DATE OF FILING                    :     20-02-2014.

DATE OF S/R                            :      20-03-2014.

DATE OF FINAL ORDER       :     27-05-2015.  

Sukumar Ghosh,

son of  late Jitendra Nath Ghosh

of 41, Rabindra Sarani, P.O. & P.S. Liluah,

District Howrah..………………………………………………………  COMPLAINANT.

• Versus -

   

  1.         Met Life Insurance Company Limited,  

  at present P.N.B. Met Life Insurance Co. Ltd.,

  represented by Director General Sharma,

  having registered office

  at Brigade Seshamahal 5 Veno Vilas Road, Basavananagudi,

  Bangalore 560004,

  Branch office  Shakespear Sarani,

  Kolkata.

   

  2.         The Operation Manager,  

  Bikash Salmon,  

  4/B/1, Salkia School  Road, P.S. Golabari, P.O. Salkia,

  District Howrah,

  PIN 711106…………………………………………………OPPOSITE PARTIES.

   

   

                                                  P   R    E     S    E    N     T

   

  Hon’ble President : Shri Bhim Das Nanda.

  Member       :      Smt. Jhumki Saha.

  Member       : Shri Subrata Sarker.

   

                                                   F  I   N   A    L       O   R   D    E     R

   

• 1. Complainant, namely Sukumar Ghosh,by filing a petition U/S 12 of the C .P. Act, 1986 ( as amended up to date ) has prayed for a direction to be given upon the o.ps. to pay net surrender value payable upon total payment of premium plus interest along  with other relief or reliefs as the  Forum may deem fit and proper. 

2. Brief facts of the case is that complainant purchased life insurance policies being policy nos. 1200900853571 on 07.03.2009 under Plan Met Smart Plus  from  o.ps. on payment of Rs. 50,000/- yearly for policy term of 46 years. The complainant paid Rs. 2,00,000/- for four years. But due to financial stringency, the complainant could not continue his policy. So,  he decided to surrender his policy before o.p. no. 1. The o.p. no. 1, Met Life Insurance Company Limited,  accepted and sent a notice dated 07.10.2013 awarded net surrender value payable of Rs. 1,71,404.88 out of total deposit of  Rs. 2,00,000/-.    After receiving the notice dated 07.10.2013 complainant noticed that the deduction was illegal and arbitrary  which  is  nothing but deficiency in service coupled with unfair trade  practice.  So, finding no other alternative, complainant  filed this instant  petition praying for the aforesaid relief. 

3. Notices were served. O.p.appearedand filed written version. Accordingly, case was heard on contest.

4. Upon pleadings of parties two points arose for determination :

i)          Is there any deficiency in service on the part of the O.Ps.  ?

2. Whether the complainant is entitled to get any relief as prayed for ?

DECISION  WITH   REASONS      :

5. Both the points are taken up together for consideration. We have carefully gone through the complaint petition along with annexures filed by the complainant and noted its contents and the written version and evidence filed by the o.ps. and noted their contents. Admittedly Complainant purchased one policy being no. 1200900853571 from the o.ps. which was a unit- linked one. And complainant paid Rs. 2,00,000/- for four years knowing fully well that the fund value of his policy completely depends upon the day’s NAV. Andhe was provided with all necessary documents since the inception of the policy and the statement details of his fund lying with the o.ps. and on receipt of the letter for surrendering the policy in question by the complainant, o.ps. vide their letter dated 07.10.2013 informed the complainant the net surrender value payable being Rs. 1,71,404.88 p. So we do not find any deficiency in service on the part of the o.ps. Hence we are of the candidopinion that the case has got no merit. Points under consideration are accordingly decided. However, complainant is at liberty to receive Rs. 1,71,404.88 from the o.ps.

      Hence,

                                    O     R     D      E      R      E        D

      That the C. C. Case No. 85  of 2014 ( HDF  85  of 2014 )  be  dismissed on contest without costs.      

             Supply the copies of the order to the parties, as per rule.            

DICTATED  &    CORRECTED

BY   ME.  

      (  Jhumki Saha  )                                                                  

  Member, C.D.R.F.,Howrah.