JUDGEMENT

          Complainant by filing this complaint has submitted that in the month of March 2010 one Group Sales Manager of op no.1 named Chandan Chakraborty allured the complainant to invest to the op’s insurance scheme by way of purchasing insurance policy and on 08.03.2010 complainant having been satisfied with the scheme invested Rs. 99,000/- by paying two cheques amounting to Rs. 50,000/- and Rs. 49,000/- against which op’s issued receipt dated 09.03.2010 and a policy was issued accordingly in the name of complainant being No. 01811149 and at the time of initiating the policy complainant has made it clear to the Group Sales Manager, Chandan Chakraborty that the complainant’s intention to have one time policy and no further installments in respect of the policy complainant shall have to pay and the ops also would not ask for it.

          Complainant was assured by the Group Sales Manager, Chandan Chakraborty that complainant being policy holder would get an amount of Rs. 1.45 lakhs at the end of three years from inception of the policy and that assurance was given in writing in their paper.  During the currency of the policy tenure complainant in his letter to the op no.1 dated 31.03.2011 made it clear that while he was making this policy he had made it very specific to the Group Sales Manager, Chandan Chakraborty that complainant wanted one time policy and withdrew the investment at the end of 3 years as because the Group Sales Manager, Chandan Chakraborty assured the complainant that that was such an investment in the ING Vysya life Insurance Co. Ltd.  But op no.1 did not care to reply contradicting the contents of the letter and sometimes in the month of Sept-2012, complainant desired to surrender the policy accordingly to the ops and ops in their reply on 26.09.2012 expressed their inability for violation the terms and conditions of the policy. 

          That again on March-2013 complainant being desirous sent a letter to the op to transfer the surrender value through his bank account and on utter surpriseop instead of sending Rs. 1.45 lakhs as assured by their Group Sales Manager, Chandan Chakraborty op No.4 sent the surrender value of Rs. 28,815/- to the bank account of the complainant on 19.03.2013 after considering that complainant was completely surprised and so sent  a letter for explanation as to what reason balance amount of Rs. 70,185/-  has been effected while the amount has become only Rs. 28,815/- out of Rs. 99,000/-.  So complainant demanded the balance amount also but op refused to accept it.  Thereafter complainant sent the matter to SEBI.  But SEBI expressed their inability as the complainant does not fall under their purview and advised the complainant to approach the IRDA who also expressed their inability to mediate as matter relating to surrender of policy does not fall within their purview but complainant was advised to approach before Consumer Forum for the resolution of his grievance. 

          Thereafter complainant filed a complaint before the CA & FBP who tried to mediate the same but they also failed to mediate and asked the complainant to file a complaint before this Forum for his redressal and considering the conduct of the op, it is evident that it is no doubt an unfair trade practice and for harassing the complainant and also for deceiving the complainant the present complaint is filed for redressal.

          Fact remains in this case notices were sent to the op and op received the same on 14.08.2014 which is evident from the said track result in respect of Postal Article Track Result EW768429812IN.  But peculiar factor is that op did not turn up.  So, the case was heard exparte.

Decision with reasons

          After hearing the complainant and also considering the complaint including the Insurance Policyfirst premium receipt on 09.03.2010 it is found that Finance & Accounts Department of the op received a sum of Rs. 99,000/- towards proposal for life assurance and from the said receipt it is found that the consignment of policy was on and from 09.03.2010being policy No. 01811149.

          Further from the document issued by Group Sales Manager, Chandan Chakraborty of the op dated 08.03.2010, it is clear that Chandan Chakraborty as Group Sales Manager went to the complainant and gave a guarantee that the amount deposited (Rs. 99,000) shall be returned on the end of 3 years from that date i.e. 08.03.2010 and the total amount of the said on maturity of 3 years would be Rs. 1.45 lakhs and that guarantee was written by Chandan Chakraborty with his signature and no doubt complainant being assured about guarantee as given by Chandan Chakraborty deposited that amount of Rs. 99,000/- as one time deposit and the written guarantee has given by Chandan Chakraborty on the pad of ING Life Insurance noting his status Chandan Chakraborty Group Sales Manager of ING Vysya Life Insurance Co. Ltd.so we are convinced to hold that the present complaint after getting such guarantee in writing from the Group Sales Manager, Chandan Chakraborty of op deposited that said amount for single premium policy for three years duration.

          So, we are convinced that complainant deposited Rs. 99,000/- once as premium for getting such benefit after 3 years a sum of Rs. 1.45 lakhs as per guarantee given by the Group Sales Manager, Chandan Chakraborty.  But anyhow after expiry of 3 years when complainant prayed for surrender of the policy, op only refunded a sum of Rs. 28,818/- out of Rs. 99,000/-.

