Chandigarh

DF-I

CC/72/2015

Shyam Kuldeep Singh - Complainant(s)

Versus

ICICI Prudential Life Insurance Co. Ltd. - Opp.Party(s)

Sushil Grover

10 Sep 2015

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL FORUM-I, U.T. CHANDIGARH

============

Consumer Complaint  No	:	CC/72/2015
Date  of  Institution	:	04/02/2015
Date   of   Decision	:	10/09/2015

 

 

 

 

 

Shyam Kuldeep Singh son of Sh. Jai Ram, resident of House No. 179, Sector 2, Panchkula, Haryana – 134112.

 

….Complainant

Vs.

 

1.   ICICI Prudential Life Insurance Company Limited, through its Branch Manager, having its Branch at SCO 134-135-136, 1^st Floor, Sector 8, Chandigarh.

 

2.   ICICI Prudential Life Insurance Company Limited, through its Managing Director Sh. Sandeep Bakshi having its Registered Office at ICICI Pru Life Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025.

 

3.   ICICI Prudential Life Insurance Company Limited, through its Chairperson Smt. Chanda Kocchar having its Registered Office at ICICI Pru Life Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025.

…… Opposite Parties

 

 

BEFORE:   SH. P.L. AHUJA               PRESIDENT

MRS.SURJEET KAUR             MEMBER

          SH. SURESH KUMAR SARDANA     MEMBER

 

 

For Complainant	:	Sh. Nitin Grover, Advocate.
For Opposite Parties	:	Sh. Gaurav Bhardwaj, Advocate.

 

 

PER SURESH KUMAR SARDANA, MEMBER

 

 

 

 

          Tersely, the facts and material, culminating in the commencement, relevant for the disposal of the instant Consumer Complaint and emanating from the record are that, the Complainant had purchased an insurance policy namely, “ICICI Pru Forever Life” bearing No. 00037929 from the Opposite Parties, having a span of 10 years with the annuity option. The policy was a single premium deferred pension and a single premium of Rs.2,56,120/- was paid by the Complainant vide Cheque No. 007075 dated 25.10.2001, which was duly acknowledged by the Opposite Parties vide receipt dated 31.10.2001 (). On maturity, on the demand of the Opposite Parties, the Complainant deposited the requisite documents (), upon which he was intimated that the total maturity amount was Rs.7,13,523/- and an annuity certificate was also sent to him (). As per the annuity certificate, the Opposite Parties paid the annuity of Rs.52,047/- in the year 2012 and 2013 to the Complainant, but thereafter, to his utter shock, Opposite Parties, unilaterally, without any notice, reduced the annuity to Rs.44,761/- instead of Rs.52,047/- i.e. a difference of Rs.7,286/-. Accordingly, the Complainant approached the Opposite Parties and enquired about the deficient payment, but they did not have any satisfactory reply to his query. Thereafter, the Complainant wrote letter dated 22.11.2014 to the Opposite Party No.1 to look into the matter and to credit the differential amount in his account on the basis of annuity certificate (C-6), but in vain as the Opposite Party No.1 declined his genuine request vide e-mail dated 1.12.2014 (). Eventually, the Complainant took the matter with the Top Management of Opposite Party No.1 i.e. Opposite Parties No.2 & 3, but his grievance has not been redressed (). When all the frantic efforts made by the Complainant, failed to fructify, as a measure of last resort, alleging that the aforesaid acts of the Opposite Parties tantamount to deficiency in service and unfair trade practice, the Complainant has filed the instant Complaint u/s 12 of the Consumer Protection Act, 1986, seeking various reliefs.  

   

2.     Notice of the complaint was sent to Opposite Party, seeking its version of the case.

 

3.     Opposite Parties in their joint reply while admitting the factual aspects of the case, have pleaded that based on the details provided in the proposal form, they have issued the Policy in question. The Life Assured had ample opportunity to go through and understand the terms & conditions, but he did not approach the answering Opposite Parties during the free look period with any of his grievance regarding the policy or its terms & conditions. It has been asserted that the answering Opposite Parties received an Annuity request from the Complainant, which was processed and the annuity certificate was issued. However, due to an inadvertent error an excess amount of Rs.52,047/- was calculated and paid to the Complainant; whereas; the correct amount which was to be payable was Rs.44,761/- as per the frequency chosen by the Complainant. The details were also communicated to the Complainant, with a request to refund the excess payout of Rs.14,572/- through Cheque in favour of ICICI Prudential Life Insurance Company Limited, but he failed to do so. Denying all other allegations and stating that there is no deficiency in service on their part, answering Opposite Parties have prayed for dismissal of the complaint.

 

4.     Parties were permitted to place their respective evidence on record in support of their contentions.

 

5.     We have heard the learned Counsel for the parties and have perused the record along with the written arguments filed on behalf of both the sides.

 

6.     From Annexure C-6 (), it can be seen from the Annuity Certificate, issued by the Opposite Parties, that an amount of Rs.52,047/- was payable as annuity to the Complainant. There is no denial of the fact that the Opposite Parties had also paid the said annuity for two years to the Complainant vide Annexure C-7 ( Significantly, the Opposite Parties have intimated the Complainant vide letter, available at page no.30 of the paper book, that inadvertently an excess amount of Rs.14,572/- have been paid by them as the actual payment due was Rs.44,761/- as annuity in place of Rs.52,047/-. However, Opposite Parties have miserably failed to explain in detail or furnish the detailed calculation sheet as to why the amount of annuity has been reduced from Rs.52,042/- to Rs.44,761/-. Hence, the Opposite Parties are found to be deficient in rendering proper services to the Complainant.     

 

7.     In the light of above observations, the present complaint of the Complainant deserves to succeed against the Opposite Parties, and the same is allowed, qua them. The Opposite Parties are directed to:-

 

[a]  To furnish a detailed calculation sheet, within 15 days of receipt of copy of this order, to the Complainant, as to how the annuity was earlier calculated as Rs.52,042/- and as to how all of a sudden it was reduced to Rs.44,761/-;

 

[b]  To pay Rs.25,000/- as compensation for mental agony & harassment suffered by the complainant;

 

[c]  To pay Rs.7,500/- as costs of litigation.

 

8.     The above said order shall be complied within 30 days of its receipt by the Opposite Parties; thereafter, they shall be liable for an interest @12% p.a. on the amount mentioned in sub-para [b] above from the date of institution of this complaint, till it is paid, besides complying with the directions as in sub-para [a] and [c] above. 

 

9.     The certified copy of this order be sent to the parties free of charge, after which the file be consigned.

Announced

10^th September, 2015                                

Sd/-

(P.L. AHUJA)

PRESIDENT

 

Sd/-

 (SURJEET KAUR)

MEMBER

 

Sd/-

(SURESH KUMAR SARDANA)

MEMBER