West Bengal

Bankura

CC/31/2018

Sri Kashinath Pal - Complainant(s)

Versus

Manager Axis Bank Max Life Insurance Co. Ltd. - Opp.Party(s)

Tapan Dey

02 Feb 2024

ORDER

IN    THE   DISTRICT   CONSUMER   DISPUTES   REDRESSAL COMMISSION, BANKURA

  Consumer Complaint No. 31/2018      

      Date of Filing: 16/05/2018      

Before:                                        

1. Samiran Dutta                            Ld. President.      

2. Siddhartha Sankar Bhui            Ld. Member. 

 

For the Complainant:  Ld. Advocate Tapan De

For the O.P.:  Ld. Advocate Gobinda Narayan Ghosal

Complainant  

1.Sri Kashinath Pal, S/o Late Bholanath Pal, Patpur, Shit Para, Vidyasagar More, P.O., P.S. &Dist-  Bankura.

 

2.SmtManasi Pal, W/o Sri Kashanath Pal,  Patpur, Shit Para, Vidyasagar More, P.O., P.S. &Dist-  Bankur.                                                            .

Opposite Party 

1.Manager, Axis Bank, Max Life Insurance Co.Ltd.Nutanchati, Bankura, P.O., P.S. &Dist- Bankura.

2.Sri Animesh Mukherjee, S/o Sri Sibdas Mukherjee, Agen Cum Staff of Axis Bank Ltd.Bankura Of Max Life Insurance Co.Ltd.Nutanchati, Bankura- 722101.

Residential Address :SaradaPolli, Bhutgoria Durgapur Bye Pass, Lalbazar, P.O., P.S. & Dist.-Bankura.

3.Max Life Insurance Co.Ltd, Regd.Office-Max house,1,Dr.Jha Mark Okhia, New Delhi- 110020.  

 

FINAL ORDER / JUDGEMENT

Order No.43

Dated: 02-02-2024

Both parties file hazira through Advocate.

The case is fixed for argument.

After hearing argument from both sides the Commission proceeds to dispose of the case as hereunder: -

The Complainants’ case is that the Complainant No.1 and his spouse, Complainant No.2 received two separate Insurance Policy from O.P. No.3/Max Life Insurance Co. in connection with their respective  S.B. A/c No.91201006660451 & No.912010060268764 maintained at O.P. No.1/Axis Bank  vide Policy No.882004724 & 876945197 (date of commencement 29/05/2013) valid for 20 years against payment of Annual premium and the 1^st Annual premium payable for both the Policy  were paid by Demand Draft for Rs.20,000/- each and the 2^nd Annual premium of Rs.19,713/- & Rs.19,540/- were paid respectively on 09/07/2014 & 26/02/2015 and thereafter the Complainants did not pay any further premium on the impression that the Policy was issued initially for one year and renewed for the 2^nd year. Accordingly the Complainants approached the O.P./Insurance Co. for refund of the matured value but the same was not complied with despite several representations. Hence this case.

O.P.No.3/Insurance Co. contested the case by filing a written version contending inter alia that the total premium has been paid for the first and second year after commencement of the Policy for Rs.39,656/- and Rs.39,540/- respectively and for non-payment of regular premium both the Policy stood lapsed which was intimated to both the Complainant by letter dated: 03/12/2015 and 15/01/2016 respectively. As such the Complainants are not entitled to get  any relief as prayed for.                                                                          

                                                                                                                                                                                     Contd……p/2

Page: 2

-: Decision with reasons: -

Having regard to the facts of the case, submission, contention and documents from both sides the Commission finds that the duration of both the Policy was for 20 years against payment of Annual premium but the Complainants after payment of Annual premium for 1^st & 2^nd year did not make any further premium and as such according to Insurance law both the Policy stood lapsed and the O.P./Insurance Co. duly intimated the same to the Complainants. But the Complainants were under the impression that the Policies were issued for one year and to be renewed for the second year on payment of Annual premium according to the mis-representation made by the O.P. No.2/ Insurance Agent Sri Animesh Mukherjee.

The Commission will look into the Policy document only but will not enquire into the representation made by the Insurance Agent.

It is therefore evident from the materials on record that both the Policies are not in force and lapsed for non-payment of Annual premium and so the Complainants are entitled at best the total premium amount paid in accordance with the Insurance laws. However both the Complainants are given liberty to continue the Policies as per Insurance laws if they so desire. Till Policy is renewed further as above the Complainants are entitled to the total  premium paid subject to deduction according to relevant Insurance rules and regulation.

 

Hence it is ordered……..

That the case be and the same is disposed of on contest by directing the O.P. No.3/Max Life Insurance Co. to pay to the Complainants the lapsed value of both the Policy according to Insurance law within one month from this date in default law will take its own course.

Liberty is give to both the Complainants to exercise their options to renew the Policies subject to payment of regular Annual premium if they so desire and Insurance law permits so.

Both parties be supplied copy of this Judgement free of cost.

 

____________________                 _________________         

HON’BLE   PRESIDENT           HON’BLE MEMBER