Delhi

East Delhi

cc/268/2013

MANOJ GUPTA - Complainant(s)

Versus

L.I.C - Opp.Party(s)

16 Jul 2013

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL FORUM (EAST)

GOVT. OF NCT OF DELHI

CONVENIENT SHOPPING CENTRE, SAINI ENCLAVE: DELHI-92

CC No.268/2013:

In the matter of:

Sh. Manoj Gupta

Karta of Manoj Gupta (HUF)

R/o. A - 90, Anand Vihar,

Delhi – 110 092

Complainant 

Vs

1. Life Insurance Co. Ltd.
1.  

Next to Cross River Mall,

CBD Shahdara, Delhi – 110 092

 

2. Reliance Life Insurance Co. Ltd.

(H.O) H Block, 1^st Floor,

Dhirubhai Ambani Knowledge City,

Navi Mumbai – 400 710

Respondent

                                                                                    Date of Admission - 22/04/2013

                                                                           Date of Order          - 09/12/2015

ORDER

Poonam Malhotra, Member:

 

This complaint has been filed with the allegation that the complainant had purchased a Reliance Life Insurance Policy bearing No.14346420 on 28/04/2009.  The sum assured was Rs.5,00,000/- and paid first annual premium of Rs.1,00,000/-.  He surrendered the same for encashment in September, 2012 and an amount of Rs.86,478.13/- was sent to the complainant by the respondent but no statement of account was provided to him despite his repeated requests.  It is alleged that they have wrongly deducted Rs.50,000/- from the surrender proceeds.  He has prayed for furnishing the statement of account alongwith the refund of the wrongly deducted money, damages of Rs.30,000/- and cost of Rs.1,000/-. 

The respondent in their reply have taken the plea that the complainant has not exercised his option within the Free Look Period and it is only in the year 2012 that he opted out of the policy and the refund value as on Foreclosure Date was Rs.91,625.67/- out of which 5% Surrender Charges of Rs.4,581.28/-, Service Tax of Rs.549.75/-, Education Cess of Rs.16.49/- were deducted and a total amount of Rs. Rs.86,478.13/- was paid to the complainant.  As such there is no deficiency on the part of the respondent and the present complaint deserves to be dismissed.

Heard the Ld. Counsels for the parties and perused the record.

The short question which arises for adjudication in the present complaint is as to whether the details of the Fund Value and the deductions made need to be supplied to the complainant when they are being asked for.  There is no dispute with regard to the purchase of the policy and payment of first annual premium by the complainant and the fact that the he opted out of the policy on 30/04/2012 by exercising auto-surrender.  The main grievance of the complainant is that he has not been provided with the details of the Statement of Account of the money which he had invested with the respondent.  He has the right to know in which securities or shares his money was invested by the respondent company and the amount of profit earned or loss incurred in such investment.  The complainant has also filed on record the letters which he had written for providing him the Statement of Account.  We have gone through the replies which have been given by the respondent in this regard in their letters dated 12/10/2012 and 03/12/2012.  In both these letters there is no causable reason as to why the Statement of Account of money which he had invested with the respondent was not provided to him.  It is only for the first time that in the written statement the respondent has come up with a calculation showing the Fund Value on the date of surrender i.e., 30/04/2012 but it nowhere reflected the source in which this money was invested and the amount of loss incurred in such investment.  In these circumstances, it cannot be said that the respondent has discharged its obligation towards the complainant and the levying of the surrender charges @ 5% cannot be said to be justified.

Taking all the facts and circumstances mentioned supra, we allow this complaint and direct the respondent to provide to the complainant the Statement of Account of Rs.1,00,000/- invested by it in funds or shares, the amount of profit or loss incurred on such investment within 45 days from the date of this order.  We, further, direct the respondent to refund the amount of Rs.4,581.28 and pay a sum of Rs.2,500/- towards harassment, mental pain and agony and it shall include the cost of litigation.  Let the order be complied with by the respondents within 45 days from the date of this order.

             Copies of the order be supplied to the parties as per rule.

 

(Poonam Malhotra)                                                                                                (N.A.Zaidi)

        Member                                                                                                            President

 

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