Orissa

Cuttak

CC/286/2013

Kunja Bihari Mohapatra - Complainant(s)

Versus

Managing Directors,ICICI Prudential Life Insurance Company Limited - Opp.Party(s)

S Mishra

28 Feb 2018

ORDER

IN THE COURT OF THE DIST. CONSUMER DISPUTES REDRESSAL FORUM,CUTTACK.

C.C No.286/2013

1.            Kunja Bihari Mohapatra,

S/O:Late Hare Krushna Mohapaptra.

 

2.            Mrs. Priya Sahu,

W/O: Sri S.P Sahoo

                    

3.            Mrs. Payal Mohapatra

W/o: Sri S.D.Mishra

 

All permanently at Durga Mandap Lane,

Near Govt. Bus stand,Badambadi,Cuttack.                                           … Complainants.

 

                Vrs.

 

1.        The Managing Director,

Representing the Board of Directors,

ICICI Prudential Life Insurance Co. Ltd.,

Regd. Office At:1^st Floor,

ICICI Prulife Towers,

Opp. Tata Motor Show room,

Newr Centuryt Bazar 1089 Appa

Saheb Maratha Marg,

Prabhadevi,Mumbai.

 

2.        The Branch Manager,

ICICI Prudential Life Insurance Co. Ltd.,

At:Sumitra Plaza,

Near Badambadi Bus Stand,

Towsn/Dist:Cuttack.

 

3.        Ashok Choudhry,

Branch Manager,

ICICI Prudential Life Insurance Company Ltd.,

Branch At: Sumitra Plaza,

Near Badambadi Bus Stand,

Town/Dist:Cuttack.                                                        … Opp. Parties.

 

Present:               Sri Dhruba Charan Barik,LL.B. President.

Sri Bichitra Nanda Tripathy, Member.

Smt. Sarmistha Nath, Member (W).

 

Date of filing:   03.12.2013

Date of Order: 28.02.2018

 

For the complainant:                 Sri Subrat Mishra,Adv. & Associates.

For the O.Ps.                :               Sri M.K.Pradhan,Adv. & Associates.

 

Sri Bichitra Nanda Tripathy,Member                                                     

The case of the complainants is against deficiency in service & unfair trade practice on the part of O.Ps.

