This case has arisen out of application U/s 12 of the Consumer Protection Act, 1986.
The case of the petitioner is that he is a bona-fide consumer under O.P.No-1 & 2 by purchase of policy at Raiganj, Uttar Dinajpur when there was a branch at Raiganj, through their Agent/UM O.P.No-3. Plan-Life Link Super, Policy No:04124788, Commencement date- 20.12.200, Single premium-Rs.50,000/-, Death benefit- Rs.2,50,000/-, Nominee-Mrs. Pampa Ghosh, Cover cessation date- 20.12.2038 and O.P.No-1 & 2 supplied policy certificate along with some papers to the petitioner.
That due to financial crisis the petitioner intend to surrender said policy and sent registered letter dated 22.02.2018 as to the procedure of surrender and after receiving that letter in the month of April, 2018 O.P.No-1 advised him to file fresh application to O.P.No-2 so petitioner submitted another application dated 03.04.2018 to the O.P.No-2 which was acknowledged by the office of the O.P.No-1 & 2 and they assured the petitioner to clear up the matter as early as possible. The petitioner several times visited the office of the O.Ps and requested them for surrender the policy and pays the claim but none had /has taken any step, but they refused to accept the same illegally and for wrongful gain. Thereby petitioner suffered huge loss and thus he filed this case for getting deposited amount of Rs.50,000/- + Share(Unit value) + interest (total amounting to Rs.1,50,000/-), Rs.40,000/- as compensation for mental pain and agony and Rs.10,000/- as litigation cost.
O.P.No-1 & 2 contested the case by filing written version stating that on 20.12.2006 O.P had received a duly filled and signed application form bearing No:95056377 proposing the policy LIFE LINK SUPER (U37) on the life of the proposer Sanjib Kumar Ghosh (petitioner) and based on the information provided, Policy bearing No:04124788 was issued on 01.01.2007 under Life Link Super Plan with single premium of Rs.50,000/-, sourced through individual agent Shukla Dutta. The company received a letter from the petitioner for the first time on 24.01.2018 stating that due to financial crisis he intend to surrender the policy and the Company had advised him to file a fresh application to surrender the policy. It is denied that the petitioner had submitted another application on 03.04.2018 to surrender the policy. In fact, irrespective of request of the Company to submit a proper surrender request form along with pay out mandate, KYC documents and cancelled cheque, the petitioner has failed to comply the same. It is denied that the Company refused the claim of the petitioner on 07.01.2020 which gives rise cause of action. That the share unit value has to be assessed which is beyond the jurisdiction of this Forum, as the disputes in respect of the share market investment does not fall within the ambit of the Consumer Protection Act. Therefore, the said policy holder/petitioner is not a consumer and their lies no deficiency of service on the part of O.P.No-1 & 2 and the present complaint is not maintainable and the complaint is liable to be dismissed.
Points for Consideration
- Whether the petitioner is a consumer under O.P.No-1 & 2/Insurance Company by purchase of policy under Life Link Super Plan?
- Whether there was/is deficiency of service on the part of O.P.No-1 & 2, gives rise cause of action to file the complaint and/ or the petitioner is entitled to get relief (s) as prayed for?
D e c i s i o n W i t h R e a s o n s
It is undisputed that duly filled in and signed application No:95056377 along with cheque /DD No:037055 dated 13.11.2006 amounting to Rs.50,000/- of UTI Bank Limited (RCCB Bank), Mohonbati, Raiganj Branch dated 17/11/2016, was submitted by Sanjib Kumar Ghosh (Petitioner), and O.P/ICICI Prudential Life Insurance Company Limited (Siliguri Office) received that application on 20th December, 2006, wherein Sukla Dutta was named as Advisor/FSC Code 00202306, vide receipt No:19987723.
