Chandigarh

DF-II

EA/85/2016

Vinod Kumar Bhatia - Complainant(s)

Versus

Manager ICICI Prudential Life Insurance Company Ltd. - Opp.Party(s)

In Person

01 Feb 2017

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL FORUM-II, U.T. CHANDIGARH

Execution Appl. No. In Consumer Complaint  No	:	85 of 2016   215 of 2015
Date  of  Institution	:	10.05.2016
Date   of   Decision	:	01.02.2017

 

 

 

 

 

 

Vinod Kumar Bhatia s/o Sh.L.R.Bhatia, Resident of 188, NFL Enclave, Sector 48-A, Chandigarh.

             …..Complainant/Decree Holder

 

Versus

 

1]  Manager, ICICI Prudential Life Insurance Company Ltd., SCO 134-136, First Floor, Sector 8-C, Chandigarh.

 

2]  Vice President Customer Care ICICI Prudential Life Insurance Company Ltd., 1089, Appasaheb Marg, Prabhatdevi, Mumbai

 

….. Opposite parties/Judgment Debtors  

 

BEFORE:  SH.RAJAN DEWAN                 PRESIDENT

         SH.JASWINDER SINGH SIDHU       MEMBER

         MRS.PRITI MALHOTRA             MEMBER

 

 

For complainant (s)     :     Decree Holder/Complainant in person.

 

For Opposite Party(s)   :     Sh.Gaurav Bhardwaj, Advocate

 

 

PER PRITI MALHOTRA, MEMBER

 

         The present execution application has been field by the Complainant/Decree Holder claiming that the OPs/judgment debtors have failed to execute the order dated 29.01.2016 passed by this Forum, in its true sense and in support submitted his calculation sheet. 

 

2]       In reciprocal, the OPs/judgment debtors also claimed that they paid the whole amount to the complainant/decree holder and executed the order passed by this Forum in its right spirit and they also submitted their own calculation sheet.

 

3]       Pertinent to mention that during the course of arguments, on the request of the complainant/decree holder, the main complaint case file was called for, perused and attached with this execution application.

 

4]       After perusing the whole record, it is clear that the policy availed by the complainant/decree holder on 25.4.2002 got matured on 25.4.2007 with its maturity amount of Rs.59,384/- and after its maturity, complainant/decree holder opted to postpone the original vesting date of the policy.

 

5]       Further, it is clear from letter dated 24.1.2008 of the OPs/judgment debtors that they accepted the request of the complainant/decree holder for the postponement of the policy and postponed the original vesting date of the policy to 25.4.2014 from 25.4.2007 and was also provided with the recap features of Forever Life (RP) Policy obtained by the complainant/decree holder.  For the sake of convenience, the said features are reproduced below:-

 

1. The Life Cover ceases on the original vesting date of the policy.
2. The company shall quote annuity rates based on the age of the annuitant on the postponed vesting date.
3. Interest at 3.5% per annum shall be paid on the Purchase Price for the period beginning from the original vesting date till the postponed vesting date.  The interest rate is subject to review at the beginning of every calendar year.

 

6]       The complainant/decree holder agitated at the time of arguments that the OPs/judgment debtors were bound to pay as per the commitment and the interest rate to be applicable was subject to review at the beginning of every calendar year in view of Clause-3 as mentioned above, which they failed to materialize and paid the interest arbitrarily calculating it @4% compounding interest. We are of the considered view that as per the 3^rd feature of the policy, as reproduced above, the complainant/decree holder was entitled to the interest @3.5% per annum for the period beginning from original vesting date i.e. 25.4.2007 till the postponed vesting date i.e. 25.4.2014, since it was the prerogative of Opposite Party Company to review the interest rate at the beginning of every calendar year, so cannot be held liable for not doing so.  The Opposite parties/judgment debtors have committed no deficiency in not reviewing the said rate of interest in the beginning of every calendar year.

 

7]       We disagree with the contention of the complainant/decree holder that he is entitled for 8.28% interest from the date of maturity of 25.4.2007 to postponed vesting date of 25.4.2014, as mentioned in his calculation sheet, as the OPs/judgment debtors, as a matter of their policy fixed it @4% compounded interest and paid the amount accordingly. Thus, the objection of the complainant/decree holder is not sustainable and in our considered opinion, the OPs/judgment debtors have rightly complied with the order dated 29.1.2016.  Accordingly, the present execution application is disposed of.

         The certified copy of this order be sent to the parties free of charge, after which the file be consigned.

Announced

1^st February, 2017                                                                          

                                       Sd/-

(RAJAN DEWAN)

PRESIDENT

 

 

Sd/-

 (PRITI MALHOTRA)

MEMBER

 

Sd/-

(RAVINDER SINGH)

MEMBER