DATE OF FILING : 21.08.2014.
DATE OF S/R : 18.09.2014.
DATE OF FINAL ORDER : 07.10.2015.
Ajoy Kumar Sarkar,
son of late Bhagyadhar Sarkar,
residing at 121, Paschim Dasnagar, Nabajiban Samity, P.S. Golabari,
District Howrah,
PIN 711 105. ….…………………………………………………… COMPLAINANT.
1. IDBI Federal Life Insurance Co. Ltd.,
having its registered office at 1st floor, Tradeview, Oasis Complex,
Kamala City, P.B. Marg, Lower Parel ( W ),
Mumbai 400 013.
2. IDBI Federal Life Insurance Co. Ltd.,
Howrah Branch Office at
2/1, Bhajan Lal Lohiya Lane, Krishna Enclave, 1st floor,
Howrah 711 101.
3. Sri Abhisheke Agarwal,
Zonal Manager,
IDBI Federal Life Insurance Co. Ltd.,
having its office at Santiniketan Building, 1st & 2nd floor,
8, Camac Street, Kolkata 700017. …………………………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
- The instant case was filed by petitioner, Ajoy Kumar Sarkar, against the o.ps., IDBI Federal Life Insurance Company Ltd. & two others, U/S 12 of the C.P. Act, 1986 wherein the petitioner prayed for direction upon the o.p. no. 2 to cancel the second policy no. 4000488788 and refund the sum of Rs. 1 lakh with 18% interest till payment and to pay compensation of Rs. 4 lakhs for mental agony and harassment etc.
- The case of the petitioner is that he is a railway employee and the agent of o.p. nos. 1 & 2 requested him to purchase one IDBI Federal Incomsurance Endowment and Money Back Policy and he agreed to opt for the same and paid Rs. 1 lakh on 21.10.2011 by cheque payable at Axis Bank, Salkia Branch, Howrah. The o.p. no. 1 issued premium receipt and the policy no. is 4000352926 which commenced on 31.10.2011 for a period of 15 years with next premium date on 31.10.2012. On 31.10.2012 one Prosenjit Majumdar, agent of the o.ps., came to collect the next premium and the petitioner handed over Rs. 1 lakh by cheque dated 26.11.2012 payable at Axis Bank, Salkia Branch, Howrah. The agent in collusion with o.p. nos. 1 & 2 and without knowledge and consent of petitioner created a new policy and sent the same to him being IDBI Federal Life Savings Insurance Plan with policy no. 4000488788 commencing on 31.01.2012. Receiving the said policy the petitioner was astonished as he never issued the cheque for a fresh policy. He requested the o.ps. to cancel the second policy and he wrote several letters to the o.ps. who received the same. The petitioner actually paid the second premium of the first policy purchased by him in 2011. The o.p. informed him that the policy could be cancelled within free look period of 15 days. The signature in the application and in the proposal form of the second policy is forged one and the petitioner never singed the same. He prayed for refund of money with 18% p.a. interest till realization. The o.ps. are guilty of unfair trade practice and so the second policy be cancelled. Due to negligence and illegal acts of the o.ps. the petitioner suffered financial loss and when the o.ps. did not return his money and then he filed this case.
- The o.p. nos. 1, 2 & 3 contested the case together by filing a written version wherein they denied the allegations made against them and submitted that the petitioner purchased two such policies as could be noticed from the proposal form and the policy documents. As per IRDA guidelines 2002 the o.p. issued forwarding letter to the petitioner and the insured had a free look period of 15 days from the date of receipt of policy documents to review the terms and conditions of the policy and this petitioner could have disagreed to receive the second policy but instead of he accepted the same and now he cannot pray for cancellation of the policy as well as compensation. There is no deficiency in service on the part of the o.ps. and there cannot be any cancellation of policy after expiry of the free look period and so the petition is liable to be dismissed.
- 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 & unfair trade practice on the part of the O.Ps.,?
- Whether the complainant is entitled to get any relief as prayed for ?
