| BEFORE THE BENGALURU RURAL AND URBAN I ADDITIONAL | | DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, I FLOOR, BMTC, B BLOCK, TTMC BUILDING, K.H.ROAD, SHANTHI NAGAR, BENGALURU-27 |
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| Complaint Case No. CC/224/2022 | | ( Date of Filing : 21 Jul 2022 ) |
| | | | 1. SRI.RAKESH SARAF | | Aged about 53 years, S/o SC Saraf | | 2. SMT. SUNITA KOUL SARAF | | Aged about 48 years W/o Rakesh Saraf Both are R/at No.403-A1, Gokulam Apartments Vasantha Nagar, Kanakapura Road, Bengaluru 560 062. |
| ...........Complainant(s) | |
| Versus | | 1. M/s KOTAK MAHINDRA BANK LIMITED | | A registered Company, Having its Registered head office at 27 BKC, C27, G Block, Bandra Kurla Complex Bandra (E), Mumbai -400 051. | | 2. M/s KOTAK MAHINDRA BANK LIMITED | | A registered Company, Having its Bangalore head office at Ground Floor, 22, M.G. Road, Bengaluru 560 001. Represented by its Branch Manager. | | 3. M/s KOTAK MAHINDRA BANK LIMITED | | A registered Company, Having its regional office at Dev Apartment, Venkateshwara Nagar Velachery, Chennai, Taamil nadu 600 042. Represented by its Branch Manager. | | 4. M/s KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED | | A registered Company, Having its Bangalore office at 102/104, Cears Plaza 136, Residency Raod Bengaluru 560 025 Represented by its Branch Manager. |
| ............Opp.Party(s) |
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| BEFORE: | | | | HON'BLE MR. H.R.SRINIVAS, B.Sc. LL.B., PRESIDENT | | | HON'BLE MR. Y.S. Thammanna, B.Sc. LLB. MEMBER | | | HON'BLE MRS. Sharavathi S.M.,B.A. L.L.B MEMBER | |
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| Dated : 22 Aug 2022 |
| Final Order / Judgement | CC.NO.224/2022 Dated:22.08.2022 ORDERS ON MAINTAINABILITY OF THE COMPLAINT Heard regarding the maintainability of the complaint. Brief facts of the complaint are the complainant purchased 2 insurance policies by paying Rs.2,31,656/- as premium for first policy bearing No. 09455723 and has paid two annual premiums and has to pay 10 annual premiums for the insured value of guaranteed matured benefit of Rs.31,61,508/- and the policy period is 15 years and in respect of the 2nd policy bearing No.09455139 the policy period is 15 years, premium payment period is 10 years , premium is Rs.2,09,000/- per annum and guaranteed matured benefit is Rs.29,56,458.80. It is contended that the said returns after 15 years is not even earning 4% interest on the investment and hence he requested to surrender the said policies for which OP inform that he is entitle only 30% of the total premium amount paid as policy year is completed only for two years, against an amount Rs.9,24,562/- and hence according to complainant, there is deficiency in service and hence the complaint. We have perused the entire document i.e. the policy details produced by the complainant wherein as mentioned above, the policy is for a period of 15 years and premium payment period is 10years and it is specifically mentioned in the insurance document that on surrender, the benefit will be 30%, after 2 years of policy premium paid year for both the policies. When such being the case, we cannot hold the OP liable for deficiency in service or unfair trade practice as the complainant has not exercised his free look period when the policy was issued and he was having every right to rescind the insurance policy at the very beginning itself and could have asked for refund of the premium paid. Hence absolutely prima facie, there is no deficiency in service on the part of OP in informing the complainant that they are going to pay the surrender value at 30% on the amount paid. HENCE THE COMPLAINT IS NOT MAINTAINABLE AND THE SAME IS HEREBY DISMISSED. MEMBER MEMBER PRESIDENT RAK* | |
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| | | [HON'BLE MR. H.R.SRINIVAS, B.Sc. LL.B.,] | PRESIDENT
| | | | | | [HON'BLE MR. Y.S. Thammanna, B.Sc. LLB.] | MEMBER
| | | | | | [HON'BLE MRS. Sharavathi S.M.,B.A. L.L.B] | MEMBER
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