DATE OF FILING : 03.07.2014.
DATE OF S/R : 07.08.2014.
DATE OF FINAL ORDER : 27.01.2016.
Sukumar Ghosh,
son of late Jitendra Nath Ghosh
of 41, Rabindra Sarani, P.O. & P.S. Liluah,
District Howrah,
PIN 711204. ………………………………………………………… COMPLAINANT.
1. ICICI Prudential Life Insurance,
represented by Executive Director,
Madhivanan Balakrishnan,
having registered office at ICICI Prulife Towers, 1089,
Appasaheb Marathe Marg, Prabhadevi,
Mumbai 400025.
2. The Manager,
P 4, Dobson Road, P.S. Golabari,
District Howrah,
PIN 711101. ……………………………………………OPPOSITE PARTIES.
P R E S E N T
Hon’ble President : Shri B. D. Nanda, M.A. ( double ), L.L.M., WBHJS.
Hon’ble Member : Smt. Jhumki Saha.
Hon’ble Member : Shri A.K. Pathak.
F I N A L O R D E R
- This is an application U/S 12 of the C.P. Act, 1986 filed by the petitioner, Sukumar Ghosh, against the o.p., ICICI Prudential Life Insurance and another, praying for directing the o.p. to pay net surrendered value payable upon total payment of premium being Rs. 75,000/- plus interest.
- The case of the petitioner, is that he is a senior citizen and made life insurance with the o.p. ICICI Prudentail Life Insurance on 28.09.2010 for a tenure of 10 years and paid premium of Rs. 25,000/-. He paid three such premiums amounting to Rs. 75,000/- but became unable to continue the policy further and ultimately surrendered the same to the o.p. no. 1 being policy no. 14554949. The o.p. accepted the surrendered policy of this petitioner on 28.01.2014 and later on he came to know that the insurance company would not pay any thing. Such illegal acts on the part of the o.ps. amounted to deficiency in service and they have been practicing fraud upon the petitioner. The o.p. suppressed material facts of condition not embodied in the application and so the petitioners filed this case.
- The o.p., ICICI Prudential Life Insurance Company Ltd., contested the petition by filing a written version denying the allegations made against them and submitted that the petitioner paid three premiums amount to Rs. 75,000/- and the o.p. is willing to refund the said amount without interest and if this proposal is accepted by this complainant then the o.p. will hand over the cheque of Rs. 75,000/- without further delay. The insurance company further submitted that the insurance company made a contract and it was between the policy holder and the company and both parties are governed by the terms and conditions mentioned in the policy document and it is stated clearly in the policy document regarding surrender that in case of surrender of policy it is meant that it is a case of voluntary termination of the policy and one can surrender after completion of the 5th year of payment of the policy but the policy in the instant case being surrendered after three years and such surrender shall extinguish all rights, benefits and interest under the policy. The petitioner after receipt of the policy had an option of free look period of 15 days during which he could have returned the policy if he is not satisfied with the terms and conditions of the policy but he did not do so. In case of such surrender the law in this regard is very well settled as our Apex Court in case of Suraj Mal Ram Niwas Oil Mills ( P ) Ltd. vs. United India Insurance Co. Ltd. [(2010) 10 SCC 567] opined and wherein it has been laid down that the words in the insurance contract must be given paramount interest and interpreted as expressed without any addition, deletion or substitution and the terms of the policy have to be understood as it is and one cannot add any thing or delete any thing. Our National Commission also opined in the same tune. Further the o.ps. in the instant case agreed to refund the amount of Rs. 75,000/- which was paid by the petitioner in three annual installments and not any interest accrued upon the amount.
- Upon pleadings of parties the following points arose for determination :
- Is the case maintainable in its present form ?
- Whether the petitioner has any cause of action to file the case ?
- Whether there is any deficiency in service on the part of the O.P.,?
- Whether the complainant is entitled to get any relief as prayed for ?
DECISION WITH REASONS :
- All the issues are taken up together for the sake of convenience and brevity for discussion and to skip of reiteration. This Forum heard the ld. counsels of both sides on the cases of the parties and on scrutiny of the main petition as well as the reply to the same by the o.p. and also keeping in mind the present position of law as well as on scrutiny of the documents filed by the petitioner and the o.ps. wherein clear terms and conditions are mentioned in case of surrender and also keeping in mind the submission of the o.ps. that they are willing to pay a sum of Rs. 75,000/- to the petitioner without any interest being the amount deposited by him in three installments. This Forum discussed at length on the terms and condition s of the policy as well as the opinion of the National Commission as well as the Supreme Court on the status of a policy document being a contract between insurer and the insured and finds that it would be wise and proper for the petitioner to accept Rs. 75,000/- as agreed by the o.ps. who agreed to pay him because the law is very rigid here as in a contract of insurance the rights and obligations of the parties are governed by the terms of the said agreement.
In view of above the case of the petitioner succeeds in part.
Court fee paid is correct.
Hence,
O R D E R E D
That the C. C. Case No. 375 of 2014 ( HDF 375 of 2014 ) be and the same is allowed on contest against the o.ps. in part but without costs and compensation considering the special facts and circumstances subject to this case.
The petitioner is entitled to Rs. 75,000/- being the premium money admitted to be paid by the o.ps. who are to pay the same within 30 days from the date of this order failing the amount would carry interest @ 9% p.a. and also the petitioner would be at liberty to put the order in execution.
Supply the copies of the order to the parties, free of costs.
DICTATED & CORRECTED
BY ME.
( B. D. Nanda )
President, C.D.R.F., Howrah.
