BEFORE THE DISTT.CONSUMER DISPUTES REDRESSAL FORUM; FATEHABAD.
C.C.No.166/2017.
Date of Instt.: 17.07.2017.
Date of Decision: 30.01.2018.
Parshottam Dass son of Ram Bilas, resident of Aggarwal Traders, 74-B, Anaj Mandi, Fatehabad, Tehsil & , District Fatehabad.
..Complainant.
Versus
MAX New York Life Insurance Company Limited, 11th Floor, DLF Square, Jacarand Marg, DLF Phase II, Gurgaon-12202 through its Managing Director-cum-C.E.O.
..Opposite party.
Before: Sh.Raghbir Singh, President.
Sh.R.S.Panghal, Member.
Mrs.Ansuya Bishnoi, Member.
Present: Sh.Jitender Thakkar, Adv. for the complainant.
Sh.Sandeep Madaan, Adv. for the OP.
ORDER
The present complaint under Section 12 of the Consumer Protection Act, 1986 has been filed by the complainant against the Opposite Party (hereinafter to be referred as OP) with the averments that he had taken an insurance policy No.354000291 dated 22.05.2009 for a sum of Rs.3,63,064/- from the OP. He made the payment of insurance premium amounting to Rs.30,000/- on 08.05.2009 to the OP through his agent Anup Kumar Garg at Fatehabad.
2. It is further submitted that at the time of effecting the insurance it was assured by the agent of OP that the said insurance was in the shape of saving and in case the complainant wanted to discontinue the same, then he could do so and he would be refunded the amount along-with upto date interest. Therefore, the complainant availed the services of the OP for valuable consideration as such he is consumer of OP as defined in Consumer Protection Act, 1986.
3. It is further submitted that he made the payment of Rs.30,464/- in the year 2010, Rs.30,464/- on 07.02.2011, Rs.30,310/- on 31.05.2012, Rs.23,530/- on 31.05.2013 and thereafter the complainant made payment in the year 2014. However he is not interested to continue the above said insurance policy due to financial hardship.
4. It is further submitted that the complainant served legal noticed dated 09.01.2017 calling upon the OP to refund the complainant the deposited amount along with interest @ 12% per annum, but all in vain as the OP instead of refunding the amount along-with interest gave a false and frivolous and vague reply dated 16.02.20017. The above said act on the part of OP in not refunding the deposited amount along-with interest amounts to deficiency in rendering service to the complainant. It is also submitted that the complainant is entitled to compensation of Rs.25,000/- on account of mental agony, harassment and humiliation suffered by him. Hence, the present complaint.
5. On being served, OP appeared and resisted the complaint by filing a written version wherein various preliminary objections with regard to maintainability, cause of action, locus-standi, concealment of material facts etc., have been raised.
6. On merits, it is submitted that the complainant has not surrendered the insurance policy in a proper manner and has never made any request for payment of the surrender value. Had the complainant surrendered the policy properly, the OP would have paid the surrender value as per terms and conditions of the policy.
7. It is further submitted that the insurance is a contract and the parties are bound by the terms and conditions thereof. The relation between the complainant and OP are governed by the terms and conditions of the policy.
8. It is also further submitted that the policy document were dispatched to the complainant on 25.05.2009 and the same was received by him. In case the complainant was not satisfied with the terms and conditions of the policy in that eventuality he was having the right to return the policy within 15 days for cancellation. However the complainant did not opt for the same and continuously paid premiums. Under the circumstances the policy cannot be cancelled and the premium amount cannot be returned to him. The complainant may surrender the policy as per terms and conditions. It is further submitted that the allegations levelled by the complainant against the OP are false. There is no deficiency or unfair trade practice on the part of OP in rendering service to the complainant and as such the present complaint is liable to be dismissed.
9. The complainant in evidence produced his affidavit as Annexure C1 along-with documents as Annexure C2 to Annexure C7. On the other hand, Dhiraj Malik, Deputy Manager- Legal tendered his affidavit as Annexure R1 on behalf of OP. The OPs in support of his case also tendered the documents Annexure R2 to Annexure R21 and closed the evidence.
10. We have duly considered arguments advanced by learned counsel for the parties and have also perused the entire documents placed on the record of the present case. From perusal of the pleadings of both the parties it is revealed that there is no dispute regarding obtaining of insurance policy as mentioned above by the complainant from the OP. It is also not disputed that the complainant has deposited installments of premium to the OP. Now the question to be decided by us is as to whether the complainant can seek refund of the deposited amount before maturity or not. The date of maturity of the policy is 24.05.2083. It is a settled proposition of law that relations between insured and insurance company are governed by the terms and conditions of the policy and the same are binding on both the parties. As per Clause 12 of the terms and conditions of the policy there is a provision of granting of cash surrender value to the insured. The OPs in their reply have submitted that they are ready to make the payment of surrender value as per terms and conditions of the policy.
11. In view of discussion as made above the present complaint is allowed and the OPs are directed to make a payment of surrender value of the amount deposited by the complainant with the OPs in accordance with terms and conditions of the policy within a period one month along-with interest @ 6 % per annum from the date of deposit till realization. The OPs are also further directed to pay an amount of Rs.3000/- as compensation to the complainant on account of mental agony, physical harassment and litigation charges suffered by him. The present complaint is accordingly disposed of. The compliance of this order be made within a period of one month, failing which the complainant is at liberty to initiate the legal proceedings against the respondent-company. Copy of this order be supplied to both the parties free of cost. File be consigned after due compliance
Announced in open Forum. Dated:30.01.2018
(Raghbir Singh) President (Ansuya Bisnoi) (R.S.Panghal) Distt. Consumer Dispute
Member Member Redressal Forum, Fatehabad.
