Before the District Consumer Disputes Redressal Forum, Rohtak.
Complaint No. : 664.
Instituted on : 22.11.2017.
Decided on : 18.02.2019.
Raj Bala, age 45 years, wife of Sh. Rohtash Singh, Resident of VPO Bohar, Pana-Bhopan, District Rohtak.
………..Complainant.
Vs.
1 S.B.I. Life Insurance Company Limited, Regd. Office Natra M.V. Road & Westren Express Highway Junction, Andheri (East), Mumbai, through its Director.
2 S.B.I. Life Insurance Company Limited, 2nd Floor, SCF-13, HUDA Commercial Complex, Rohtak, through its Manager.
3 S.B.I. Life Insurance Company Limited, SCO 109-110, 1st Floor, Sector-17B, Chandigarh through its Regional Director.
……….Opposite parties.
COMPLAINT U/S 12 OF CONSUMER PROTECTION ACT,1986.
BEFORE: SH.NAGENDER SINGH KADIAN, PRESIDENT.
SMT. SAROJ BALA BOHRA, MEMBER.
Present: Sh. Rakesh Birla, Advocate for the complainant.
Sh. Gulshan Chawla, Advocate for opposite parties.
ORDER
NAGENDER SINGH KADIAN, PRESIDENT:1. 1. Brief facts of the case are that the complainant obtained life insurance bearing No. INO-00247907 vide customer No. 35244966 dated 31.03.2014 under SBI-Life Smart Money Back Gold Policy. Since the date of obtaining insurance policy, the complainant is regularly paying the insurance premium. It is alleged that now complainant wants to solemnize the marriage of her daughter, so, keeping in view her needs, the complainant wants to surrender her insurance policy. She has furnished all the documents to surrender her policy to the respondent’s officials as per their instructions and apply for release of surrender value as per terms and conditions. But after passing a long period, no amount has been paid to the complainant and nor the complainant has been intimated in this regard by the said officials. That the act of opposite parties of not paying the alleged surrender value is illegal and there is deficiency in service on the part of OPs. As such, it is prayed that OPs may kindly be directed to pay the alleged surrender value alongwith interest @ 18% per annum from the date of its deposition till the date of actual realization of whole of the amount alongwith other benefits and Rs.20,000/- as compensation and Rs.11,000/- as litigation expenses as explained in relief clause.
2 After registration of complaint, notice was issued to the opposite parties. Opposite parties in its reply submitted that it is correct that complainant had applied for SBI Life Money Back Gold bearing No. INQM560385 dated 22.03.2014 in the name of complainant, alongwith an initial proposal deposit of Rs.43,882/-/ opting for regular yearly mode of premium payment for a term of 12 years and basic sum assured of Rs.3,90,000/- and similar sum assured for Accident Death Benefit Rider and Accidental Total & Permanent Disability Benefit Rider. Based on the information furnished in the proposal form, the OP had issued a policy in good faith bearing No. IN000247907 with date of commencement as 27.03.2014 for a term of 12 years and basic sum assured of Rs.3,90,000/- and similar sum assured for Accident Death Benefit Rider & Permanent Disability Benefit Rider. It is denied that complainant is regularly paying the premiums. The complainant has failed to provide the details of renewal premiums paid if any. As per records of the OPs, the complainant has paid only initial premium under the policy and the policy lapsed due to non payment of premium since the due date 27.03.2015. The complainant had an opportunity to get her policy revived by paying the premiums due within 2 years from the date of first unpaid premium, but the complainant did not prefer the same, thus, the policy got terminated at the end of revival period as per the terms and conditions of the policy. It is further submitted that the policy has not acquired any surrender value or paid up value, as the policy acquires paid up value or surrender value, if at least 3 full policy years’ premiums have been paid, but the complainant has paid only one policy year premium. Hence, nothing is payable under the policy of the complainant and lastly prayed for dismissal the complaint qua the OPs.
3. Ld. counsel for the complainant in his evidence has tendered affidavit Ex.CW1/A, documents Ex.C1 to Ex.C4 and has closed his evidence on dated 13.06.2018. Ld. counsel for the OPs has tendered affidavit Ex.RW1/A and documents Ex.R1 to Ex.R7 and closed his evidence on 10.09.2018.
4. We have heard learned counsel for the parties and have gone through material aspects of the case very carefully.
5. After going through the file and hearing the parties it is observed that complainant has applied for surrender of her policy with the OP, but as per clause 2.1 of terms and conditions of the policy, the policy will acquire paid up value if the premium is paid 3 full policy years and as per clause 2.2.1, the policy can be surrendered if the premium has been paid for three full policy years. But, in the present case, the complainant has only paid one premium under the policy, hence, the policy had not acquired either the paid up value or the surrender value. As such, there is no deficiency in service on the part of OPs. Accordingly, the present complaint is hereby dismissed with no order as to costs.
6. Copy of this order be supplied to both the parties free of costs. File be consigned to the record room after due compliance.
Announced in open court:
18.02.2019.
................................................
Nagender Singh Kadian, President
……………………………….
Saroj Bala Bohra, Member.
