DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, BARNALA, PUNJAB.
Complaint Case No: 2146/2015
Date of Institution: 21.12.2015
Date of Decision: 06.04.2016
Bikramjit Singh, aged about 63 years son of Shri Mahan Singh, resident of # B-VII/65, Bhathlan Street, Barnala, now at Street No. 1, Shakti Nagar, Bajakhana Road, Barnala, District Barnala, Punjab.
…Complainant
Versus
1. HDFC Standard Life Insurance Registered Office: Ramon House, H.T. Parekh Marg, 169, Backbay Reclamation, Mumbai 400020 through its Managing Director;
2. HDFC Bank Ltd., Branch College Road, Barnala, Punjab, through its Branch Manager.
…Opposite Parties
Complaint Under Section 12 of Consumer Protection Act, 1986.
Present: Sh. G.S. Gill counsel for the complainant
Opposite parties exparte.
Quorum.-
1. Shri S.K. Goel : President.
2. Sh. Karnail Singh : Member
Ms. Vandna Sidhu : Member
ORDER
(BY SHRI S.K. GOEL, PRESIDENT):
The complainant namely Bikramjit Singh has filed the present complaint under Consumer Protection Act (hereinafter referred as Act) against the HDFC Standard Life Insurance and HDFC Bank Ltd. (hereinafter referred as opposite parties).
2. The facts leading to the present case are that the complainant intended to purchase Insurance Policy of opposite party No. 1 under HDFC Personal Pension Plan and therefore the complainant approached to opposite party No. 2 being agent of the opposite party No. 1 and paid an amount of Rs. 10,000/- on 24.1.2005, which was a first premium and receipt was issued by the opposite party No. 1 on 8.2.2005. The opposite party No. 1 also sent the insurance policy No. 10171761 to the complainant vide its letter bearing reference No. 10171761 dated 8.2.2005. It is further averred that the complainant paid three installments of Rs. 10,000/- each in respect of the above said policy. It is also stated that the status of the said policy was converted to paid up as per letter dated 11.2.2008 by opposite party No. 1. It is further submitted that thereafter the complainant received letter dated 1.12.2014 under the heading of Annuity Kit Policy No. 10171761 from opposite party No. 1, wherein the complainant was informed about his vesting proceeds amounting to Rs. 38,193/-.
3. It is alleged that the complainant was not satisfied with the service of opposite party No. 1, he wrote a letter dated 12.2.2015 to opposite party No. 1 and surrendered his policy mentioned above alongwith all relevant documents and requested to opposite party No. 1 to do the needful. It is further alleged that thereafter the complainant received a letter dated 1.5.2015 from opposite party No. 1 informing him that the above noted policy had matured on 24.1.2015 with his vesting proceeds amounting to Rs. 38,193/-. However, duly filled Annuity application for the disbursement of annuity income of the complainant was not received by opposite party No. 1. Thereafter, the complainant wrote a letter to opposite party No. 2 and submitted that he is maintaining his Saving Account No. 55151290798 with State Bank of Patiala, DAC Branch Barnala and requested to refund the amount. It is further submitted that IFSC Code of DAC Branch Barnala of State Bank of Patiala is STBP0001223 and Branch Code of the said Branch is 001223. However, the complainant received another letter dated 1.6.2015 from opposite party No. 1 informing the complainant that the above said policy had matured on 24.1.2015. However, the opposite parties failed to pay the amount to the complainant. The complainant served a legal notice upon opposite party No. 2, but the opposite party No. 2 gave a vague reply dated 15.9.2015 to the said notice. It is further submitted that thereafter the complainant visited the opposite party No. 2 many times and requested to refund the amount, but all in vain. Hence, the present complaint is filed seeking the following reliefs.-
To pay Rs. 38,194/- alongwith upto date interest thereon @ 18% per annum to the complainant.
To pay Rs. 1,00,000/- as compensation and Rs. 20,000/- as litigation expenses.
