By: Smt. Mini Mathew, Member
The case of the complainant in a capsicualted manner is that he is the policy holder of the opposite parties and his policy number is 08489663 and the commencement of policy is on 29/3/08. Through the complaint, complainant alleges that the representatives of the opposite parties approached the complainant and convinced him that if the complainant shall pay an amount before the opposite parties he would get the benefit and interest. As per the conditions of the policy, it can be surrendered after a period of three years. The agent of the opposite parties convinced that after three years the deposit will occur sufficient profit/premium and there will be no deductions in case of surrender. By hearing the words of the opposite parties complainant herein had deposited as amount of Rs.300000/- in the said scheme on 29-3-2008 before the office of the 2nd opposite party at Manjeri and opposite party No.2 issued a receipt for that. After the completion of three years the complainant approached the 2nd opposite party for surrendering his policy and at that time the Manager of the 2nd opposite party informed the complainant that now the scheme is running in a loss and it is not beneficial to the depositor and he advised the complainant that he is ready to avail a loan from the scheme. After that on 30/3/2011 the opposite party sanctioned an amount of Rs.91255/- as loan from the deposited amount and complainant accepted that amount also. Subsequently after two years complainant approached the office of the opposite party No.2 for getting back the balance amount and its benefits. During at that time the officials of the opposite parties informed the complainant that the amount already received by the complainant was not a loan , it is the surrendered value of the policy in which he had deposited Rs.3 lakhs. It was the full and final settlement of the policy and not as a loan as alleged by the complainant. Complainant had already paid Rs.3lakhs towards the policy. Towards that amount the complainant has received an amount of Rs.91255/- after three years. Complainant approached this Forum for getting the balance amount of Rs.210000/- with interest and benefits from the opposite parties.
After receiving notice from this Forum both opposite parties entered appearance and filed their version as early as on 12- 9 -14. After that the case stood posted for the evidence of the complainant. Subsequently on 2-7-15 complainant filed his affidavit along with one Interim Application which was numbered as IA 268/15 seeking direction to the opposite parties to produce the relevant documents before this Forum. Opposite parties filed their counter statement before this Forum in IA 268/15 on 23/11/15 by denying all the contention in the Interim Application. Both complainant and opposite parties were heard on 8/3/16 and this Forum allowed IA 268/15 and directed the opposite parties to produce the relevant documents mentioned in the IA before this Forum on 29/3/16. After that two more chances were given by this Forum to the opposite parties for complying the order in IA 268/15. But they did not do so. Hence defence of the opposite party was struck off and case stood posted for hearing to 27/4/2016 and the complainant was heard on that day and the matter was posted for orders.
The main issues arise for our consideration herein are:-
(I) Whether the complainant is entitled for Rs.210000/- with its benefits as prayed for?
(ii) Whether there is any deficiency in service on the part of the opposite parties?
(iii) If so, relief and cost.
Point No.(i) and (ii )
Here the complainant is a poor layman. By believing the sweet words of the agents of the opposite parties he took the Insurance Policy with much expectations. At the time of taking the policy the representatives or the officials of the Insurance Company had given so many offers and promises to them. But when a claim is made by the insuree then the companies put forward so many technicalities for repudiating the claim. This attitude of the Insurance companies should not be encouraged. They are to be curtailed.
In this particular case both parties admitted that the complainant is the policy holder of ICIC Prudential Life Insurance and he had remitted Rs.3 lakhs as premium on 29-3-2008. After the completion of 3 years complainant approached the office of the 2nd opposite party for surrendering his policy. At that time they informed the complainant that now the scheme is running in loss and they are ready for granting a loan from his account and on 30/3/11 they issued a Demand Draft to the complainant for an amount of Rs.91255/-. Complainant has received that amount under the belief that he would get the balance amount plus interst and other benefits as and when required. After that on so many occasions complainant approached the office of the opposite parties for getting back the balance amount with interest and profits. But all were in vain.
The case of the complainant is that the opposite parties did not care to act as per the policy conditions is found to be genuine. This Forum finds that the opposite parties did not act as per the terms and conditions of the policy. The non production of the documents ordered to be produced in IA 268/15 would substantiate the case of the complainant. We infer that the opposite parties did not produce the same as they have to hide certain aspects from this Forum. Therefore we find that there is deficiency of service from the side of the opposite parties. Hence the complaint is allowed. Point No (i) and (ii) are answered accordingly.
In view of the above discussions we order that the opposite parties shall pay Rs.210000/- with interest @ 12% per annum from 29/3/2008 till the date of payment to the complainant along with a compensation of Rs.10000/- and a cost of Rs.5000/-. The order shall be complied within one month from the date of receipt of copy of this order.
Dated this 19th day of May, 2016
A.A.VIJAYAN, PRESIDENT
R.K.MADANAVALLY , MEMBER
MINI MATHEW, MEMBER
