DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, RAYAGADA
AT: KASTURI NAGAR, Ist. LANE, L.I.C.OFFICE BACK PO/DIST: RAYAGADA ,
STATE:ODISHA, PIN NO.765001, PHONE/FAX
NO.06856-223025.
....
C.C. Case No..61/ 2014.
Dated. 19th Sept., 2014.
P R E S E N T .
Sri Pradeep Kumar Dash, LL.B, President.
Smt. Ch. Nirmala Kumari Raju, LLB, Member
Sri Bommali Kanta Rao, S/o Late B.Teliayya ,aged about 45 years, resident of Hathipathar Road, Raniguda farm, Rayagada, Po/Ps/Dist.Rayagada.
…….Complainant
Vrs.
M/s Shriram Life Insurance Company Limited, Regd. & Admin Office,5th Floor, Plot No.31-32,Ramky Selenium Financial District,Gochibowli,Hyderabad,5002.
…..Opp.Party
Counsel for the parties:
For the complainant: In Person
For the O.Ps: Sri D.Brahmananda Patnaik & Associates, Advocates, Gunupur.
JUDGMENT
The facts of the complaint in brief is that the complainant was a member of Shriram Chits at its branch office at Parvatipuram and after closure of the said chit the complainant got an amount of Rs.98,400/- towards the chit subscription and he requested the Shriram Chit Parvathipuram and Rayagada to keep the same in a fixed period and to issue the FDR in his favour and signed all the dotted lines shown by them for the said purpose. Subsequently, they have issued a policy bond of the Shriram Life Insurance Company Ltd. Vide Policy No.LN 111000130939 Shriram Ujjwal Life SP after receipt of the policy bond the complainant came to know that the O>P has invested the money in a policy not opted by him and without explaining the risk involved in it. The Opp.party has never explained about the risk factor of the policy. When the complainant asked the O.P for its refund , they stated that the present value of the same is below the deposit amount and the complainant has to suffer monetary lose of more than 30,0000/- if he surrendered the said policy.
In spite of receipt of notice by this forum the opposite party appeared before this forum through their council but after several adjournments neither they shown their interest to protest the case nor file any counter in their support and remained silent. In absence of any written version from the opposite party we proceeded the matter exparte and believed the contentions of the complainant and hence, we passed the order and dispose of the matter with the following directions.
ORDER
The opposite party - M/s Shriram Life Insurance Company Ltd. Is directed to refund the deposited amount of Rs.98,400/- with 9% interest along with compensation of Rs.4,000/- for mental agony undergone by the complainant and cost of Rs.500/- to the complainant within one month from the date of receipt of this order, failing which the O.Ps are liable to pay penal interest @ 12% p.a. on the above awarded amount till the date of payment.
Pronounced in open forum today on this 19hday of Sept.,2014 under the seal and signature of this forum.
A copy of this order as per the statutory requirements , be forwarded to the parties free of charge.
Member President
Documents relied upon:
By the complainant:
- Xerox copy Policy statement.
By the Opp.Party: Nil
President
