1) Sri Ashesh Kumar Bhattacharyya,
DL 129/7, Salt Lake, Kolkata-91. Complainant
Versus
1) ICICI Prudential Life Insurance Co. Ltd.,
ICICI Prulife Towers, 1089, Appasahed
Marathe Marg, Prabhadevi Mumbai-400025 and
The Millennium, 6th floor,
235/2A, AJC Bose Road, Kolkata-20,
P.S. Shakespeare Sarani. Opposite Party
Present : Sri Sankar Nath Das, President.
Smt. Samiksha Bhattacharya, Member
Order No. 17 Dated 13/01/2014.
The case of the complainant in short is that on or about 15.6.07 o.p. issued a Life Time Super Policy being no.05484134 in the name of Angsuman Bhattacharyya, then minor son of the complainant for a term of 10 years with annual premium of Rs.1 lakh. Policy document shows that after deduction of premium allocation charges amounting to Rs.18,000/- the balance amount of Rs.82,000/- has been invested in “Flexi Growth Fund” at the then NAV of Rs.10.93 and accordingly 7502.287 units were allocated and after deduction on account of mortality charges net 7497.98 units were credited in the complainant’s son’s account. Second premium was paid on 3.9.08 and total units increased to 15529.2127. On 15.9.09 complainant received a letter from o.p. to inform the complainant that they have not received the premium which was due on 15.6.09. Due to unforeseen circumstances complainant missed the premium due on 15.6.09 as well as the premium due in the year 2010. Finally those two premiums were paid on 20.5.11 ad 23.5.11 vide cheque nos749163 and 749164 drawn on ICICI Bank for Rs.1 lakh each, but on 17.6.11 the complainant received a letter from o.p. along with one cheque drawn on ICICI Bank for Rs.90,567.09 issued in favour of the complainant. The complainant never encahsed the aforesaid cheque. Subsequently, complainant received another letter dt.30.9.11 enclosing another cheque of Rs.1 lakh therein stating that this is refund of excess premium towards the policy in question which was never encashed by complainant. Complainant alleges that o.p. has wrongly foreclosed the policy in contravention of the provision under the policy document. In the present case the yearly premium has been duly paid within two years. Complainant had paid 3 yearly premiums, may be delayed, then no question of forecloser has been arisen. Then the complainant referred the matter to the insurance ombudsmen. It is unfortunate that the said authority has expressed their inability vide their letter dt.28.10.11. Therefore complainant filed the instant case with prayer third annual premium of Rs.1 lakh due on 20.5.11 be invested as per NAV and units be allocated accordingly; to get time for payment of fourth annual premium along with compensation and litigation cost.
In their w/v o.p. denied all material allegations stated interalia that the prayer made in the complaint by the complainant is beyond the scope and ambit of the jurisdiction of this Forum. The complainant himself is liable for his own omission, negligence and fault. The complainant was duty bound to pay the premium under the subject policy regularly on due date for keeping it alive. However, the complainant failed to pay the premium regularly. Clause 4 of the subject policy terms and conditions deals with premium. Clause 4.1 of the policy terms deals with payment of premium. Since the complainant failed to make the payment of the premium due on 15.6.09 or within the grace period o.p. issue the reminder to the complainant informing that the subject policy has acquired paid up status as on 15.6.09 on account of non payment of the due premium and cautioned that the benefits offered by the policy have ceased as per the terms and conditions of the policy (annex-C with the w/v). Thereafter, due to non payment of premium within 2 years from the due date of the first unpaid premium the said policy acquired a lapse status. Consequently the policy got foreclosed on 15.6.11 and acquired a surrender value. Therefore a cheque bearing no.427922 dt.16.6.11 amounting to Rs.90,567.09 was sent to the complainant after deduction of 60% surrender charges. The NAV as on 15.6.11 was Rs.2,26,417.74. In view of the above facts and circumstances o.p. prays for dismissal of the complaint with exemplary cost.
Decision with reasons:
We have gone through the pleadings of the parties, evidence and documents in particular. It is admitted fact that o.p. issued a “Life Time Super Policy” being no.05484134 on or about 15.6.07 in the name of minor son of the complainant. Accordingly, the units were credited in the complainant’s son’s account. Complainant failed to pay the second premium due on 15.6.09 and the third premium in the year 2010. The complainant finally sent two cheques bearing nos.749163 dt.20.5.11 and 749164 dt.23.5.11 drawn on ICICI Bank for Rs.1 lakh each.
As per condition of the policy in question the second premium must be paid within the period of two years from the due date of unpaid premium. Here the complainant has paid his first premium on 15.6.07, second premium on 03/09/2008 and the extended due date for third premium was 15.6.09. The complainant has sent two cheques for second and third premium prior to the aforesaid date i.e. 15.6.09. O.ps’. argument is not at all tenable as o.p. could not make any reasonable reply why the cheque dated 23.5.11 was presented before the cheque dated 20.5.11. O.ps’ intention is very much doubtful as cheque dt.20.5.11 was not presented in time. The cheque dt.23.5.11 was presented first and that was dishonoured. So there is deficiency in service on the part of o.ps. and the complainant has substantiated his case and entitled to get relief. Thus the application succeeds.
Hence, ordered,
That the case is allowed on contest against the o.ps. with cost. O.ps. are directed not to foreclose the policy in question of the complainant’s minor son and take the third installment of premium and onwards without imposing any further cost and the premium shall be invested as per NAV and units be allotted accordingly. O.ps. are also directed to pay to the complainant a sum of Rs.20,000/- (Rupees twenty thousand) only as compensation for harassment and mental agony and litigation cost of Rs.5000/- (Rupees five thousand) only within 45 days from the date of communication of this order, i.d. an interest @ 10% p.a. shall accrue over the entire sum due to the credit of the complainant till full realization.
