Chandigarh

DF-II

CC/441/2021

Shanky Singla - Complainant(s)

Versus

SBI Life Insurance Co. Ltd. - Opp.Party(s)

Abhinav Singla Adv.

11 May 2023

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION-II,

U.T. CHANDIGARH

 

Consumer Complaint  No	:	441 of 2020
Date  of  Institution	:	15.07.2021
Date   of   Decision	:	11.5.2023

 

 

 

 

 

Shanky Singla s/o Ashok Singla, Resident of House No.11, M.S.Enclave, Dhakoli, Zirakpur

            …..Complainant

 

Versus

1]  SBI Life Insurance Co. Ltd., Ground Floor, Plot No.144, Industrial Area, Phase-2, Chandigarh PIN 160002

2]  Punjab and Sind Bank, SCO 37, Inner Market, Sector 7-C, Chandigarh.

   ….. Opposite Parties

 

 

BEFORE:  MR.AMRINDER SINGH SIDHU,       PRESIDENT

                MR.B.M.SHARMA                 MEMBER

 

Argued by:-     Sh.Abhinav Singla, Counsel of Complainant.

Sh.Rajneesh Malhotra, Counsel of OP No.1

Sh.Abhinav Kalia, Counsel of OP No.2.

 

 

PER  B. M. SHARMA, MEMBER

        The case of the complainant briefly is that believing the assurance of agent of OP No.1 Company, he opted for one time premium policy and paid Rs.15,18,540/- towards one time premium.  It is stated that the agent of OP NO.1 took signature of the complainant on blank form and also on some blank papers and it was said that the form will be filled by the agents.  It is stated that the complainant received the Policy No.1N446859402 under plan name “Smart Money Back Gold” (Ann.C-1).  It is submitted that the complainant was shocked to receive a phone call from the OP Company in Oct., 2020 for payment of premium and informed that he has to pay regular premium for next 11 years, whereas the complainant had opted for One Time Premium Plan.  It is also submitted that the complainant is a small business man and investment of Rs.15 lacs for next 11 years is not possible for him and he made this fact clear to the OP No.1 Company.  It is pleaded that the complainant’s income is between 6 lacs to 7 lacs approx. except in the year 2019-2020 and he is a small business man, unable to pay such premium.  The complainant also sent a legal notice to OPs in this regard but to no avail. Hence, this complaint has been preferred alleging the said act & conduct of the OPs as gross deficiency in service and unfair trade practice.

 

2]      The OP No.1-SBI Life Insurance Company has filed written version and while admitting the factual matrix of the case, stated that the policy in question was issued to the complainant as proposed by him and he has also not raised any objection to its terms & conditions after its receipt during free-look period.  It is stated that the complainant availed the insurance cover having sum assured of Rs.1,37,70,000/- for the said period for which the premium is paid by him.  It was stated that due to non-payment of premium, the policy was in a lapsed mode, which the complainant could revive within 2 years from the date of first unpaid premium. It is pleaded that with the proposal form, Special Moral Hazard Report was prepared based on the information and documents provided by the complainant mentioning that the Complainant is Partner in Shubh Developers & Promoters Ltd. with investment of Rs.75.50 lakh and other part of investment in Shankar Woolen Pvt. Limited worth Rs.41 lacs, Jewellery 7 lacs, Total Asset declared 429.50 Lakh, Car AUDI worth Rs.35 Lakh etc. (Ann.A-1).  It is submitted that the complainant submitted Tax Return for Assessment Year 2019-20 showing his gross total income as Rs.17,19,250/- (Ann.A-2). It is pleaded that the complainant also submitted Statement of Assets and Liabilities dated 9.10.2019 reflecting deposit of Rs.6.1 lakhs, cash in hand Rs.5 lakhs, Share/Investment in Companies Rs.1.12 Crores (Rs.41 lakhs and Rs.71.50 lakh), Cash Credit Facility Rs.5 Crore, projection of profit Rs.30.59 lakh in two years, New Worth 334.41 Lakh (Ann.A-3 & A-4).  Denying all other allegations and pleading no deficiency in service, the OP has prayed for dismissal of the complaint.

 

3]      Parties led evidence in support of their contentions.

 

4]      We have heard the ld.Counsel for the parties and have gone through the documents on record including written arguments.

 

5]      The claim of the complainant is that he had opted for One Time Premium Policy by paying premium of Rs.15,18,540/- but the OPs at their own issued Regular Premium Policy for 12 year terms.

 

6]      The claim of the complainant is that he is not financial capable to pay such huge premium of Rs.15 lacs approx. for next 11 years and that the policy has been issued by misrepresentation, which fact has been negated by the OPs by placing on record Special Moral Hazard Report & KYC Verification Report (Ann.A-1) prepared on the information & documents provided by the complainant mentioning that he is the Partner in Shubh Developers & Promoters Ltd. with investment of Rs.75.50 lakh and other part of investment in Shankar Woolen Pvt. Limited worth Rs.41 lacs; Jewellery- 7 lacs, Total Assets declared 429.50 Lakh, Car AUDI worth Rs.35 Lakh etc..  Besides this, he also submitted Tax Return for Assessment Year 2019-20 showing his Gross total income as Rs.17,19,250/- as Ann.A-2 and Statement of Assets & Liabilities dated 9.10.2019 (Annexure A-3)  reflecting Net worth of complainant as Rs.334.41 lacs.  More so, the complainant has not denied or disputed the said documents placed on record by the OPs, referred above, as well as the financial position of complainant as mentioned therein. Therefore, nothing wrong or any deficiency in service, as alleged, is made out against the OPs.  

 

7]      From the above discussion & findings, we are of the opinion that no case of alleged deficiency in service is made out against the OPs. However, taking a lenient view, we deem it proper to direct the OPs to revive the policy in question, subject to payment of due premiums under the said policy by the complainant. The complaint stands disposed of accordingly.

         Certified copy of this order be sent to the parties, free of charge. After compliance, file be consigned to record room.

Announced

11^th May, 2023              

                                                                              Sd/-

 (AMRINDER SINGH SIDHU)

PRESIDENT

 

Sd/-

(B.M.SHARMA)

MEMBER