1. Shortly, the case is that the complainants are husband and daughters of Late Prativa Rani Mishra and are successors-in-interest of Late Prativa Rani Mishra.  Late Prativa Rani MIshra had deposited a sum of Rs.10 lakhs on 19.03.2010 in ICICI Pru Elite Pension II Policy vide No.13639710.  The original policy bond was not issued to her/not given to her in spite of the fact that she had visited O.P No.2 many times for the  purpose.  During her illness she had written letters to O.P No.2 asking for original policy bond but O.P No.2 replied that the policy bond was handed over to the ‘security’.  (Copy of premium paid for 2009-10 and copy of letters dt.27.04.2012 and letter of November,2012 are enclosed vide Annexure-1 & 2 series).  Smt. Prativa Rani Mishra passed away on 30.11.2012. The complainants had also visited O.P No.2 to obtain the original policy but in vain.  A legal notice was also issued on 14.01.2013 to O.Ps for the purpose.(Anenxure-3,4 & 5 series).  O.P No.1 & 3 have not replied to the legal notice but O.P No.2 replied vide letter dt.30.01.2013 that they have received a sum of Rs.10 lakhs from Prativa Rani Mishra for ICICI Pru Elite Pension II.  O.P No.2 denied the allegation of non-receipt of policy documents but reissued duplicate policy terms and conditions only after submission of an indemnity bond along with other supporting documents as per the said letter.(Annexure-6 series).  On receipt of such documents from the complainants vide letter dt.06.03.2013(Annexure-7) the authorized signatory of ICICI Prudential Life Insurance send a cheque for Rs.7,77,641.52 to the complainant unilaterally by making wrong interpretation of clause-2.4 that the complainants are liable to the afore stated amount as death claim only but they did not gave the original bond to the complainants but they gave copy of ICICI PRU Elite Pension II pol.icy. (Copy of such letter dt.19.03.2013 and copy of cheque vide Annexure-8 series).  The cheque was presented at Union Bank and as was credited to the account of complainant No.1 on 02.04.2013. (Annexure-9 series).   Copy of legal heir certificate vide Annexure-10.  The complainant No.1 on behalf of all the complainants served a legal notice on O.P No.1 & 2 on 06.04.2013 and repudiated the ICICI PRU Elite Pension II policy within 15 days of receipt of such papers which was received on 25.03.2013 as per clause of free look in period.  The complainant also demanded a sum of Rs.2,22,358.48p with interest @ 12%  from 4.04.2010 till date of actual payment and interest @ 12% on Rs.7,77,641.52 from 04.04.2010 to 04.04.2013 along with costs, damages, compensation, interest etc.(Annexure-11 series).  Since the policy bond was not issued to Smt. Prativa Rani Mishra till March,2013 even if Rs.10,00,000/- was received by the O.Ps during March,2010 which amounts to unfair trade practice.  Finding no other way, the complainants have taken shelter of this Hon’ble Forum.  They have prayed to direct the O.ps for payment of interest amounting to Rs. 3 lakhs on Rs.10 lakhs for the period from 04.04.2010 to 02.04.2013 @ 12%, to pay the balance amount i.e. Rs.2,22,359/- along with interest @ 12% from 03.04.2013 till date of final payment and a sum of Rs.3 lakhs  as compensation towards mental agony, harassment and oppression and compensation with interest @ 12% from filing of this case i.e. 03.12.2013 till actual payment.  Thus they have claimed a total sum of Rs.8,22,359/- with interest @ 12% till date of final payment.
2. The O.Ps vide written version dt.25.02.2014      has stated that the policy documents were duly dispatched to the complainant on 07.04.2010.  The life assured upon receipt of the policy documents had the option to return the policy under the provision of free look period.  As per regulations, 2002 within 15 days of receipt of the said policy in case of any discrepancy in terms and conditions of policy.  However, the life assured approached the company for the first time on 14^th November, 2012 i.e. after 2 & half years of the issuance of the policy stating that she did not receive the policy documents and requested to send the same.  On 15.11.2012 the company requested the life assured to submit indemnity bond for issuance of duplicate policy documents along with some other documents as required for the purpose but the complainant did not submit such documents.  The condition relating to free look period is as follows:

FREE LOOK PERIOD

“A period of 15 days is available to you to review the policy.If you do not find the policy suitable, this policy documents must be returned to the Company for cancellation within 15 days from the date you received it.On cancellation of the policy during the free look period, we will return the premium after deducting the stamp duty paid under the policy and the expenses incurred by the Company on medical examination of the life assured, if any.The policy shall terminate on payment of this amount and all rights, benefits and interests under this policy will stand extinguished.”

The life assured also did not deposit the premium regularly in spite of reminders were send to her by way of SMS to the registered mobile No. as specified in the proposal form but due to non-payment of premium for 2010-11 the policy was in a lapsed status.The rules regarding payment of premium is also stated by the O.Ps as follows:

Premium payment.

1. You are required to pay premiums on due dates and for the amount mentioned in the policy certificate.  There is a grace period of 15 days where the frequency of payment is monthly and 30 days for all other frequencies.
2. Premiums are payable up to and including the due date of last premium payable as shown in the policy certificate.
3. Premiums are payable without any obligation on the Company to issue a notice for the same
4. If the policy holder suspends payment of premium for any reason whatsoever the Company shall not be held liable.  In such an event, the benefits if any will be available only in accordance with the policy terms and conditions.”

The O.P, Insurance Company on receipt of death claim intimation accepted the claim as per clause-2.4 of the policy terms and conditions and a sum of Rs.7,77,641.52p i.e. fund value was paid vide cheque No.100192 dt.15.03.2013.The said cheque was encashed by the complainants on 04.04.2013.Smt. Prativa Rani Mishra had filed & signed the application form for the said policy bearing No.13639710 and the policy was issued on 23.03.2010.

The details of said policy was as follows:

Contact No.13639710

PlanICICI PRU Elite Pension II

PremiumRs.10,00,000/-

FrequencyYearly

Sub assuredZero Death Benefit.

