IN THE COURT OF THE DIST. CONSUMER DISPUTES REDRESSAL FORUM,CUTTACK.

C.C No.169/2013

Smt. Subhadra Devi,

W/O:Sri Dharampal Gupta,

Gupta Bhawan,Madhusudan Nagar,

PO:Tulsipur,P.S:Bidanasi,Cuttack.                                              … Complainant.

                Vrs.

1. The Executive Vice President, Technology & Service Delivery,

ICICI Prudential Life Insurance,

Vinod Silk Mills Compound,

Chakravarty Ashok Road,Ashok Nagar,

Kandivali(E),Mumai-400101.

2.  The Manager, Customer Care,

                                      ICICI Prudential Life Insurance,

      Badambadi,Cuttack.

3. Branch Manager,

ICICI Prudential Life Insurance,

Badambadi Branch,Cuttack.

4. Sri Jaganath Muduli,Code/License No.00381381,

                                      Agent/Advisor,ICICI Prudential Life Insurance,

      C/O: Branch Manager, Badambadi, Cuttack.                              … Opp. Parties.

Present:               Sri Bichitra Nanda Tripathy,Presiding Member.

Smt. Sarmistha Nath, Member.

Date of filing: 03.08.2013

Date of Order: 12.07.2016

Mr. Bichitra Nanda Tripathy,Presiding Member.

This is a dispute wherein the complainant has alleged deficiency in service and also unfair trade practice on the part of O.Ps.

                Shortly the complaint is as follows:-

1. Smt. Subhadra Devi, the complainant made one ULIP with the O.Ps(ICICI Prudential Insurance Company) for 3 years by depositing Rs.1,00,000/- in each year.  After 4 years she got the maturity value but it is alleged that the return was less than savings bank rate of interest.  Whereas she was assured by the agent of the said company that the scheme was with higher returns. 
2. Again on 12.4.2013 Smt. Subhadra Devi intended to invest Rs.6,00,000/- with the said Insurance Company being convinced by the agent of the same Insurance Company(O.P) in the name of her grand son Mr. Viresh Gupta.  She issued one cheque no.539707 dt.12.04.2013 for Rs.6,00,000/-.  It is alleged that since the complainant does not know English language and can sign in Hindi only, the O.P Insurance Company has taken the advantages of her ignorance and obtained papers as required by the O.P Insurance Company while she has signed in good faith.  Although she had given a single  cheque for Rs.6,00,000/- on 12.4.2013 she got one receipt on 26.4.2013 for Rs.3,00,000/- and on 17.5.13 she got another receipt for Rs.3,00,000/-. In both the cases annual premium was acknowledged and policy bond was received indicating investment in ICICI Prudential Wealth Builder Policy.  The premium payment term was for 5 years @ Rs.3,00,000/- per annum per policy. The policy Nos./date issued were as follows:-

Policy No.               Date of policy                Premium Paid   Date on which complainant

                                                                                                                 Received the policy.

i) 2691285                 13.4.2013                        Rs.3,00,000/-          26.04.2013

ii) 12691255               30.4.2013                       Rs.3,00,000/-         17.05.2013

Although the policies were issued in the name of Sri Viresh Gupta grand-son of Smt. Subhadra Devi- it is alleged that she had opted for a single premium policy-whereas the Insurance Company issued 2 policies which are payable for 5 years @ Rs.3,00,000/- each.

3. Being dissatisfied with the terms and conditions of the policy Smt. Subhadra Devi (complainant) tried to contact O.P No.3 over telephone but she failed.  She lodged a complaint in writing on 11.6.2013 and requested the O.P.1 to take back the policies and to refund back her money.  On 14.6.2013 she drafted one letter to Customer Care, Insurance Ombudsman, ICICI Prudential Life Insurance, 62,Forest Park, Bhubaneswar and also requested for refund of her money since she was not satisfied with the policy.
4. That the Manager, Customer Relations of the O.P Insurance Company replied to Smt. Subhadra Devi vide  their reference No.59399777 & 59400122 that after receiving the proposal forms duly signed by Smt. Subhadra Devi and basing on such proposal forms,  ICICI Prudential Wealth Builder policies were issued by the Company.  The details of such policies were delivered to the complainant Smt. Subhadra Devi on  Dt.26.04.13 and on 17.5.13.  Since the complainant did not make any complaint to cancel the policies within 15 days from the date of receipt of the policies, the Insurance Company was unable to process the request of the complainant for cancellation of the policy.
5. The Manager, Customer Relations of the company agan also replied Mrs. Subhadra Devi vide their reference no.59628605 & 59628686 in the same way.  Being aggrieved with the said insurance company and finding no other way she took shelter of the Hon’ble Forumn.  She had prayed for refund of the premium paid i.e. Rs.6,00,000/-, interest @ 9.75% till 31.7.2013 amounting to Rs.17,149.00, Rs.5,00,000/- towards financial loss and mental agony and Rs.10,000/- towards cost of litigation.
6. Sri P.K.Mishra and Associates,Advocates for the complainant and Sri Hemanta Kumar Mohanty & Associates,Advocates for O.Ps 1 to 3 have highlighted the points on the said complaint.

