BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, BHIWANI.
Complaint No.:87 of 2015
Date of Institution: 25.03.2015
Date of Decision:19.10.2016
Smt. Santra Devi aged 63 years wife of Shri Mahabir Singh, resident of village and post office Charki Dadri District Bhiwani.
….Complainant.
Versus
- Max New York Life Insurance Co. Ltd. 11th Floor, DLF Square, Jacardanda Marg, DLF Phase-11, Gurgaon-122002 through its Manager.
- Max New York Life Insurance Co. Ltd. Bhiwani through its Branch Manager D.C. Colony Bhiwani. (Deleted vide order dated 11.02.2016).
…...Opposite Party.
COMPLAINT U/S 12 & 13 OF CONSUMER PROECTION ACT
BEFORE: - Shri Rajesh Jindal, President
Ms. Anamika Gupta, Member
Present:- Representative of complainant in person.
Sh. Gangandeep Makkar, Advocate for OP no. 1.
OP no. 2 given up vide order dated 11.02.2016.
ORDER:-
Rajesh Jindal, President:
The case of the complainant in brief, is that she had obtained jivan bima money back policy No. 808690556 dated 31.12.2010 after depositing first premium amount of Rs. 5600/- from the Ops for insured sum of Rs. 54370/- and regularly paid the premium upto December 2014. It is alleged that the complainant surrendered the policy to the Ops and the Ops have paid Rs. 9475/- to the complainant against the deposit of premium of Rs. 22486/-. The complainant has prayed for the payment of balance amount alongwith interest and compensation for mental agony and harassment. The complainant further alleged that the Ops have not paid the 10% of the sum assured after 4 years under the money back policy. Hence, it amounts to deficiency in service on the part of respondents and as such she had to file the present complaint.
2. On appearance, the OP no. 1 filed written statement alleging therein that no cause of action arises in favour the complainant to file the present complaint as the respondent company transferred the surrender value of Rs. 14,590.08/- into the bank account of the complainant. It is submitted that the surrender value was calculated on the basis of the terms and conditions laid down in the policy documents. It is further submitted that the complainant is not entitled to the benefit i.e. 10% of the sum insured as the complainant did not survive the 4 years of the policy from the effective date of policy i.e. 31.12.2010 as the policy was surrendered by the complainant on 05.12.2014 and therefore the policy was inactive on 31.12.2014. It is submitted that the policy bearing no. 808690556 for a sum of Rs. 54,370/- under the base policy was issued to him on 31.12.2010 and was subsequently dispatched to the customer’s billing address on 08.01.2011. It is submitted that under the said policy the total modal premium of Rs. 5,599.56/- was to be paid annually on 31st of December every year till 31st December 2025. Hence, in view of the facts and circumstances mentioned above, there is no deficiency in service on the part of opposite party and complaint of the complainant is liable to be dismissed with costs.
3. In order to make out his case, the representative of complainant has tendered into evidence affidavit Annexure CW-1 and documents Annexure C1 to Annexure C-10.
4. In reply thereto, the counsel for opposite party no. 1 has tendered into evidence affidavit Annexure RW1 and documents Annexure R-1 to Annexure R-6.
5. We have gone through the record of the case carefully and have heard the representative of complainant & learned counsel for the OP no. 1.
6. The representative of complainant reiterated the contents of the complaint. The counsel for the OP no. 1 reiterated the contents of the reply. He submitted that 10% survival benefit is payable after completion of a period of 4 years of the policy. The policy of the complainant was effective from 31.12.2010 and the complainant surrender the policy on 05.12.2014 before the completion of 4th year. As such the complainant is not entitled for 10% survival benefit of the sum assured. He further submitted that surrender value of Rs. 14590/- was paid to the complainant as per the terms and conditions of the policy.
7. In the light of the pleadings and arguments of the parties, we have examined the relevant material on the record. Facts of the case are not in dispute. The complainant has claimed the balance amount of his deposited installments. The policy has run about 4 years and during the subsistence of the said policy the risk under the policy was covered and the Ops were liable to pay the amount under the policy in case any happening is occurred covered under the policy. The Ops have rightly paid the surrender value to the complainant. The policy in question was going to complete 4 years on 31.12.2014 but the complainant surrendered the policy on 05.12.2014 so the 10% survival benefit of the sum assured has not been given to him. Considering the facts of the case and the age of the complainant, we partly allow the complaint of the complainant and direct the OP no. 1 to pay 5% survival benefit of the sum assured to the complainant. This order be complied with by the OP no. 1 within 90 days from the date of passing of this order, otherwise the OP no. 1 shall be liable to pay the interest at the rate of 8 % per annum after the expiry of the said period on the due amount till the date of payment. Certified copies of the order be sent to the parties free of costs. File be consigned to the record room, after due compliance.
Announced in open Forum.
Dated: 19.10.2016.
(Rajesh Jindal)
President,
District Consumer Disputes
Redressal Forum, Bhiwani.
(Anamika Gupta)
Member