Proposal signed dateMarch,18,2010

Premium payment term6 years.

Smt. Prativa Rani Mishra was also having another policy i.e. “Life Time Super Pension” plan vide No.04821879 of the same company and the investor was well aware the advantages of investing in pension policies.  The copy of policy documents and proposal forms were dispatched in the address of the policy holder on 07.04.2010.  The life assured has never approached the O.Ps regarding discrepancy on complaints within 15 days of receipt of the policy documents under free look period, hence it was implied that the policy continued.

3.   We have gone through the case records in details.We have observed that Smt. Prativa Rani Mishra had made one ICICI Pru Elite Pension II Policy vide No.13639710 and paid a sum of Rs.10,00,000/- as premium for the year 1009-10 as on 19.03.2010 Smt. Mishra lodged a complaint on 06.11.2012 regarding non-receipt of policy bond.  Again she intimated O.P NO.2 on 27.11.2012 that she has not received the original bond.  Although vide her  letter dt.27.11.2012  she also intimated to O.P No.2 that from the letter dt.15.11.2012 of the O.P No.2  it ws learn that the Bond was handed over to a security personnel of Smt. Mishra but  Smt. Mishra has not enclosed a copy of such letter alleged to be received from O.P No.2 on 15.11.2012 to this effect.Smt. Prativa Rani Mishra passed away on 30.11.2012 and a legal notice was issued to the O.Ps on 14.01.2013 by the legal heirs of Smt. Prativa Rani Mishra regarding non-receipt of such original bond.  (Annexure-3,4 &5 series).  Vide letter dt.30.01.2013 the O.P No.1 replied to Kunja Bihari Mohapatra(one of the complainants) that Smt. Prativa Rani Mishra has made one ICICI Pru Elite Pension II policy as on 23.03.2010 and the policy documents along with copy of proposal form were dispatched to her on 07.04.2010.  The life assured also remained silent for more than two & half years without lodging any complaint regarding non-receipt of policy documents.  She lodged the said complaint only on 14.11.2012 i.e. after two & half years of making the policy.(Ref. Annexure-2 series as submitted by the complainant and annexure-6 series as submitted by the complainant ).  It is also learnt from Annexure-1(as submitted by the complainant) that the complainant has arranged to obtain a premium paid certificate for the year 2009-10 from O.Ps only on 24.08.2012.  It is also learnt that the policy holder Smt. Prativa Rani Mishra was having another policy with the said insurance company vide No.04821870 under “life time super pension”(Annexure-page-34 of O.P,page-7 para-3 of written version of O.Ps). Thus we presume that Smt. Mishra was aware regarding the rules/regulations regarding the pension plans and also  regarding policy conditions  particularly relating to the free look period of 15days.  She was also intimated to renew the said policy over SMS but has not renewed the said policy.  Moreover the policy was a pension plan and was not meant for getting illness benefits.  There was also no life cover under the said plan.

From the facts and circumstances as stated above, it is clear that the policy holder has intimated the O.Ps regarding non-receipt of original bond only on 06.11.2012/14.11.2012.  She has not applied within 15 days of receiving the bond to get the benefits under “Free Look Period”.  She has not produced any prove that she has ever intimated the O.Ps regarding non-receipt of such bond prior to 06.11.2012/14.11.2012.  The complainants also did not submit the copy of letter dt.15.11.12012 of O.Ps to prove their stand that the said Bond was handed over to the security guard.  Thus it is clear that the complainants have failed to establish negligence in service on the part of O.Ps.  The case quoted by the learned advocate of the complainant is not applicable to the present case.

                                                                                ORDER

The case be and the same is hereby dismissed on contest against the O.Ps.

Typed to dictation, corrected and pronounced by the Hon’ble Member in the Open Court on this the 28^th   day of February,2018  under the seal and signature of this Forum.

              (Sri B.N.Tripathy )

                                                                                                                Member.

 

                                                                                                                            

                                                                                                              (  Sri D.C.Barik )

                                                                                                                     President.

 

                                                                                                                (Smt. Sarmistha Nath) 

                                                                                                          Member(W).