CONSUMER DISPUTES REDRESSAL FORUM – X

GOVERNMENT OF N.C.T. OF DELHI

Udyog Sadan, C – 22 & 23, Institutional Area

(Behind Qutub Hotel)

New Delhi – 110 016

Case No. 12/2014

Ms. Krishna Gadi,

C-11/C, DDA Flats,

Munirka New Delhi-67.

                                                                                                      ………. Complainant                                                                                        

                                                                        Vs.

1. Kotak Mahindra Life Insurance Ltd., Kotak Infinity,

201-2011 B wing, Som Dutt Chambers, Bhikajicama Place,          

New Delhi-66

2. Bajaj Capital Life Insurance Broking Ltd.,

LIC Division, 97, Bajaj House, 5^th Floor, Nehru Place,

New Delhi-19.

                                                                                                      …………..Defendants

                                                                                    Date of Order: 30.09.2016

O R D E R

Ritu Garodia-Member

            The complainant purchased a life insurance policy from OP on 19 February, 2010. The complainant did not receive the policy documents. She tried to contact the OP insurance company but no avail. Finally, a representation was made before Delhi Government Meditation and Conciliation Centre. Copy of policy documents were handed over to her vide settlement dated 02 February, 2011. Copy of settlement is annexed with the complaint. It is imputed that the proposal form has fake entries as well as fraudulent signature of the daughter. The various particulars given in the proposal form are incorrect regarding education, medical, income tax etc. It is alleged that the original policy documents were not received by her and thereafter forged signatures and concocted entries were found in all the documents.

            The complainant applied for surrender after payment of three premiums amounting to Rs. 90,000/- but only received the sum of Rs. 58,321/-. The complainant prays for compensation as well as the refund of remaining amount of premium.

            OP has filed their reply supported by a sworn affidavit. The original policy papers were sent by Blue Dart Courier vide Airway Bill No. 4362753084 on 22 Feb, 2010 and was delivered on 23 Feb, 2010.  It is stated that the duplicate policy documents were provided in the recorded settlement in the mediation centre. Accordingly, the complainant paid three premium of 30,000/- each. OP received a request for surrendering the said policy on 25 February, 2013. OP after calculation of the surrender value, paid an amount of Rs. 58,321.45/- to the complainant. The calculations are annexed with the reply. OP has also relied upon clause 7 of surrender policy which is reproduced as below:-

            “7 Surrender

            The policy can be surrendered only after completion of three policy years and if premiums for first three policy years have been paid in full for policies where premium for first three policy years are not paid, please refer to the conditions stipulated under clause on lapse which defines lapse.

            The surrender value applicable will be the fund value in main account less surrender charges (refer clause on charges) and the fund value in top-up accounts (if any). The surrender charges as applicable on the date of surrender will be applied to calculate surrender value. Once the surrender value is paid, the policy shall stand terminated and no further benefits are provided”.

            The surrender amount was credited to the complainant account.

            It is admitted by both the parties that the complainant received the policy documents on 02.09.2011 wherein the dispute between the parties was resolved before the Delhi Government Mediation and Conciliation Centre. The settlement is reproduced as under:

1. After having correspondence with Kotak Mahindra, Bajaj Capital could successfully obtain the duplicate policy in the name of the complainant, which is being handed over to the complainant today itself against the receipt dated 02.09.2011.
2. The complainant hereby undertakes to continue with the policy and abide by the terms and conditions of the policy.
3. The complainant has no claim against Bajaj Capital.
4. It has been agreed between the parties that no more dispute is left now.

The complainant after receiving the policy along with the terms and conditions continued paying premium to the OP company. No complainant regarding miss-selling of the policy or the arbitrary terms and condition of the policy were made till the payment of the third premium.  The complainant applied for surrender of policy and received the surrender value. The calculation of the surrender amount is reproduced as under:

It was only after receiving the surrender amount, the complainant has come to the forum alleging mis-selling and fraudulent practice of OP. No such allegations and objections were raised when the policy was received after settlement. The complainant remained conspicuously silent, she cannot blame the OP for her own inaction, passivity.  In our considered opinion, OP has paid the surrender value as per the terms and conditions annexed with the policy which has been duly handed over to the complainant.

Hence, there is no deficiency in service of part of OP and the complaint is dismissed.  File be consigned to Record Room.

(D.R TAMTA)                       (RITU GARODIA)                            (A.S YADAV)

MEMBER                              MEMBER                                          PRESIDENT