Orissa

Sambalpur

CC/52/2022

Santosh Kumar Agrawal - Complainant(s)

Versus

Life Insurance Corporation of India, Represented through its Branch Manager of Kuchinda Branch - Opp.Party(s)

P.K.Singh Deo

27 Mar 2023

ORDER

PRESIDENT, DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, SAMBALPUR

                             CONSUMER COMPLAINT NO. 52/2022

 

Present-Dr. Ramakanta Satapathy, President,

  Sri. Sadananda Tripathy, Member,

 

Santosh Kumar Agrawal,

S/O- Murali Chand Agrawal

R/O- Rajadhanipada, Kuchinda, PO/Ps-Kuchinda

Dist-Sambalpur-768221, Odisha.                                        ...………..Complainant

Versus

Life Insurance Corporation of India,

Represented through its Branch Manager of Kuchinda Branch,

At/Po/Ps-Kuchinda, Dist-Sambalpur-768221      .                         ……...Opp.Party

Counsels:-

1. For the Complainant      :-          Sri. P.K.Singh Deo, Advocate & Associates
2. For the O.P.                     :-          Sri. A.K.Naik, Advocate & Associates

 

Date of Filing:29.07.2022,  Date of Hearing :27.02.2023  Date of Judgement : 27.03.2022

  Presented by Dr. Ramakanta Satapathy, PRESIDENT

 

1. The Complainant’s case is that father of the Complainant namely Murari Chand Agrawal is the life assured in ‘Jeevan Saral Policy’ No. 593853983, maturity period 10 years with sum assured Rs. 2,50,000/-. The policy matured on 25.10.2020. After maturity the Complainant applied for settlement, submitted Bank details, Policy Bond for transfer of the amount. The O.P. paid Rs. 55,878/- to Bank A/C No. 009053007772 Sambalpur D.C.C.Bank Ltd., Kuchinda Branch. As a senior citizen and due to inability in movement, the Complainant is authorised to file this complaint. The repudiation made by the O.P. of the policy is illegal.
2. The O.P. in its version submitted that the Complainant has no locus standi to file the case as the assured is alive. The policy covers Death sum Assured and Maturity sum Assured subject to terms and conditions of the “Jeevan Saral Policy” a sum of Rs. 2,50,000/- and Rs. 39,490/- respectively. The policy holder paid all the premiums up to 25.10.2020 and date of maturity is 25.10.2021.

The O.P. rightly settled the maturity claim of Rs. 55,878 and remitted the amount to Bank A/C No. 009053007772 Sambalpur D.C.C. Bank Ltd., Kuchinda Branch as provided by the policy holder. The contention of the policy holder that Rs. 2,50,000/- with interest receivable is not tenable in Law. There is no deficiency on the part of the O.P. and the complaint is liable to be dismissed.

3. Perused the documents filed by the Complainant and O.P. As per admission of both the parties the ‘Jeevan Saral Policy’ No. 593853983 issued in the name of Murari Chandra Agrawal,

 

                                                           Date of Commencement: 25.10.2010

                                                           Table Term: 165-11

                                                            Date of Birth: 17.08.1951

Yearly Premium: Rs. 12,010/- (Rs. 11,760/- after rebate of 2% for yearly mode).

Maturity Sum Assured : Rs. 39,490/-

Date of Maturity: 25.10.2021

Death sum Assured: Rs. 2,50,000/-

The maturity sum calculated as follows:-

For age 59 years 11 months maturity sum assured for Rs. 100/-

Monthly premium is Rs. 1000/-

For Rs. 100/- monthly premium, sum assured Rs. 3949/-

For Rs. 100/-=Rs. 39,490/-

Loyalty edition Calculated:

Yearly premium:Rs. 12000/-

Loyalty edition per 1000 Maturity sum Assued with policy duration 11 years and yearly premium bond Rs. 5001 to 20,000/- is Rs. 415/- for Rs. 39,490/- Maturity S.A. Loyalty addition comes to Rs. 16,388/-

          Total Maturity Value = Maturity Sum Assured + Loyalty edition

                                          = Rs. 39,490/- Rs. 16,388/-

                                          = Rs. 55878/-

Both the parties admitted the fact of deposit of Rs. 55,878/- in S.D.C.C. Bank Kuchinda Branch.

The Complainant is with wrong notion that after maturity the death sum assured shall be paid by the O.P. As the life assured is alive only he is entitled to get the maturity sum assured and rightly the O.P. has paid the amount and accordingly there is no cause of action for the complaint.

In the other hand the life assured is alive and his son filed the Complainant without filing any authorisation letter.

Accordingly, the complaint has no merit and dismissed.

Order pronounced in open court on this 27^th day of March, 2023.

Supply free copies to the parties.