters and answers by the OP so last answers shall be treated as a cause of action but that is completely an invalid proposition of law and law is that for any subsequent communication and answers cause of action shall not be continued and in this cause of action arose on and from 11-09-2007 but complainant thought cause of action arose against the bank but not against HDFC Standard Life Insurance then it is clear that Ld. Lawyer for the complainant did not go through the documents and submitted misleading argument before this Forum whatever it may be it is proved that there was no cause of action against OP HDFC Bank and entire complaint is filed by inserting hoax, false and fabricated story and it is no doubt vexatious in nature and only to harass the OP when the complainant is not a consumer under the OP in respect of this allegation and the allegation as made against the OP is also concocted, only for the purpose of grabbing money.
In the light of the above observations we are convinced to hold that complainant is not a consumer under the OP in respect of the above claim and entire allegation is against the HDFC Standard Life Insurance Company when HDFC Bank never sold that policy to the complainant and about that policy complainant had no grievance upto 2010 though she purchased it on 2007 but all on a sudden filed this complaint for grabbing money. Moreover, the complaint is barred by limitation. Complainant is not a consumer under the bank and at the same time it is nothing but a byproduct of the complainant for the purpose of harassing the OP and also for grabbing some money but her entire efforts is found falsified by her own act which is vividly described in the body of the judgment.
In the result the case fails.
Hence,
Ordered
That the case be and the same is dismissed on contest with a penal cost.
Complainant is to pay penal cost of Rs.10,000/- within one month from the date of this order failing which for non compliance of the Forum’s order and for non-depositing of the penal cost at the rate of9 percent p.a. interest shall be assessed over the same till full satisfaction of the decree and further if complainant fails to comply that order penal proceeding shall be started against the complainant.
