BEFORE THE DISTRICT CONSUMER DISPUTES

REDRESSAL COMMISSION, JALANDHAR.

Complaint No.35 of  2021

      Date of Instt. 27.01.2021

      Date of Decision: 28.05.2024

Col. Sharad Dhindaw s/o Amar Kumar Dhindaw HQ 11 Corps Artillery Brigade SDS PIN-928011 C/O 56 APO Resident of:- 161 New Defence Colony, near Deep Nagar, Jalandhar Cantt.

..........Complainant

Versus

1.       ICICI Prudential Life Insurance Company Limited ICICI         Prulife Towers, 1089, Appasaheb Ma Prabhadevi, Mumbai,          Maharashtra, PIN-400025

2.       ICICI Prudential Life Insurance Company Limited 1 floor, plot         no. 22-23, PS Jain Commercial Center, GT Road, Jalandhar-   144001

….….. Opposite Parties

Complaint Under the Consumer Protection Act.

Before:        Dr. Harveen Bhardwaj             (President)

                   Smt. Jyotsna                            (Member)

                   Sh. Jaswant Singh Dhillon       (Member)   

Present:       Sh. Karan Kalia, Adv. Counsel for the Complainant.

                   Sh. Gautam Kumar, Adv. Counsel for the OPs.

Order

Dr. Harveen Bhardwaj (President)

1.                The instant complaint has been filed by the complainant, wherein it is alleged that in the year of 2010, the complainant was posted as Director, Army Recruiting Ludhiana, wherein, in the same year the complainant approached before the officials of the OPs through one of their agents in respect of the life insurance namely, ICICI Prudential Life Stage Pension Ad UIN 105L100V01 Insurance policy with them vide Policy No.13982211 and in respect of the above mentioned life insurance disbursed a premium amount of Rs. 10,000/- monthly. The complainant in furtherance of the said policy and to continue the said policy had been making regular payments of Rs.10,000/- every month from his saving bank accounts In Jalandhar On 11/05/2020 the complainant received an email from the OPs stating that "on maturity of the policy, the policy fund value will be transferred to an annuity plan through which the complainant will get annuity income as per his choice." On the same day the complainant intimated the OPs through email dated 11/05/2020 that "I do not wish to opt for any option for maturity. Please transfer the entire maturity amount to my Saving Bank Account." The Complainant in order to get the proper and facilitated matured amount of Rs.19,72,138.46, approached before the OP No.2 in the month of July 2020, as there was movement restrictions due to imposition of Lock-down in the State of Punjab due to COVID-19 Pandemic, wherein in utter shock and dismay the complainant got to be notified by the OP No.2 that the aforementioned policy has been converted into pension scheme without any prior consent of complainant which is utterly unprofessional and a clear proof of unfair trade practice. The complainant being deprived of the proper and facilitated said maturity amount, in respect of the denial of the aforementioned services, the complainant notified to the OPs through various emails dated 6/7/2020, 8/7/2020, 10/7/2020, 15/7/2020 to disburse his maturity amount to his ICICI Savings Account, however the opposite parties did not provide any constructive reply to the complainant and did not disburse the maturity amount which the complainant is entitled to. The complainant served a legal notice dated 12/9/2020 to the OP No.1 through his counsel to which the counsel of the complainant received a copy of the reply dated 27/11/2020 and a rejoinder to the said reply dated 27/11/2020 was issued on 24/12/2020. Deprived of the proper and facilitated procurement the complainant again and again intimated/approached the OPs by way of the telephonic conversation and by way of electronic mail conversation in order to solve the said issue/dispute in order to clearly convey to the opposite party to make the payment of the entire maturity amount of the policy to the complainant. However, the officials of the OPs have not provided proper Services to the complainant by not releasing the maturity amount of the complainant. The above mentioned dispute clearly states that there was negligence and deficiency on the part of the OPs and as such, necessity arose to file the present complaint with the prayer that the complaint of the complainant may be accepted and OPs be directed to pay back to the complainant the refund of the matured amount of Rs.19,72,138.46/- along with interest to the tune of 18% per annum starting from 2/6/2020 (i.e. from the date when the policy was matured) till it's realization. Further, OPs be directed to pay a compensation of Rs.10,00,000/- for causing mental tension and harassment to the complainant and Rs.33,000/- as litigation expenses.

2.                Notice of the complaint was sent to the OPs, who filed reply and contested the complaint by taking preliminary objections that the present Complaint filed by the complainant is totally false, frivolous and vexatious and is gross misuse of process of law. Thus, the same is liable to be dismissed out rightly. It is further averred that the present complaint filed by complainant is also not maintainable either on merits or as per law and is liable to be out rightly dismissed. The present complaint has been filed by the complainant on mere conjectures and surmises. The contents of the complaint are wholly misconceived, vexatious, misleading, misrepresented, unsustainable, false, frivolous and are nothing but a flagrant abuse of the process of law. It is submitted that there even though there is no fault on the part of the OPs as complainant has failed to choose the pension option before maturity of first policy and also opted transfer of fund of Rs.2 Lakh from first policy to his second policy, OPs as a gesture of goodwill & only as a special case is ready and willing to pay the balance maturity amount of Rs.17,68,502.68/-in policy bearing no.13982211 and also agreed to cancel policy bearing no.84047353 in accordance with the terms of the Policy Contract and therefore, no case is made out against the OPs under the provisions of the Consumer Protection Act, 2019. It is further averred that the present Complaint is therefore, liable to be dismissed in limine with exemplary costs, for dragging a reputed and highly acclaimed Insurance Company in an unnecessary, unwanted and speculative litigation. It is further averred that the complainant has not come with clean hands before the Commission. The Complainant has concealed and suppressed the material and relevant facts of the case before this Commission. The complainant has with malafide and dishonest intention has concealed certain material facts and has also twisted and distorted the same to suit his convenience so as to mislead this Commission. It is further averred that the complaint filed by the complainant lacks of any material facts and it has been filed merely to harass and gain undue advantage and unjustified money from OPs company which have a high standing and reputation in the industry. Furthermore, there are no issues prevailing as alleged by the Complainant in the present complaint. The complainant has filed the present complaint solely on the basis of a concocted story in order to gain unlawful monies from the OPs. Thus, the same is liable to be dismissed with cost upfront. On merits, it is admitted that the complainant filed an application for issuance of the first policy bearing No.13982211and it is also admitted that the date of commencement of the policy was 02.06.2010. It is also admitted that the premium of Rs.10,000/- was to be made and this policy was to be matured on 02.06.20203, but the other allegations as made in the complaint are categorically denied and lastly submitted that the complaint of the complainant is without merits, the same may be dismissed.         

