DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, BARNALA, PUNJAB.
Complaint Case No: CC/37/2024
Date of Institution: 09.04.2024
Date of Decision: 19.09.2024
Arshdeep Kaur aged about 19/20 years daughter of Sukhwinder Singh son of Udham Singh resident of Pattil Lalu, Dhilwan (Nabha), Tehsil Tapa, District Barnala.
…Complainant
Versus
Life Insurance Corporation of India, Jeevan Joyoti Building, 22 Acre Scheme, Near Fountain Chowk, Barnala through its Manager.
…Opposite Party
Complaint Under Section 35 of the Consumer Protection Act, 2019.
Present: Sh. Anuj Mohan Adv counsel for complainant.
Sh. J.R. Garg Adv counsel for opposite party.
Quorum.-
1. Sh. Ashish Kumar Grover: President
2. Smt. Urmila Kumari: Member
3. Sh. Navdeep Kumar Garg : Member
(ORDER BY ASHISH KUMAR GROVER PRESIDENT):
The complainant has filed the present complaint under Section 35 of the Consumer Protection Act 2019 against Life Insurance Corporation of India, Jeevan Joyoti Building, 22 Acre Scheme, Near Fountain Chowk, Barnala through its Manager (in short the opposite party).
2. The facts leading to the present complaint are that the father of the complainant purchased a Life Insurance Policy namely Komal Jeevan Plan which is children’s money back plan bearing No. 162771892 in the year 2004 from opposite party for complainant. It is alleged that the premium of the said policy was Rs. 3,678/- half yearly and father of the complainant had paid all the premiums regularly to the opposite party and the sum assured is Rs. 1,00,000/- and the last premium was paid on 28.11.2022. It is further alleged that after paying the last premium on 28.11.2022 i.e. after 18 years i.e. on the life Assureds’ surviving the policy anniversary immediately after the completion of 18 years 20% amount of the sum assured was to be paid as survival benefit. However, the said 20% amount of the sum assured has not been paid by opposite party to the complainant till date in spite of repeated requests. It is further alleged that the complainant was in need of money for her education and in the month of November 2023 the complainant alongwith her father visited the office of opposite party and submitted the original policy alongwith other relevant documents for paying the surrender value equal to higher of Guranteed Surreder Value of the said policy and opposite party assured that the payment will be paid shortly. It is further alleged that the opposite party has not paid the money to the complainant under the said policy, then father of the complainant obtained a loan of Rs. 1,70,000/- from IDFC First Bank. The complainant also served a legal notice dated 26.2.2024 through counsel to the opposite party but they did not reply the same. The said act & conduct of the opposite party amounts to deficiency in service and unfair trade practice. Hence, the present complaint is filed for seeking the following reliefs.-
- The opposite party may be directed to release the amount i.e. surrender value of the said policy alongwith interest @ 18% per annum from the date of maturity.
- To pay Rs. 1,00,000/- as compensation as physical and mental pain, agony and harassment.
- Further, to pay Rs. 22,000/- as litigation expenses.
3. Upon notice of this complaint, the opposite party appeared and filed written version by taking preliminary objections interalia on the grounds that the complainant has got no locus-standi to file the present complaint. The present complaint is wholly misconceived, groundless and unsustainable in law. The complainant has not come with clean hands etc.
4. On merits, it is submitted that Sh. Sukhwinder Singh father of the complainant purchased a life insurance policy No. 162771892 for complainant with policy plan No. 159/26/18 having date of commencement 13.12.2024 under half yearly mode of premium of Rs. 3,678/- and sum assured is Rs. 1,00,000/-. Due to technical error in system the survival benefit due on 11/2022 has been paid on 14.5.2004 Rs. 19,991/- (SB due Rs. 20,000/- and Rs. 9/- excharge due on policy) and penalintt on SB 16.5.2024 Rs. 2463/- HDFC Bank account No. 50100565987921. It is further alleged that as per documents and request of policy holder, the Branch office has paid Surrender Value Rs. 1,32,542/- on 16.5.2024 in the Bank account of policy holder. All other allegations of the complaint are denied and prayed for the dismissal of complaint.
5. The Complainant has filed rejoinder to the written version of opposite party vide which the complainant reiterated averments as mentioned in the complaint.
6. To prove the case the complainant tendered into evidence affidavit of Sukhwinder Singh Ex.C-1, copy of birth certificate of complainant Ex.C-2, copy of aadhar card of complainant Ex.C-3, copy of policy Ex.C-4, copy of premium receipts Ex.C-5 (10 pages), copy of policy status regarding fully paidup Ex.C-6, copy of loan sanction letter alongwith disbursement request Ex.C-7 (4 pages), copy of power of attorney Ex.C-8, copy of account statement Ex.C-9, copy of order dated 5.4.2024 Ex.C-10, copy of legal notice dated 26.2.2024 Ex.C-11, copy of postal receipt Ex.C-12 and closed the evidence.