          Fact remains ING Vysya reported to the complainant that the policy which issued was not for one year term and so as per terms and conditions of the policy that amount was returned as the policy was not continued for further year.  But after considering the written guarantee given by the Group Sales Manager, Chandan Chakraborty of op, it is clear that violating that guarantee as given by the Group Sales Manager, Chandan Chakraborty op authority issued one peculiar type of long term insurance policy.  But that was not received by the complainant.  Complainant only received the receipt of deposited of Rs. 99,000/-.  But whatever it may be in this case, it is clear that cheating business in respect of selling insurance policy by the present op is a common habit and in so many cases their cheating business policy is proved and practically all the private insurance companies are cheating the public by adopting the chain system and by appointing a group op dishonest sales manager and in the present case their group sales manager in their official papers gave guarantee that complainant shall have to get a Rs. 1.45 lakhs on single deposit of premium of Rs. 99,000/- and being assured by the op complainant deposited it and after receipt of the complaint along with documents invariably by the op, op was satisfied that complainant was given guarantee by the Group Sales Manager, Chandan Chakraborty on 08.03.2010 and when they found that their authority gave such assurance and guarantee then op realized that they have their no say before the Forum for which they have not contested the case but any responsible and prudent man cannot believe that Insurance Comapany even after receipt of notice along with all documents did not contest this case for any other purpose but ops were satisfied that they have their no defence so they have not appeared in this Forum.

          Anyhow after considering the entire materials on record including the guarantee given by the Group Sales Manager, Chandan Chakraborty of the op on 08.03.2010to the complainant in writing, it is clear that complainant was satisfied about that guarantee given by the op’s Group Sales Manager, Chandan Chakraborty regarding deposit of one time premium of Rs. 99,000/- and on maturity after 3 years he shall get Rs. 1.45 lakhs and getting such assurance and guarantee, complainant deposited it.  But invariably complainant had no desire to open any insurance policy for any continuous period.  Because he has no such capacity to continue such policy for years together by depositing Rs. 99,000/- per year because by profession he is a poor singer or a music master.

          On in depth study of the entire materials and also considering the documents issued by the op to the complainant at the time of purchasing the said policy we are convinced to hold that complainant never intended to purchase any such policy for any continuous period.  But only for the purpose he purchased such policy by depositing a single premium and its maturity after 3 years with a return of Rs. 1.45 lakhs.  Anyhow from the letter of the op sent by the op to the complainant at the time of releasing surrender value to the extent of Rs. 28,818/- it is clear that ops had tried to convince that complainant did not continue the policy for which as per NAV that amount was returned.

          But we have realized that complainant has been deceived by the op and also by their Group Sales Manager, Chandan Chakraborty and in view of the above findings we are convinced to hold that op’s absence to contest this case in this Forum is only for saving their skin and to prove that complainant intended to purchase a long term policy is completely false and fabricated.  Truth has been proved by the complainant by producing the particular documents of the Group Sales Manager, Chandan Chakraborty of the op who gave guarantee of return of Rs. 1.45 lakhs and legally ops are bound to refund the same without any fail.

          It is to be mentioned in this regard that op got such chance to defend and also to prove that no such guarantee was given by their Group Sales Manager, Chandan Chakraborty.  But even then after receipt of the notice they did not turn up anyway to defy the allegation of the complainant.  So we have no other alternative but to rely upon the unchallenged testimony of the complainant including the document produced by the complainant which was issued by the op and the said documents are not procured.  But it was issued by the op and for which we have gathered from the entire materials that complainant has been able to prove the allegation against the op for which the complaint succeeds exparte against the op.

          Hence, it is

ORDERED

          That the complaint be and the same is allowed on contest with a cost of Rs. 10,000/- against all the ops in exparte form.

          Ops are directed to pay Rs. 70,185/- out of total deposit amount of Rs. 99,000/- and further compensation of Rs. 33,000/- for harassing the complainant and for losing such fund of Rs. 1.45 lakhs as per guarantee given by the op no.4 and also for causing mental pain and agony and for adopting unfair trade practice by the op.

          Ops jointly and severally are hereby directed to comply the order and to clear the entire deposited amount including litigation cost as awarded within 15 days from the date of this order failing which for non-compliance and disobeyance of the Forum’s order, ops jointly and severally shall have to pay penal interest  at the rate of Rs. 200/- per day till full satisfaction of the decree and even penal action shall be started against them for which further penalty and fine may be imposed.

          Penal interest if it is collected or any fine or penalty is collected it shall be deposited to this Forum in the Account of President, DCDRF, Kolkata Unit-II positively.