DECISION WITH REASONS :
5. All the issues are taken up together for the sake of convenience and brevity for discussion and to skip of reiteration. In the instant case, the petitioner prayed for a direction on the o.ps. to cancel the second policy no. 4000488788 and refund of the premium amount of Rs. 1 lakh with 18% interest till repayment and compensation of Rs. 4 lakhs for unnecessary harassment and also for mental agony and financial loss. In his affidavit in chief, the petitioner submitted that he opted for one IDBI Federal Income Assurance Endowment and Money Back Plan and paid a sum of Rs. 1 lakh to the o.ps. through account payee cheque of Axis Bank, Salkia Branch, dated 21.10.2011 and he received the premium receipt and the policy document being policy no. 4000352926 and policy commenced on 31.10.2011 and the policy duration was for 15 years and the next premium date was 31.10.2012. He further submitted then one Prosenjit Majumdar, agent of the o.ps., came to collect the next premium for the year 2012 in October, 2012 and he issued a cheque of Rs. 1 lakh on 26.11.2012 and said Prosenjit Majumdar in collusion with o.ps. sent him a new IDBI Federal Life Insurance Policy and its Howrah Branch and Zonal Office submitted together in their written version that they have had no collusion with anybody and they never cheated the petitioner, Ajoy Kumar Sarkar, who availed of policy no. 4000352926 issued on 31.10.2011 and again he applied for another policy and the same was issued on 30.11.2012 being policy no. 4000488788 and Shri Sarkar duly filled up the proposal form and singed the same on 26.11.2012. So there was no fault or imperfection or deficiency in service or unfair trade practice on their part. On 17.8.2013 they received a letter from the petitioner that he wants to cancel said policy and they replied that nine months being already lapsed after the issuance of the policy and the petitioner was given a free look period of 15 days being a free look period for that policy of petitioner to review the terms and conditions of the policy and in case of any disagreement he could have cancelled the same within the free look period of 15 days from the date of receipt of the policy document but he did not do the same and so as per the terms and conditions of the policy they have nothing to do here rather prayed for dismissal of the complaint.
6. This Forum heard the ld. counsel as well as scrutinized the written arguments filed by them and also the contents of the petition as well as the written version and the documents filed along with them and finds that the petitioner filled up one proposal form on 26.11.2011 and on payment of the premium amount they issued the policy document no. 4000352926. It is further noticed that the petitioner, Ajoy Kumar Sarkar, filed another proposal form before the o.p. company and the same was duly signed by him on 26.11.2012 and also he paid the premium resulting which the o.p. company issued the policy document being policy nop. 4000488788 and the policy commenced on 30th November, 2012. The petitioner filed afew letters addressed to the Operation Manager, IDBI Federal Life InsuranceCo. Ltd., dated 17.8.2013 and the reply sent by the Sr. Manager to him on 27.8.2013 and the reply by the Manager, IGMS & Complaints, dated 20.12.2013 and also his complaint against two persons, Arup Nag and Prosanjit Majumdar before local P.S. dated 11.2.2014 alleging that they cheated him by selling the new policy without his knowledge. It is noticed from the above documents that he made no complaint against the IDBI Federal Life Insurance Co. Ltd. before the police that the company cheated him. Another document filed by the petitioner shows that oneG.V. NageswaraRao, Managing Director and CEO of the o.p. IBDI company, sent a letter dated 31.10.2011 for choosing IDBI Federal Life Insurance as partner and in that letter there is clear mentionof the free look period of 15 days for cancellation of policy. It is further noticed from a email sent by the petitioner to the Grievance Cell of IDBI Federal Life Insurance Co. Ltd. alleging that Prosenjit Majumdar and Arup Nag, received Rs. 1 lakh from him in 2012 and issued a fresh policy bond beyond his knowledge and he prayed for cancellation of the second policy and refund of the money but the said letter was issued on 05.12.2013 and thus it is noticed that in spite of receiving the second policy soon after payment the petitioner neglected to bring the matter before the o.ps. within the free look period as mentioned in the policy terms and conditions and informed the o.ps. after nine months. It is noticed from the terms and conditions of the policy documents that the o.p. company would refund the premiums already paid in respect of any period following the date of the insured death but they would not waive any premiums falling due or they would refund any premiums paid more than 12 months before they received the written notice of claim. It is mentioned in the terms and condition that the company allowed a grace period of 30 days for yearly, quarterly, half yearly and 15 days for monthly mode of premium payments from the due date and if they do not getthe premium within grace period from the premium due date then the policy will lapse and the company would not pay any future benefits except where the policy acquired paid up value. It is further noted in the terms and conditions of the policy that after one, two or three full years premiums have been paid for policies with premium payment periods of 5, 10, 15 years respectively, if anyone do not pay the premium within the free look period then the policy will be converted into a paid up policy. Thus on scrutiny of the policy documentit is noticed that if an insured does not cancel the policy in writing within the free look period of 15 days from the date of receipt of payment then the policy would be operative and beyond that the period he cannot cancel the policy and if the insured does not pay the premium within grace periodthen the policy would be lapsed and the o.p. insurance company would not pay anything. From the affidavit it is noticed that the petitioner is a railway employee and thus signing on the second policy proposal and received the policy documents and not objecting within the free look period rather the said policy documents were accepted by the petitioner himself who neglected and there was no deficiency in service or unfair trade practice on the part of the o.ps.
In view above discussion and finding the claim case fails.
Court fee paid is correct.
Hence,
O R D E R E D
That the C. C. Case No. 462 of 2014 ( HDF 462 of 2014 ) be and the same is dismissed on contest without costs.
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.
