Haryana

Sonipat

235/2014

Naveen Kumar - Complainant(s)

Versus

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

Vijay Vashistra

02 May 2016

ORDER

BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM,

SONEPAT.

             

 

                             Complaint No.235 of 2014

                             Instituted on:12.09.2014                                       Date of order:02.05.2016

 

Naveen Kumar son of Ramesh, resident of House no.927/7, Anil Vihar, Opp. Malviya School, Sonepat.

…Complainant.

Versus

 

Max New York Life Insurance Co. Ltd., Max House, 3^rd floor, 1 Dr Jha Marg, Okhla, New Delhi-110020 service effected through its Branch Manager Ist Floor, Sonepat Telecom, Gandhi Chowk, Opp. Minakshi Garden, Sonepat.

                                                                                                     …Respondent.

 

 

COMPLAINT UNDER SECTION 12 OF        

THE CONSUMER PROTECTION ACT,1986

 

Argued by:Sh. Parshant Sharma Adv. for complainant.

         Sh. Parmod Dahiya Adv. for respondent.

 

BEFORE    NAGENDER SINGH, PRESIDENT.

          PRABHA WATI, MEMBER.

 

O R D E R

 

          Complainant has filed the present complaint against the respondent alleging therein that in the month of January, 2010 the agent of the respondent had contacted the complainant and offered for the purchase of insurance policy and told about the policy plan, according to which, the complainant has to pay Rs.25000/- per year for 25 years as premium of the policy and assured the complainant that he can withdraw this policy at any time alongwith interest at the rate of 18% per annum and the complainant on the assurance of the agent, had paid an amount of Rs.25000/- to the agent of the respondent.  The complainant has paid four installments of Rs.25000/- each and the respondent has issued a policy no.628000515 dated 9.2.2010 in the name of the complainant.  The complainant was in need of money for his business and he has requested the respondent to refund the amount immediately as per assurance given by their agent, but the respondent has paid no heed on the request of the complainant and this wrongful act of the respondent has caused unnecessary mental agony and harassment to the complainant.  So, he has come to this Forum and has filed the present complaint.

2.        In reply, the respondent has submitted that the complainant had after due deliberation and pondering over the policy’s terms and conditions has submitted his duly signed proposal form dated 29.8.2012 to the respondent.  The policy no.628000515 cannot be cancelled as the request received for cancellation of the policy is outside policy review period. The policy documents for policy no.628000515 for Rs.5 lacs under the base policy was issued to him on 9.2.2010.  Under the said policy, total modal premium for all coverages under the base policy and rider)s of Rs.25000/- and is to be paid annually on 9^th February every year till 9.2.2034.  The complainant has never approached the respondent in any manner and he has also never made any written request for the surrender of the said policy and there is no deficiency in service on the part of the respondent and thus, prayed for the dismissal of the present complaint since the complainant is not entitled for any relief and compensation.

3.        We have heard the arguments advanced by the ld. Counsel for both the parties at length and we have also gone through the entire relevant material available on the case file carefully & minutely.

4.       In the present case, there is no dispute with regard to the fact that the complainant has deposited Rs.1,00,000/- (Rs.25000/- per year with the respondents.

          The complainant by way of present complaint has sought the relief to direct the respondent to refund the amount of policy with interest at the rate of 18% per annum from the date of issuing the policy in the name of the complainant as per the assurance given by the agent of the respondent to the complainant.

          As per the complainant, he has requested the respondent to withdraw the policy in question and to make the payment of the policy alongwith interest. 

          We have perused the surrender charge of the respondent company which is reproduced below:-

If policy is surrender	Surrender charge (as a % of ATP)
In the Ist Policy Year	Not allowed to surrender
In the 2nd Policy Year	75%
In the IIIrd Policy Year	50%
In the IVth Policy Year	25%
In 5th Policy Year & Onwards	NIL

 

 

 

 

 

The respondent is also directed to make the compliance of this order within 60 days from the date of passing of this order, failing which, the fund value payable to the complainant shall fetch interest at the rate of 09% per annum from the date of passing of this order till its realization.

          With these observations, findings and directions, the present complaint stands allowed partly.

Certified copy of this order be provided to both

the parties free of costs.

 

 

(Prabha Wati)               (Nagender Singh-President)

Member DCDRF                     DCDRF, Sonepat.

 

Announced: 02.05.2016