DISTRICT CONSUMER DISPUTES REDRESSAL FORUM-II
Udyog Sadan, C-22 & 23, Qutub Institutional Area
(Behind Qutub Hotel), New Delhi-110016.
Case No.381/2011
Sh. Radha Krishan Verma (since deceased)
through his wife Smt. Manju Verma
C-35, Rajouri Garden,
New Delhi-110027 ….Complainant
Versus
OM Kotak Mahindra Life Insurance
through its Managing Director
7th Floor, Amandeep Building,
Kasturba Gandhi Marg,
New Delhi-110001 ……Opposite Party
Date of Institution : 10.10.11
Date of Order : 09.06.17
Coram:
Sh. N.K. Goel, President
Ms. Naina Bakshi, Member
O R D E R
Complainant, who has since died and now is being represented through his wife Smt. Manju Verma, filed the present complaint pleading therein that in the month of August, 2003 he had taken a “Kotak Capital Multiple Plan” policy from the OP vide policy No.00078866 and that as per the said policy scheme the basic sum assured was Rs.50,000/- while the balance in accumulation account was shown as Rs.54159.38p. The complainant relied on the terms and conditions of the policy shown in the policy copy of which we mark as Mark A for the purposes of identification. For the sake of convenience and appreciation of the matter the relevant portion of Mark A (policy) is reproduced as hereunder:-
“Benefits Payable
A. Maturity Benefit:-
In the event of the life assured reaching the earlier of, the Vesting Date stated in the Schedule, or, the vesting date opted for under this policy, the Maturity Benefit will become payable.
Normal Vesting
Where the policy matures on the Vesting date specified in the Schedule, the life assured will be entitled to the Basic Sum Assured plus Bonus Addition* together with the Supplementary Sum Assured plus the Supplementary Bonus Addition#. On the vesting date, the Accumulation Account will be re-defined to mean this cumulative amount.
*Bonus Addition is the amount in the Accumulation Account in excess of the Basic Sum Assured.
Accumulation Account is an account kept in respect of this policy, into which premiums are paid and returns declared are added and from which mortality and administration charges are deducted. This account forms the basis for benefit payments.
#Supplementary Bonus Addition is the amount in the Supplementary Accumulation Account (see later) in excess of the Supplementary Sum Assured.
The policyholder must indicate in writing, the manner in which he/she wishes to take the maturity benefit on or before 27/7/2008.”
However, it is stated that on maturity of the policy only an amount of Rs.54159.38p against the total deposit of Rs.50,000/- had been paid to the complainant without giving any other money towards the above stated additional benefit. In response to a legal notice dated 01.05.10, the OP sent a reply dated 25.05.10 to the complainant. Thereafter, the OP sent a letter dated 19.01.11 alongwith a cheque bearing No.142857 amounting to Rs.586.54p to the complainant by stating that due to clerical mistake the OP had paid less amount of Rs.586.54p and the complainant was entitled to receive this amount. The OP subsequently stopped the payment of the cheque and, hence, the OP is liable to pay interest @ 18% per annum. Pleading deficiency in service and unfair trade practice on the part of the OP, the complainant filed the present complaint for the following reliefs:-
“i) Direct the Opposite Party to re-calculate the maturity value of the policy on the basis of the Basic sum assured plus Bonus addition together the supplementary sum assured plus the supplementary bonus and pay the additional amount, due to the complainant, along with interest @ 18% from the date of payment till the date of actual refund of the same and;
ii) Direct the Opposite Party to pay an amount of Rs.50,000/- as compensation for mental agony and harassment as caused to the Complainant by the opposite Party”
OP has been proceeded exparte vide order dated 12.12.11 passed by our predecessors.
The complainant has filed his own affidavit in evidence.
Exparte written arguments are also filed.
We have heard the counsel for the complainant and have also carefully perused the record.
There is no material on the record to show that the complainant had accepted the amount of Rs.54159.38p as maturity amount under any protest. Therefore, with acceptance of the said amount from the OP without any protest the complainant was deemed to be satisfied with the said amount. In any case, the complainant had been paid the above stated amount on the maturity of the policy. He had not surrendered the policy prematurely. Therefore, he was not entitled to guaranteed minimum surrender benefit as is stated in the letter dated 25.05.10 sent by the OP to the Advocate for the complainant. We mark the copy of the letter as Mark B for the purposes of identification. A copy of a cheque of Rs.586.54p alongwith the covering letter has been filed on the record which we mark as Mark C for the purposes of identification. However, neither the complainant nor his LR has filed any document which may even show that the payment of the said cheque had been stopped by the OP. The Complainant could have easily proved this fact by filing the cheque returning memo or the copy thereof but, however, he has not done so. Therefore, we are not inclined to believe that the payment of Rs.586.54p had been stopped by the OP.
Therefore, we hold that the complainant has failed to prove any deficiency in service or unfair trade practice on the part of the OP. Accordingly, we dismiss the complaint with no order as to costs.
Let a copy of this order be sent to the parties as per regulation 21 of the Consumer Protection Regulations. Thereafter file be consigned to record room.
Announced on 09.06.17.