7. The opposite party tendered into evidence calculation sheet Ex.O.P-1, copy of payment of surrender value Ex.O.P-2 and closed the evidence.
8. We have heard the learned counsel for the parties and have gone through the record on the file.
9. Ld. Counsel for the complainant argued that the father of the complainant purchased a Life Insurance Policy namely Komal Jeevan Plan which is children’s money back plan bearing No. 162771892 in the year 2004 from opposite party for complainant. It is further argued that the premium of the said policy was Rs. 3,678/- half yearly and father of the complainant had paid all the premiums regularly to the opposite party and the sum assured is Rs. 1,00,000/- and the last premium was paid on 28.11.2022. It is further argued that after paying the last premium on 28.11.2022 i.e. after 18 years i.e. on the life Assureds’ surviving the policy anniversary immediately after the completion of 18 years 20% amount of the sum assured was to be paid as survival benefit and the said 20% amount of the sum assured has not been paid by opposite party to the complainant till date in spite of repeated requests. It is further argued that the complainant was in need of money for her education and in the month of November 2023 the complainant alongwith her father visited the office of opposite party and submitted the original policy alongwith other relevant documents for paying the surrender value equal to higher of Guranteed Surreder Value of the said policy and opposite party assured that the payment will be paid shortly. It is further argued that the opposite party has not paid the money to the complainant under the said policy, then father of the complainant obtained a loan of Rs. 1,70,000/- from IDFC First Bank. The complainant also served a legal notice dated 26.2.2024 Ex.C-11 through counsel to the opposite party but they did not reply the same.
10. On the other hand, Ld. Counsel for the opposite party argued that Sukhwinder Singh father of the complainant purchased a life insurance policy No. 162771892 for complainant with policy plan No. 159/26/18 having date of commencement 13.12.2024 under half yearly mode of premium of Rs. 3,678/- and sum assured is Rs. 1,00,000/- but due to technical error in system the survival benefit due on 11/2022 has been paid on 14.5.2004 Rs. 19,991/- (SB due Rs. 20,000/- and Rs. 9/- exchange due on policy) and penalintt on SB 16.5.2024 Rs. 2463/- HDFC Bank account No. 50100565987921. It is further argued that as per documents and request of policy holder the Branch office has paid Surrender Value Rs. 1,32,542/- on 16.5.2024 in the Bank account of policy holder (as per Ex.OP-1 and Ex.O.P-2).
11. We have carefully gone through the facts and evidence produced by both the parties. To prove its case the opposite party has placed on record copy of calculation sheet i.e. Ex.O.P-1 vide which it is mentioned that As per table of SV factor chart = SV factor for 19.5 years and duration 20 years is = 5903, Now Guaranteed Addition 15000 x5903 = Rs. 88545 (A) and the premium amount is Rs. 3678 and in this policy risk commence as on 13.12.2011 (Age completed 7 years), 12 (Twelve) premiums of policy got 90% before risk, 22 (Twenty two) premiums of policy got 30% after risk exchanging Ist year i.e. 3678 x 12 x 90% = 39722.40, 367822 x 30% = 24274.80 i.e. 39722.40+24274.80 = 63997.20 (B), GSV = A+B-SB Paid i.e. Rs. 88545+Rs. 63997.20- Rs. 20000 = Rs. 1,32,542/-. The opposite party further placed on record copy of payment of surrender value Ex.O.P-2 which shows that Rs. 1,32,542/- has been paid to the A/c Number 50100565987921 in the Bank HDFC Bank Branch Dhilwan through NEFT. On the other hand, the complainant has placed on record copy of account statement Ex.C-9 which shows that on 14.5.2024 an amount of Rs. 19,991.00 has been deposited through NEFT by LIC and on 16.5.2024 an amount of Rs. 1,32,542.00/- has been deposited through NEFT by LIC and the above said amount is deposited in the A/c No. 50100565987921 in the Bank HDFC Bank Branch Dhilwan through NEFT. So, from the perusal of the above said facts and evidence it established that the opposite party has paid the surrender value of Rs. 1,32,542/- to the complainant as per policy. The opposite party mentioned in the Ex.O.P-1 that the Guaranteed Addition has been paid upto 2024 despite that the amount of policy was due in 11/2022. So, nothing is due against the opposite party.
12. In view of the above discussion, we find no merits in the present complaint and the same dismissed without cost. Copy of the order be supplied to the parties free of costs. File be consigned to the records after its due compliance.
ANNOUNCED IN THE OPEN COMMISSION:
19th Day of September, 2024
(Ashish Kumar Grover)
President
(Urmila Kumari)
Member
(Navdeep Kumar Garg)
Member
