2] The Opposite Parties No.1 & 2 (ICICI Prudential Life Insurance Company) have filed join reply and while admitting the factual matrix of the case, stated that the policies in question have been issued to the complainant, as proposed by him, after understanding its terms & conditions. It is stated that the premium for Rs.2 lakh against Policy No.19560349 was due on 26.10.2016, which was to be debited directly from the account of the complainant, but due to insufficient funds, it got dishonoured on 28.10.2016 and was ultimately debited on 7.3.2017. It is also stated that the complainant first approached for the detachment of direct debit facility for both his policies on 29.3.2017 after the premium for policy No.19560349 had already been debited. The complainant was informed and replied back on 29.3.2017 that subsequent direct debit for his policies has been deactivated. Therefore, it is pleaded that there is no deficiency in service or unfair trade practice on the part of OPs No.1 & 2 and denying rest of the allegations, a prayer for dismissal of the complaint has been made.
The Opposite Party No.3/ICICI Bank Limited has also filed reply and stated that policies in question has been taken by the complainant on his own Will. It is stated that the complainant did not issue any instructions for stoppage of ECS to OP Bank nor any communication has been addressed to the bank at its official address, email id or branch. It is also stated that the ECS instructions issued by the complainant to a third party i.e. Opposite Parties No.1 & 2 could not be cancelled by Opposite Party No.3 unless there were stop payment instructions issued by complainant to bank. Denying the allegations of the complainant, the Opposite Party No.3 has prayed for dismissal of the complaint.
3] Complainant also filed rejoinder thereby reiterating the assertions made in the complaint.
4] Parties led evidence in support of their contentions.
5] We have heard the ld.Counsel for the parties and have also perused the record.
6] The complainant has invested in ICICI Pru Life Insurance Policies IPRU Elite Life bearing No.19501404 & 19560349, commencing from 24.9.2015 & 26.10.2015 respectively having premium of Rs.2 lacs each payable yearly. The complainant paid the first premium amount of Rs.2 lacs for each of the said policies.
7] The complainant vide his e-mail message dated 31.8.2016 (Ann.C-3) requested Sh.Sahil Sharma, Manager of ICICI Prudential Life Insurance Company Limited/OPs No.1 & 2 as well as Sh.Harjot Singh, Relationship Manager of ICICI Bank Limited/OP No.3, with specific prayer to disable the ECS Option for both his policies bearing No.19501404 & 19560349. But despite the request of the complainant, the Opposite Parties, who are in league with each other, have deducted an amount of Rs.2 lacs on 6.3.2017 against Insurance Policy No.19560349 (Ann.C-4).
8] The Insurance Companies definitely gave hefty amount as commission on procurement of insurance premium by way of policies. In both the insurance policies, in which the complainant has invested, the ICICI Bank Limited, is the Adviser, which is explicit from policies Ann.C-1 & C-2.
In the present case, despite clear instructions from the complainant, the OPs just in greed of commission on premium of Rs.2 lakh for the insurance policy of the complainant, have ignored the dictate of the complainant and transferred the money from his account on 6.3.2017 towards the ICICI Prudential Life Insurance Company against Policy No.19560349 (Ann.C-4). The ICICI Prudential Life Insurance Company/OPs NO.1 & 2 and ICICI Bank Limited/OP No.3, have committed grave mistake by way of indulging in such like unfair practices on their part. The Bank Officials are the trustee of money of account holders, but by way of such dubious intentions, the transfer of money against instructions of account holder, amounts to breach of trust, which cannot be condoned.
9] The contentions raised by the Opposite Parties that they have received the instruction regarding disabling of ECS option only on 29.3.2017 (Ann.C-8) is totally false and unacceptable. The notice to Sahil Sharma, Manager of ICICI Prudential Life Insurance Company Limited and Sh.Harjot Singh, Relationship Manager of ICICI Bank Limited is sufficient and valid notice to Opposite Parties regarding disabling of ECS option for said two policies of the complainant. The Company is nothing but a total sum of its Senior Executives, Manager & Officers/Officials and notice to any of the Officer of the Company or Bank, amounts to proper notice to them. In case the officials/officers of the Company/Bank has committed any lapse, even then the OPs are liable under the principle of vicarious liability for the acts & omissions of its employee.
10] Taking into consideration the facts & circumstances of the case, as discussed in the preceding paragraphs, the complaint is hereby allowed against the OPs No.1 to 3 with following directions:-
- The OPs No.1 & 2 (ICICI Insurance Company) shall pay back the amount of Rs.2 lacs to the complainant, with interest @12% p.a. w.e.f. 6.3.2017 (Ann.C-3), along with litigation cost of Rs.10,000/-;
- The Opposite Party No.1 & 2 and Opposite Party No.3 shall pay a compensation of Rs.25,000/- each (Rs.50,000/- in total) to the complainant for causing him harassment and mental agony.
This order shall be complied with by the Opposite Parties within a period of 30 days from the date of receipt of copy of this order.
11] It is made clear that the Opposite Parties are at liberty to recover the awarded compensatory cost, payable to the complainant, from the delinquent officials/officers, in case any lapse is found on their part in this matter.
Certified copy of this order be sent to the parties, free of cost. File be consigned to record room.
Announced
3rd October, 2018 Sd/-
(RAJAN DEWAN)
PRESIDENT
Sd/-
(PRITI MALHOTRA)
MEMBER
Sd/-
(RAVINDER SINGH)
MEMBER
