ORDER ON ADMISSION

1.       This complaint has filed by Smt.Mubeen Taj W/o late Syed Shafi Ahmed and her three minor children to direct the opposite party Nos.1 and 2 to pay the insurance policy amount to them or appropriate the said insurance amount to discharge the home loan availed by late Syed Shafi Ahmed and pay a sum of Rs.1,00,000/- towards damages and such other reliefs.
2.       The opposite party No.1 is M/s IDBI Bank Ltd., Mysuru Branch and opposite party No.2 M/s IDBI Federal Life Insurance Co.Ltd., situated at Mumbai.  The husband of complainant No.1 Syed Shafi Ahmed had availed loan from the opposite party No.1 a sum of Rs.14,00,000/-.  The opposite party No.1 got insured the loan amount of Syed Shafi Ahmed with opposite party No.2 on yearly premium amount of Rs.12,414/-.  The policy was for a period of eight years commencing from 29.09.2010 and it is maturity date was on 28.09.2018.  The husband of complainant No.1 and father of complainant Nos.2 to 4 Syed Shafi Ahmed was died on 27.10.2018 leaving behind the complainants as his legal heirs.
3.     It is further case of complainants that after expiry of insurance policy, the opposite party Nos.1 and 2 did not inform either the complainant No.1 or her late husband with regard to maturity date.  If they had informed little bit earlier, the complainants would have renewed the insurance policy held by her husband on or before 28.09.2018.  Therefore, there is negligence and deficiency in service on the part of opposite parties.  There is no fault on the part of deceased Syed Shafi Ahmed or the complainant No.1 to renew the policy dated 29.09.2010 which matured on 28.09.2018.  Hence, this complaint.
4.       We have heard the arguments advanced by the learned counsel for the complainants on the point of admission.
5.       The complainants have produced the IDBI Federal Homesurance Protection Plan policy schedule.  According to this policy owner is Syed Shafi Ahmed late husband of complainant No.1 and date of commencement of the policy is 29.09.2010, premium amount of Rs.12,414/- payable term is three years, sum insured amount is Rs.10,34,916/- and policy benefit term is eight years.  Policy further says that expiry of date of benefit is 28.09.2018 and insured loan term is 15 years.  Clause 4 of the policy says death benefit.  On the death of the insured person or if it is policy is a joint life policy, then on the death of the first to die of the joint lives, before the expiry date and while this policy remains in force we will pay you the greater of (a) the outstanding balance of the loan as on the date of death, and (b) the sum insured shown in the schedule for the “Outstanding balance” means lesser of the actual balance of the loan account and the calculated balance of the loan account at the date of death.  Clause 10 says that termination of the policy.  The cover under this policy will cease on the earliest of, the expiry of the gross period of 30 days if do not pay premium due with that period.  The expiry date shown in the schedule irrespective of whether the loan in conjunction with which this policy was issued continues or has been extended and the death of the insured person, or if the policy is a joint life policy, then on the death of the first to die of the joint lives. 
6.       The policy says that premium period is only three years and the complainants have produced first premium receipt.  Policy benefit term is only eight years from the date of issue of policy it means expiry date of benefit is 28.09.2018.  Late husband of the complainant No.1 was died on 27.10.2018 after the expiry of the date of benefit of the policy i.e. 28.09.2018 approximately one month after the expiry of date of benefit.  The complainant has produced the customer copy of the policy it means this was issued to late husband of complainant immediately after issue of policy.  Once the expiry date of benefit is over the said policy cannot be renewed.  Therefore, there is no force in the contention of complainant that the opposite party did not inform to renew the policy.  This is not a fixed deposit to renew it after expiry of the term of deposit.  The opposite party No.2 has issued policy for the term of 8 years and expiry date was 28.09.2018.  According to sum insured schedule also if the insured died during the eight years period, the insured is not entitled for entire insured amount of Rs.10,34,916/-. Over the month, the sum insured has been decreased or reduced considering payment of installments.  At the last month of expiry of the benefit of the policy i.e. 96^th month, the liability of opposite party No.2 was Rs.14,789/- only in case of insured was expired on or before 28.09.2018. 
7.          The insured late husband of complainant No.1 was died one month after the expiry of date of benefit of policy i.e. 28.09.2018 as such the complainant is not entitled for any insured amount.  Secondly, the said policy shall not be renewed since its term was only for eight years.  Therefore, either there is no negligence or deficiency in service on the part of opposite party.  In view of the above discussion and terms of the policy conditions, complaint deserves to be dismissed.  Accordingly, we proceed to pass the following;     

:: ORDER ::

1. The complaint filed by Smt.Mubeen Taj and three others is dismissed as not maintainable.
2. Furnish the copy of order to the complainants at free of cost.