Complainant Mrs.Sukhwinder Kaur  has filed the present complaint U/S 12 of the Consumer Protection Act (for short, C.P.Act.) has prayed for the necessary directions to the opposite parties  to pay her Rs.2,50,000/-, deposited against the policy alongwith interest from the date of its deposit till realization. Opposite parties be further directed to pay her Rs.25,000/- as compensation on account of harassment and mental agony alongwith Rs.15,000/- as litigation expenses, in the interest of justice.

2.       The case of the complainant in brief is that she invested money in ‘P5/5Z (10) year Plan’ of the opposite party on 26.07.2012 under the registration no.PLCO35050 having customer ID 2586 and paid the single installment in lump-sum by cash to the opposite party amounting to Rs.50,000/-. The said plan has to be matured on 26.07.2022. she also invested money in 20 years Plan of the opposite party on 24.03.2013 under the registration no.PLCO35050 having customer ID 11005 and paid the single installment in lump-sum by cash to the opposite party amounting to Rs.2,00,000/-. The said plan has to be matured on 24.03.2033. The opposite party was required to pay the interest on the amount so invested and paid the first installment of the interest. Later on the opposite party has not paid the amount of interest even to her, thus violated the terms and conditions of the plan. She requested the opposite parties for the payment of the amount so deposited by her but of no avail. Hence this complaint.

3.       Notice of the complaint was issued to opposite parties but they did not appear in the Forum inspite of the service. Therefore, they were proceeded against ex-parte vide order dated 30.01.2015.

4.       In exparte evidence, complainant has tendered her own affidavit Ex.C1 and copy of receipt dated 24.3.2013 Ex.C2 and copy of receipt dated 26.7.2012 Ex.C3 and closed the evidence.

5.       We have carefully gone through the pleadings of both the parties; arguments advanced by their respective counsels and have also appreciated the evidence produced on record with the valuable assistance of the learned counsels for the purposes of adjudication of the present complaint.

6.       From the pleadings and evidence on record, it is clear that the complainant invested money in P5/5Z (10) years Plan of the opposite party on 26.7.2012 having customer ID 2586 and paid the single installment in lump sum by cash to the opposite party amounting to Rs.50,000/-. She also invested money in 20 years Plan of the opposite party on 24.03.2013 having customer ID 11005 and paid the single installment in lump-sum by cash to the opposite party amounting to Rs.2,00,000/-. The complainant has placed on the file photocopy of receipts Ex.C2 dated 24.3.2013 and Ex.C3 dated 26.7.2012 vide which she has paid a sum of Rs.2,50,000/- to the opposite party. We find that there is a Clause ‘B’ for single payment plan where it is stipulated that “the investor may opt out, from the single payment plan only after completion of one year. The investors opting out from the Plan shall be refund the amount so deposited by them after completion of one year from the date of commencement of Plan, after deducting 10% of consideration amount + 03% per month of the annual amount for the remaining period of the Plan on account of various expenses and incidental charges. Further, the investors opting out of the Plan before completion of one year, will be refunded the amount so deposited by them only after completion of one year subject to the abovesaid deduction. All such investors opting out from the plan before the completion of Plan period, will be paid the interest @ 10% per annum on the amount payable.’

7.       The opposite parties have failed to appear in the Forum and file any reply and rebut the allegations leveled in the complaint and thus, have impliedly admitted the claim of the complainant. Accordingly, the present complaint is disposed off with the directions to the opposite parties to refund money invested by the complainant as per their own stipulation/Terms Clause ‘B’ referred above within a period of 30 days from the receipt of copy of order failing which the payable amount shall attract interest @ 9% from the date of orders till it is actually paid.

8.       Copy of the order be communicated to the parties free of charges. After compliance, file be consigned.                                                                                                                                                         

      (Naveen Puri)

                                                                          President   

Announced:                                                  (Jagdeep Kaur)       

February,27 2015                                                   Member

*MK*