West Bengal

Bankura

CC/112/2015

Purnima Dey Karmakar - Complainant(s)

Versus

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

Self

02 Jan 2023

ORDER

IN    THE   DISTRICT   CONSUMER   DISPUTES   REDRESSAL COMMISSION BANKURA

 Consumer  Complaint  No. 112/2015

Date of Filing : 29.09.2015

Before:

1. Samiran Dutta                Ld. President.      

2. Rina Mukherjee               Ld. Member. 

3.  Sudhakar Ghosh             Ld. Member.

 

For the Complainant: None 

For the O.P. Subrata Mukhopadhyay

Complainant

Purnima Dey Karmakar, Lalbazar, Bhatigora, Bankura-722 101

 Opposite Party

Max Life Insurance Co Ltd., Axis Bank, Bankura Branch, Nutanchati, Bankura, Bankura-722 101

 

Order No.36,

Dt.02- 01 -2023

The husband of the complainant is present by filing hazira.

Hazira is filed on behalf of the O.P. through Advocate.

 No step is taken on behalf of the O.P.

The case is fixed for argument.

After hearing the argument from the complainant side the Commission hereunder proceeds to dispose of the case.

                                                                                                                                                                                     Contd…..p/2

Page: 2

The complainant case is that she had a Life Insurance Policy with O.P. No.1 No. being 838037141 with date of Commencement on 21-05-2011 and Yearly premium of Rs.50,000/- After payment of four Yearly premiums the complainant could not continue the Policy for want of sufficient money and ultimately he surrendered the Policy with the O.P. w.e.f. 27-06-2015 and received an amount of Rs.99,174.70 to his Bank account. The complainant is not satisfied with his claim settlement and so she has approached this Commission for appropriate relief.

The O.P. No.1 Life Insurance authority submitted a written version that according to the terms and conditions and surrender of the Policy the complainant is not entitled to get relief more than she has already received. The O.P. No.1 did not ultimately contest the case though filed the written version as above.

In support of the complaint the complainant has produced the premium receipts and other relevant documents on record and the O.P. No.1 along with the  written version has also produced the entire Policy papers with terms and conditions of the Policy.

It is no doubt true that the complainant surrendered the Policy after yearly payment for four consecutive years from 2011 to 2014 and she received certain amount towards bonus as per policy terms and conditions.

On perusal of the booklet containing the terms and conditions of the policy as produced on behalf of the Insurance authority it is found under the Head Note cash value that the policy will acquire cash value if it has been in force for at least three years and provided all the premiums that have fallen due have been received and under the Head Note Surrender value it is clearly stipulated that after the policy having acquired cash value the policy holder may opt to surrender the policy and the surrendered value payable will be equal to cash value less any loan including interest accrued to date of surrender.

It is therefore clear from the above noted stipulations of terms and conditions of the policy that the Policy holder in case of surrender after continuing payments of premium for three years is entitled to surrender value equivalent to cash value with interest accrued thereon till the date of surrender.

                                                                                                                                                                                  Contd…….p/3

                                                                                                        Page: 3

As stated above the complainant has paid premium of Rs.2,00,248/- in all for four consecutive years as is evident from the payment receipt and so she is entitled to get the entire premium values together with prevailing interest accrued thereon till the date of surrender. But the complainant has been denied her due claim towards her Insurance policy and thereby the O.P. has committed deficiency in service and also unfair trade practice while disposing claim settlement of the Policy holder.

The complainant has succeeded in proving her case and she is therefore entitled to get appropriate relief.                                             

                                              Hence it is ordered…….

That the case is allowed on contest without cost against O.P. No.1.

O.P. No.1 is directed to pay to the complainant the entire premium value of Rs,2,00,248/- with accrued interest thereon minus Rs.99,174.70 within one month from this date failing which the complainant may recover the decretal amount through Execution process @ 9% p.a. from this date till its realization.

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

                            ____________________                           _________________                                  _________________

                           HON’BLE   PRESIDENT                        HON’BLE MEMBER                             HON’BLE MEMBER