By: Smt. Mini Mathew, Member
1) The complainant's case in brief is that he is the policy holder of the opposite party bearing No. LSP 1799507 and the commencement of policy is 30-12-2007. The amount deposited by the complainant is Rs..90000/-(Ninety Thousand) in 3 instalments. The last date of payment was on 30-12-2009. Complainant further states that the officials of opposite party approached the complainant and convinced him if the complainant shall pay an amount of Rs. 30000/- every year on the due date, for consecutive three years, then he will get Rs.3 lakhs with interest @ 14% and bonus. Complainant paid an annual premium amounting to Rs. 30000/- for a period of 3 years for sum assured of Rs.300000/- with interest @ 14% and bonus. After the completion of three years the complainant approached the opposite party for surrendering the policy and get back the amount paid, but the opposite parties were not ready to settle his legetimate claim. But the opposite parties informed the complainant that he could not surrender the policy because complainant should have to pay 5 years premium at least to get the paid up value. After that on 11-1-13 the complainant herein had received a letter from the office of the opposite party through which they informed the complainant that “the premiums due against this policy have not been paid and the period allowed to pay has also expired. As per regulatory provisions stated by us in the policy terms and conditions, we are constrained to terminate this policy and refund the case value” After that the complainant herein had recived a cheque from the opposite party dated 4-1-13 for an amount of Rs. 54,449/- and it was encashed on 1-2-13. Complainant approached this Forum for getting the balance amount of Rs.35551/- with interest @ 14% per annum and bonus along with compensation.
2) After receiving notice from this Forum opposite parties appeared and filed vakalath and posted for version to 19-8-14. On going through the proceeding sheet it can clearly be seen that there are several chances given for filing their version, but they are not truned up and no version is recorded. Subsequently opposite parties filed version and it was accepted on payment of cost of Rs,.500/-, but unfortunatly the opposite parties have not complied that order and did not pay the cost and so name of the opposite parties called absent and set ex-parte. Complainant filed affidavit in lieu of chief- examination and documents A1 to A3 marked. No contra evidence was adduced by the opposite parties. Hence complainant's evidence stands unchallenged.
3) Here complainant is a poor layman, by believing the sweet words of the insurance agents took the insurance policy with much expectations. At the time of taking the policy the representatives or the officials of the insurance company give so many offeres and promises to the insurees. But, when a claim is made by the insuree then the companies put forward so many technicalaities for repudiating the claim. This attitude of the insurance companies should not be encouraged. Here the act of the opposite parties amounts to deficiency in service and unfair trade practice. Both opposite parties are jointly and severally liable to compensate the complainant.
In the result, we order that the opposite parties shall re-fund an amount of Rs.35551/- with interest @ 10% per annum form 30-12-2007 till the date of payment along with Rs.10000/- as compensation to the complainant, with in one month from the date of receipt of copy of this order.
Dated this 26th day of March, 2015
K.MOHAMMED ALI , PRESIDENT
R.K.MADANAVALLY , MEMBER
MINI MATHEW, MEMBER
APPENDIX
Witness examined on the side of the complainant : Nil
Documents marked on the side of the complainant : Ext.A1to A3
Ext.A1 : Policy Account Statement Certificate
Ext.A2 : Termination of Policy Letter issued by opposite party
Ext A3 : Payment details
Witness examined on the side of the opposite party : Nil
Documents marked on the side of the opposite party : Nil
K.MOHAMMED ALI , PRESIDENT
R.K.MADANAVALLY , MEMBER
MINI MATHEW, MEMBER