3.                 Rejoinder to the written statement filed by the complainant, whereby reasserted the entire facts as narrated in the complaint and denied the allegations raised in the written statement.

4.                In order to prove their respective versions, both the parties have produced on the file their respective evidence.

5.                We have heard the learned counsel for the respective parties and have also gone through the case file as well as written arguments submitted by counsel for the OPs very minutely.

6.                It is admitted that the complainant filed an application for issuance of the first policy bearing No.13982211. It is also admitted that the date of commencement of the policy was 02.06.2010. It is also not disputed that the premium of Rs.10,000/- was to be made and this policy was to be matured on 02.06.2020. The complainant has proved the policy Ex.C-2 and the policy certificate Ex.C-3. The due date for last premium was 02.05.2020. As per the complainant, he received an email Ex.C-3 to the effect that the policy No.13982211 is maturing on 02 June 2020. The current fund value of the policy is Rs.19,33,845.91. It has further been mentioned in the email that on maturity the policy fund value will be transferred to an annuity plan through which he will get annuity income. The complainant gave reply to the email alleging that he does not want for any option on maturity and made request to transfer the maturity amount to his saving bank account number. He kept on sending emails to the OPs to process his case for refund of maturity amount. All these emails have been proved from Ex.C-5 to Ex.C-8 which also consist the reply by the OP. As per the reply given by the OP Ex.C-6, as per the process once the policy is vested, customer needs to register for an annuity and as per the record the policy cannot be surrendered after maturity since the same has been matured, therefore, this cannot be surrendered.

7.                The OPs on the other hand stated that the complainant was well within the knowledge that he has taken the insurance policy having pension plan, but he did not raise any request for cancellation of the policy. As per the terms and conditions, the complainant had to chose the pension option, but he did not chose the same. He again took another policy bearing No.84047353 on 29.10.2020 with a premium amount of Rs.2,00,000/-, which was required to be paid on yearly basis for a period of seven years. Second policy was with the consent of the complainant. The complainant himself has given the consent for the same, which has been proved as Ex.OP1/7. Ex.OP1/7 is the application for the policy of electronic insurance account, but the complainant has denied the fact. He has alleged that he had never given any consent to the OP to issue second policy.

8.                From the above said facts and admitted facts, it is proved that the complainant purchased a policy bearing No.13982211 for 10 years and it matured in the year 2020. Another policy was allegedly purchased by the complainant for which he paid Rs.2,00,000/- and thereafter he was to make the payment for seven years, which he did not pay and the policy is still going on. As per the contention of the OP, the complainant did not cancel the policy within the lock up period, therefore, now it cannot be cancelled, but at the same time, this fact is proved that the complainant had not paid the premium and only Rs.2,00,000/- has been given to the OPs and the second policy was allegedly purchased during the Covid period and the complainant being Army Officer, his movement was restricted. It is also proved that the complainant did not wish to take any annuity plan, he wanted to get his amount transferred in his saving account, which has already matured. Ex.C-10 is the reply to the notice given by the OPs to the complainant. Vide this letter, the OPs had agreed to pay the entire maturity amount of Rs.19,68,502.68 under the policy on his request, but at the same time, the OP had mentioned that as per the request of the complainant partial maturity amount of Rs.2,00,000/- was utilized for issuance of new policy bearing no.84047353 with signed consent. In such circumstances, as per this letter, the OPs were ready to pay the balance amount of Rs.17,68,502/- after deduction of Rs.2,00,000/- as a premium for another policy. Perusal of Ex.C12 shows that the complainant has made request to cancel the policy No.84047353 and no further premium was ever paid by the complainant. Ex.C13 and Ex.C14 have been proved as fund statement of the complainant. Once the complainant was not interested to continue with the policy, he cannot be forced to continue. The same should have been cancelled, but it was not cancelled. Thus, from the overall circumstances, the complainant is entitled for the amount deposited by him.

9.                In view of the above detailed discussion, the complaint of the complainant is partly allowed and OPs are directed to refund the mature amount of Rs.19,72,138.46 alongwith interest @ 6% per annum from 02.06.2020 i.e. the date when the policy was matured, till its realization. Further, OPs are directed to pay a compensation of Rs.10,000/- as compensation for causing mental tension and harassment to the complainant and Rs.5000/- as litigation expenses. The entire compliance be made within 45 days from the date of receipt of the copy of order. This complaint could not be decided within stipulated time frame due to rush of work.

10.              Copies of the order be supplied to the parties free of cost, as per Rules. File be indexed and consigned to the record room.

Dated          Jaswant Singh Dhillon    Jyotsna               Dr. Harveen Bhardwaj     

28.05.2024         Member                          Member           President