3. Notice of this complaint issued to the opposite parties, but they did not appear and were proceeded against exparte.
4. In order to prove his case, the complainant has tendered into evidence copy of premium receipt Ex.C-1, copy of policy Ex.C-2, copy of pension regular premium Ex.C-3, copy of paid up status Ex.C-4, copy of Annuity Kit policy Ex.C-5, copy of withdrawal letter Ex.C-6, copy of receipt Annuity Policy Ex.C-7 and Ex.C-8, copy of letter of surrender of policy Ex.C-9, copy of notice Ex.C-10, copy of postal receipt Ex.C-11, copy of reply of notice Ex.C-12, copy of notice Ex.C-13 and receipts Ex.C-14 & Ex.C-15, affidavit of complainant Ex.C-16 and closed the evidence.
5. We have heard the learned counsel for the complainant and have gone through the record.
6. In order to prove his case, the complainant has placed on record his detailed affidavit Ex.C-16, wherein he reiterated his stand as taken in the complaint. In his affidavit he is specifically stated that he paid three installments of Rs. 10,000/- each in respect of the policy. He also specifically stated that he received a letter dated 1.12.2014 under the heading of Annuity Kit Policy No. 10171761 from the opposite party No. 1, wherein he was informed about his vesting proceeds amounting to Rs. 38,193/-. He also specifically stated in his affidavit that the above said policy had matured on 24.1.2015 with vesting proceeds amounting to Rs. 38,193 and he also surrendered his policy with all relevant documents for the disbursement of the said amount. He also stated that till today the said amount was not refunded to him. To support his case, further he has placed on record first premium receipt showing deposit of Rs. 10,000/- Ex.C-1 and Ex.C-2 is the policy No. 10171761 issued by the opposite party No. 1 in favour of the complainant. Standard Policy Provisions condition No. 3, which is part of Ex.C-3 shows that in the event of payment of premium for three years then there was a guaranty of minimum surrender value. Ex.C-4 is the letter from opposite party No. 1, which shows that the complainant has paid premiums for three years, so they have converted his policy to a “paid up policy” and assured the sum to the tune of Rs. 31,073/- with effect from 24.1.2008. Ex.C-5 is also a letter from opposite party, wherein it is mentioned that the policy will mature on 24.1.2015 and vesting proceeds amount will be to the tune of Rs. 38,193/-. Ex.C-9 is the copy of letter of surrender of policy to the opposite party for surrendering his policy and requesting for returning the due amount. It is also the case of the complainant that since the opposite parties failed to pay the amount, so a notice Ex.C-10 was given to the opposite parties. Even the opposite parties failed to make the payment, therefore the complainant served a legal notice through Sh. Gurmel Singh Gill Advocate on 3.10.2015 Ex.C-13 demanding the amount of Rs. 38,193/- alongwith interest and compensation. This notice was not replied by the opposite parties.
7. It is also worth mentioning here that both the opposite parties failed to appear to contest the case despite their service. This shows that the opposite parties did not choose to contest the case.
8. Keeping in view the cogent and documentary evidence, we are of the opinion that the complainant has succeeded in proving his case. Therefore the present complaint is accepted against the opposite party No. 1 to the extent that the complainant is entitled to amount of Rs. 38,193/- and the opposite party No. 1 is directed to pay the said amount alongwith interest @ 10% per annum from the date of maturity. Since the complainant was harassed by the opposite parties, therefore the opposite party No. 1 is further directed to pay Rs. 5,000/- as compensation and Rs. 2,100/- as litigation expenses to the complainant. This order shall be complied with within 30 days from the date of the receipt of this order. Copy of this order be supplied to the parties free of costs. The file be consigned to the records.
ANNOUNCED IN THE OPEN FORUM:
6th Day of April, 2016
(S.K. Goel)
President
(Karnail Singh)
Member
(Vandna Sidhu)
Member
