Date of filing : 28-12-2014
Date of order : 23-09-2014
IN THE CONSUMER DISPUTES REDRESSAL FORUM, KASARAGOD
CC.341/2012
Dated this, the 23rd day of September 2014
PRESENT:
SMT.P.RAMADEVI : PRESIDENT
SMT.K.G.BEENA : MEMBER
SMT.SHIBA.M.SAMUEL : MEMBER
Murali Kavvayi, : Complainant
S/o.Gopalakrishnan, R/at Molothumkuzhi,
Kavvayi, Po.Kanhangad.671315 Rep. by his
Power of Attorney Holder, Shivaprasad,
S/o.Seetharam, R.at Sreeprasadam, Chedi Road,
Uppilikkai, Nileshwar, Hosdurg Taluk.
(In Person)
H.D.F.C Standard Life Insurance Co. Ltd, : Opposite party
Rep. by its Managing Director,
Ramon House, H.T.Prakash Marg, 169,
Backbay Reclamation, Mumbai.400020.
(Adv.Saji Isac.K.J, Cochin)
O R D E R
SMT.SHIBA.M.SAMUEL, MEMBER
The case of the complainant is that he hails from an ordinary family and went to UAE and joined for job in the year 2005 for meager salary. The agent of opposite party approached him at U.A.E and introduced the opposite party company about an unique opportunities for investment by name ‘Unit Linked Endowment’ and assured on behalf of the opposite party that a one time investment in the scheme will provide 40% growth in every year and the investor can withdrew each amount after 3 years, the growth rate will be in the same rate of 40% per annum. By believing the offer and assurance of the opposite party, the complainant paid his hard earned money of Rs.50,000/- to the opposite party in the year 2007 and he could come back to his residence in the year 2012 that time only he saw the documents. The opposite party ought to have sent the documents in the name of the complainant in the UAE address. Thereafter when he enquired about the amount to the opposite party to his utter dismay and desperation. Opposite party told that the amount was lapsed which resulted in great mental shock and agony and the acts of the opposite party amounts to unfair trade practice and deficiency in service.
2. Notice to opposite party was served and he appeared through counsel and filed version. In the version opposite party contended that the complainant had taken the HDFC unit linked policy based on the proposal form and the complainant himself had opted the payment interval of the policy. The policy will lapse and the unitized fund value at the date of lapse less the surrender charge and other charges as specified in the policy will be paid to the policy holder. The opposite party had sent the policy to the mailing address of in which the complainant had requested the documents to be sent while submitting the proposal. The policy taken by the complainant was for a term of 10 years with a half yearly premiums of Rs.50,000/-. The complainant had accepted the policy after agreeing to the terms and conditions of the policy. After having taken policy, the complainant further had an “Option to Return” the policy within a period of 15 days on receipt of the policy. After accepting the policy the complainant is bound by the terms and conditions of the policy. The complainant inspite of obtaining the policy and the letter, did not exercise his option to return and hence opposite party is not liable to return the amount and there is no deficiency in service on the part of opposite party.
3. The complainant’s Power of Attorney Holder was present and examined as PW1 and Exts A1 and Ext.B1 marked.
4. The issues raised for consideration are
1 Whether there is deficiency in service on the part of opposite party?
2 If so, what is the relief?
5. Issue No.1. While going through the testimony of the Power of Attorney Holder of the complainant and the exhibits marked, it was proved that the complaint on the basis of the offer and assurance of the opposite party had paid his hand earned money of Rs.50,000/- to the opposite party in the year 2007. The agent of opposite party assured that one time investment in the scheme will provide 40% growth in every year and the investor can withdraw such amount after 3 years and if the investor continues for further years and growth rate will be in the same rate of 40% per annum. The opposite party while cross examining the PW1 asked a specific question that on the 24th page of Ext.B1 that is the policy documents shows that opposite party has to communicate the complainant through his residential address and opposite party had sent the documents in that address as agreed by the complainant. But it is highly pertinent to note that the policy was taken by the complainant from abroad and all the particulars in each columns of the Ext.B1 is filled by none other than the agent of opposite party. The complainant saw the documents only when he re ached his native place in the year 2012 April. Opposite party had tried to defraud unlawful gains. The agent of the opposite party never disclosed the real terms and conditions of the policy and the policy documents are typed in unicroscopic letters which cannot be a readable mode. Since Ext.A1 is not served on the complainant in his official address he was denied his right to utilize his ‘option to return’ in time. And moreover, opposite party failed to establish the contra evidence to the fact that the complainant reached his native place only in the year 2012 and he did not had any opportunity to know about the terms and conditions stipulated in Ext.A1. It is very common that in all similar case, the agents will be misleading the customers by making false representation and promises to make unlawful gain for the insurance company by concealing the real terms and conditions. So it is highly necessary to interfere in such matters and in this case then act of the opposite party amounts to deficiency in service from their part.
Hence considering the damages sustained by the complaint we are of the opinion that the opposite party is directed to pay an amount of Rs.50,000/- with interest thereon at 12% per annum from 09-08-2007 that is the date of issuance of policy till realization of amount. The opposite party further directed to pay a an amount of Rs.10,000/- as compensation and an amount of Rs.3000/- as cost of the proceedings. Time for compliance is limited to 30 days from the date of receipt of copy of the order.
Sd/- Sd/- Sd/-
MEMBER MEMBER PRESIDENT
Exts.
A1.Policy. No.11214195
B1.Certified true copy of policy.No.11214195
PW1. Shivaprasanth.
Sd/- Sd/- Sd/-
MEMBER MEMBER PRESIDENT
Pj/
Forwarded by order
SENIOR SUPERINTENDENT