It is also undisputed based on the information provided in the said application/proposal form O.P/Insurance Company issued Life Link Super policy bearing No:04124788, Commencement date-20.12.200, Single premium-Rs.50,000/-, Death benefit- Rs.2,50,000/-, Nominee-Mrs. Pampa Ghosh, Cover cessation date- 20.12.2038. The Insurance Company informed the petitioner by welcome letter dated 01January 2007 along with policy certificate and other papers.
The relevant part of the terms and conditions of the policy is reproduced as below:-
In this policy, the investment risk in investment portfolio is borne by the policyholder
Brief Policy description: This is a single premium unit linked life insurance policy, which provides the life insurance coverage and an option to vary the type of investments as per the changing lifestyle. The premium paid by the Policyholder is utilized to purchase units in the Funds after deducting applicable charges.
It is therefore clear that the policy is market/unit linked and subject to market fluctuation wherein the investment risk is on the policy holder and returns made there from is purely speculative.
As per Clause 2.2 of the policy the petitioner can surrender the policy any time after lapse of three years.
Admittedly, the petitioner approached the Company through a letter received on 24.01.2018, stating that due to financial crisis petitioner requires money requesting the Company to inform him the policy details and the procedure for surrendering the policy.
The case of the petitioner is that due to financial crisis he intend to surrender said policy and sent registered letter dated 22.02.2018 to O.P.No-1 that he wanted to know the present position of the policy details including total amount and the procedure of the surrender details.
A copy of such letter is produced bearing signature of Sanjib Kr. Ghosh, which varies from the signature of application form and date 22.02.2018 mentioned there under over written and the “digit 2” were unusal.
Further case of the petitioner is that he was advised by O.P.No-1 to file fresh application to O.P.No-2 so petitioner submitted another application dated 03.04.2018 to the O.P.No-2 which was acknowledged by the office of the O.P.No-1 & 2.
The Insurance Company denied receipt of those letters stating that except letter received on 24.01.2018, no other letter(s) was/were received by it.
Postal receipt shows former letter booked on 22.02.2018 delivered on 26.02.2018 and later letter dated 03.04.2018 found received by the Insurance Company, English Bazar Branch.
The petitioner stated that O.P.No-1 & 2 assured him to clear up the matter as early as possible and several times he visited the office of the O.P.No-1 & 2 and requested them for surrender the policy and pays the claim but none had /has taken any step, but they refused to settle.
Insurance Company replied by stating that the Company has advised the petitioner to submit a fresh request for surrender of the policy but the petitioner has not submitted surrender request form with original policy document, payout mandate form, cancelled cheque and KYC documents in order to surrender the policy.
The petitioner has failed to prove by oral or documentary evidence that he complied requisite processes of surrender, consequently we are of the considered view that the present complaint is premature one.
The petitioner claimed that O.P.No-1 & 2 refused his prayer on 07.01.2020 with ill motive and for wrongful gain which gives rise cause of action. He has failed to prove the same by cogent evidence, so we find that there exits no cause of action to lodge this complaint.
The petitioner has prayed for refund of the deposited amount/premium of Rs.50,000/- .
The Company is not liable to refund premium as it had covered the risk on the life of the petitioner from commencement of the policy and it would have been only liable to pay the death claim on the unfortunate event of the death of the policy holder.
The petitioner is demanding the share unit value, which is purely dependent upon the share market fluctuations and share (unit) value could not be ascertained in a consumer complaint. The process/procedure of calculation of interest (as claimed) is unknown.
Again we reiterate that due to non submission of surrender form with documents the matter was not completed. So alleged compensation for loss, mental pain and agony have no leg to stand.
We find no deficiency of service or any unfair trade practice on the part of the O.P/Insurance Company or its officials as alleged, thus the complaint being frivolous and vexatious is liable to be dismissed.
In the result the case fails.
Hence, it is
O R D E R E D
that the C.C-20/2020 be and the same is dismissed on contest against O.P.No-1 & 2 and ex-parte against O.P.No-3 without cost.
.Let a copy of this order be given to the parties free of cost.
