Date of Filing:16.04.2008<br /> Date of Order:09.07.2008<br /> <br /> <br /> <br /> BEFORE THE II ADDITIONAL DISTRICT CONSUMER DISPUTES REDRESSAL FORUM SESHADRIPURAM BANGALORE-20<br /> <br /> Dated: 9TH DAY OF JULY 2008<br /> PRESENT<br /> <br /> <br /> <br /> Sri S.S. NAGARALE, B.A, LL.B. (SPL.), President.<br /> Smt. D. LEELAVATHI, M.A.LL.B, Member.<br /> Sri BALAKRISHNA. V. MASALI, B.A, LL.B. (SPL.), Member.<br /> <br /> <br /> <br /> <br /> COMPLAINT NO: 958 OF 2008<br /> <br /> R.N. Khaitan<br /> S/p. Late G.P. Khaitan<br /> No. 138/22/1, Sundar Complex<br /> A.M. Road, K.P.N. Extension<br /> Bangalore 560 002 Complainant<br /> <br /> V/S<br /> Life Insurance Corporation of India<br /> City Branch Office, (611), 1st Floor<br /> United India Building, J.C. Road<br /> Bangalore 560 002 Opposite Party<br /> <br /> ORDER<br /> By the President Sri. S.S. Nagarale<br /> <br /> This is a complaint filed under section 12 of the Consumer Protection Act seeking direction to opposite party to pay sum assured under the Insurance Policy and to award compensation.<br /> The facts of the case are that the complainant has taken Life Insurance Policy with effect from 22.08.1988. The sum assured is Rs. 1.00 lakh. The last date of payment of premium was 22.08.2007 and the date of maturity is 22.08.2008. The complainant has remitted the last premium. The opposite party had sent a notice stating that complainant is liable to pay last premium. He had approached Ombudsman and Chairman of the Life Insurance Corporation of India. The opposite party is reluctant to pay the sum assured and bonus. Complainant is the Consumer under the Consumer Protection Act. There is deficiency in service on the part of the opposite party. Hence, he filed the complaint. <br /> 2. Notice issued to opposite party. The opposite party is put in appearance through advocate and defence version filed admitting that the complainant had insured his life for Rs. 1,00,000/- with date of commencement from 22.08.1988. It can be seen from calculation that premium for yearly mode comes to Rs. 8,038.30 and half yearly mode Rs. 4,082.10. Complainant had given consent letter on 06.11.1988 for issuing policy half yearly mode. Proposal was accepted with half yearly mode. There was clerical mistake in the policy amount. The last date of payment was on 22.02.2008 and date of maturity is 22.08.2008. This was conveyed to the complainant vide letter dated 13.02.2008. Policy will be maturing on 22.08.2008 and opposite party is willing to pay maturity claim subject to realisation of half yearly premium due on 22.02.2008. Maturity amount, bonus etc., will be calculated as per the provisions of the policy.<br /> 3. Arguments are heard. The learned advocate of the opposite party has produced memo of calculation as per the direction of the forum and as per this memo of calculation Rs. 60,000/- was already paid as survival benefit. The balance of maturity claim is Rs. 40,000/-. Bonus under the policy is worked out to Rs. 1,15,500/- and interim bonus is Rs. 3,900/-. Additional bonus was Rs. 7,500/-. The total amount payable under policy is Rs. 1,66,900/-. Hence, unpaid installment of one premium Rs. 4,082.10 and interest for the delay Rs. 163.30. Balance due under the policy payable to the complainant on the date of maturity in full and final settlement of the claim is shown Rs. 1,62,654/-. The opposite party is agreeable to pay this amount as per the calculation Memo subject production of original policy bond and discharge form duly filled in by the complainant. So in view of this calculation memo submitted by the opposite party which is a self explanatory the complaint shall have to be disposed off with a direction to the opposite party to pay the amount as per the calculation. Opposite party being a public enterprise calculation submitted by the opposite party shall have to be accepted. The question of deficiency of service does not arise at all. The opposite party has fairly come forward to settle the claim of the complainant and submitted calculation memo. Therefore, the matter has been settled and it requires to be disposed off with a direction to the opposite party that it shall pay the sum of Rs. 1,62,654/- under the policy payable to the complainant as full and final settlement of the claim. The complainant is directed to produce original policy bond and discharge form duly filled in before the opposite party and get the claim settled. With this observation I proceed to pass the following: <br /> ORDER<br /> <br /> 4. The Complaint is disposed off. No order as to costs. <br /> 5. Send the copy of this Order to both the parties free of costs immediately. <br /> 6. Pronounced in the Open Forum on this 9TH DAY OF JULY 2008. <br /> Order accordingly,<br /> <br /> <br /> PRESIDENT<br /> We concur the above findings.<br /> <br /> <br /> MEMBER MEMBER<br />