Observations.

1. Regarding the earlier policy made during 2009 it was observed that  Smt. Subhadra Devi has paid Rs.3,00,000/-(1 lakh in each year for 3 years) and have received Rs.3,33,698/- as maturity value.  As such she has received Rs.33,698/- towards interest on the earlier policy made by her as learnt from her letter received by the said Insurance Company on 11.06.2013 and we presume there is no dispute on this.
2. It was clear that Smt. Subhadra Devi was not happy with the ICICI Prudential Life Insurance Company since her Ist policy made during the year 2009 gave her less amount of return which was not up to her expectations.  She should not have preferred to invest with the same Company for the 2^nd time because her first experience with the said company was not good as observed from her letter.

(C) It was observed that Smt. Subhadra Devi had signed the proposal forms of Rs.3,00,000/-  each in the name of her grand-son Sri Viresh Gupta as required for the policies and she has agreed to the terms and conditions as spelt out in the policies.  Her son Sri Rajesh Kumar Gupta was present when such forms were filled up for Smt. Subhadra Devi. Her son Rajesh Kumar Gupta had read and explained the details of such documents to Smt. Subhadra Devi.Her son Sri Rajesh Kumar Gupta has also signed a declaration to this effect.  So we believe that Smt. Subhadra Devi was aware regarding details of such policies and before accepting such terms and conditions her son has explained the details to Smt. Subhadra Devi and then she has signed the proposal forms as a token of acceptance.

4. The policies were issued by the company as per the proposal forms filled up and signed by the complainant.  So it is clear that she was not ignorant regarding the terms and conditions of the policy.  It was also clear from the documents produced by the complainant that she has not applied for cancellation of such policies within the scheduled time as fixed by the company.  Hence, the cancellation was not allowed.
5. Regarding the date and policy no. it has came to our notice that even if the complainant has paid Rs.6,00,000/- on 12.4.13(on the same date the proposals received by the company) 2 Nos. of policies were issued to the complainant on 2 different dates i.e. policy No.17691285 was issued on 13.4.2013 whereas policy no.17691255 was issued on 30.4.2013.  This is a lapse on the part of the O.Ps. because ICICI Prudential Life Insurance Company has received the proposal for Policy No.12691285 & 12691255 on 12.4.2013 for Rs.3,00,000/- each.  A single cheque for Rs.6,00,000/- was also received by the O.Ps.  Policy No.12691285 was issued on 13.4.2013 whereas Policy No.12691255 was issued on 30.4.2013.  Such an act is arbitrary and contrary to the interest of the consumer/customer.  After receiving the proposal form and money- Insurance Policy cannot be issued on a future date as desired by the Insurance Company.  Moreover, since the ICICI Prudential Insurance Company has not given any suitable explanation for issuing the policy after 17 days of receiving the proposal and money, the complainant is not bound to accept the arbitrary decision of the ICICI Prudential Insurance Company which appears to be malafied in respect of policy No.12691255 dt.30.4.2013 for Rs.3,00,000/-.  Hence basing on the facts and circumstances as stated above, we allow the dispute relating to issue of policy No.12591255 dt.30.04.2013 against the O.Ps.

                                                                                ORDER

1. ICICI Prudential Insurance Company (O.Ps) will refund a sum of Rs.3,00,000/- taken for policy No.12591255 dt.30.4.2013 with interest @ 5% P.A. from 13.04.2013 to till date of refund.
2. In case Smt. Subhadra Devi does not want to continue Policy No.12591285 for 5 years she can close the policy as per terms and conditions as applicable for closure of this policy i.e. Policy No.12591285 dt.13.04.2013.
3. O.Ps will also pay a sum of Rs.5000/- towards cost of litigation.

O.Ps are directed to pay all the awarded amount to the complainant within 45 days from the date of receipt of this order.The complainant will return the policy bond etc. as issued against Policy No.12591255 dt.30.04.2013.

Typed to dictation, corrected and pronounced by the Hon’ble Member in the Open Court on this the 12^th day of July, 2016 under the seal and signature of this Forum.

   (Sri B.N.Tripathy )

                                                                                                               Presiding Member.

                                                                                                              (Smt. Sarmistha Nath) 

                                                                                                     Member(W).