DISTRICT CONSUMER DISPUTES REDRESSAL FOR`UM, BATHINDA.
CC.No.351 of 26-07-2012
Decided on 16-11-2012
Harbans Singh aged about 62 years s/o Sh.Mukhtiar Singh r/o Village & Post Office Bhagta Bhaika, Distt.Bathinda.
........Complainant
Versus
1.SBI Life Insurance Company Ltd., State Bank Bhavan Corporate Centre, Madame Cama Road Mumbai 400 021, through its Managing Director.
2.SBI Life Insurance Company Ltd., Centre, Madama, Mall Road Bathinda, through its Branch Manager.
3.Gurdeep Singh s/o Ajaib Singh serving in State Bank of Patiala, MSC Branch Bathinda.
.......Opposite parties
Complaint under Section 12 of the Consumer Protection Act, 1986.
QUORUM
Smt. Vikramjit Kaur Soni, President.
Sh.Amarjeet Paul, Member.
Smt. Sukhwinder Kaur, Member.
Present:-
For the Complainant: Sh.Harbans Singh, complainant in person.
For Opposite parties: Sh.Sanjay Goyal, counsel for opposite party Nos.1 & 2.
Sh.Vinod Garg, counsel for opposite party No.3.
ORDER
VIKRAMJIT KAUR SONI, PRESIDENT:-
1. The complainant has filed the present complaint under section 12 of the Consumer Protection Act, 1986 as amended upto date (Here-in-after referred to as an 'Act'). The brief facts of the complaint are that on the allurement of the opposite parties, the complainant had purchased one insurance policy and has deposited one installment of Rs.15,000/- in the first week of January 2007 with the opposite party No.3 but the opposite party No.3 did not issue any receipt and told him that the opposite party Nos.1 and 2 will send the certificate in this regard. The opposite parties sent a policy bearing No.27001620005 to the complainant. The complainant contacted the opposite party No.3 and asked to clarify about the terms and conditions as no term and condition was supplied to him by them at the time of getting deposit of Rs.15,000/-. The opposite party No.3 assured the complainant that he can withdraw the amount alongwith interest whenever required by him. The complainant on the expiry of the 5 years surrendered the said policy with the opposite party No.2 on 30.4.2012 and requested them to make the payment of the said amount alongwith interest @ 15% per annum as allured by the opposite party No.3 being the employee of the opposite party Nos.1 and 2 but the opposite parties declined his claim vide letter dated 30.4.2012. Hence the complainant has filed the present complaint to seek the directions to the opposite parties to pay the amount deposited by him alongwith cost and compensation.
2. Notice was issued to the opposite parties. The opposite party Nos.1 and 2 after appearing before this Forum has filed their joint separate written statement and pleaded that the present complaint is barred by limitation within the meaning of Section-24A of the Consumer Protection Act, 1986 and it should be dismissed on this ground only. The opposite party Nos.1 and 2 are not responsible for the acts or omission of the part of the opposite party No.3. The opposite party Nos.1 and 2 have received a proposal form for SBI life Horizon II Pension policy bearing No.27-065430 dated 11.1.2007 in the name of Mr.Harbans Singh alongwith an initial proposal deposit of Rs.15,000/- with half yearly mode of premium payment for a term of 14 years. Based on the information furnished in the proposal form, the opposite party Nos.1 and 2 have issued a policy bearing No.27001620005 with the date of commencement as 25.1.2007. The policy was issued as per the details furnished in the proposal form. The policy bond was dispatched on 29.1.2007, which was duly received by the complainant. In case, the policy holder was not satisfied with the terms and conditions as per the policy document, he/she has option to return the policy under the free look period to SBI life insurance Co.Ltd but the complainant has not opted the said option and continued the policy. As per the terms and conditions of the policy, the policy will not acquire a surrender value if one entire policy year's premium is not paid and hence there is no contractual obligation on the part of the opposite party Nos.1 and 2 to pay the surrender value under the policy No.27001620005 as he has not paid one entire policy years' premium.
3. The opposite party No.3 after appearing before this Forum has filed its separate written statement and pleaded that the complainant has purchased the insurance policy in question from the opposite party Nos.1 and 2 and deposited Rs.15,000/- as first premium. The dispute is between the complainant and the opposite party Nos.1 and 2. Whereas the opposite party No.3 has no concern with the same in any manner. The opposite party Nos.1 and 2 are the Insurance Company of State Bank of India and further, State Bank of Patiala is the subsidiary bank of SBI and the complainant being the employee of the bank was well aware of the same. The complainant got the insurance policy from the opposite party Nos.1 and 2, so there is no contract between the complainant and the opposite party No.3 and no claim lies against it. The opposite party No.3 has denied that the complainant is entitled for a sum of Rs.15,000/- alongwith upto date interest from the opposite party No.3.
4. The parties have led their evidence in support of their respective pleadings.
5. Arguments heard. The record alongwith written submissions submitted by the parties perused.
6. The complainant being an employee of State Bank Of Patiala purchased one insurance policy from the opposite party Nos.1 and 2 and paid the premium of Rs.15,000/-. The complainant was assured by the opposite party No.3 that he can get back the premium deposited by him alongwith interest whenever he will apply for the surrender of the policy. The complainant on the expiry of the 5 years surrendered the said policy with the opposite party No.2 on 30.4.2012 and requested to pay the amount of the premium alongwith interest @ 15% per annum but the opposite parties refused to pay the said amount vide their letter dated 30.4.2012 on the pretext that he has not deposited even one full yearly premium. The premium deposited by the complainant was for half year only, whereas there is no such clause in the policy that if the premium is paid half yearly the complainant is entitled for surrender value. The opposite party Nos.1 and 2 have received a proposal form bearing No.27-065430 dated 11.1.2007 in the name of Harbans Singh alongwith an initial proposal deposit of Rs.15,000/- with half yearly mode of premium payment for a term of 14 years for SBI Life Horizon II Pension Policy. Based on the information furnished in the proposal form, the opposite party Nos.1 and 2 issued a policy in good faith bearing No.27001620005 with the date of commencement as 25.1.2007.
7. A perusal of record shows that the SBI life Horizon II Pension policy plan was opted by the complainant vide Ex.R3 and in the second page of this document the premium mode is specifically ticked as half yearly and clause No.12: 'Declaration by the Proposar/Life to be assured', the complainant has duly signed this proposal form while admitting the declaration. Vide Ex.R4 the policy document together with the terms, schedule contained in the annexure enclosed and any endorsements from time to time was sent to the complainant. The free look option has also been provided to the complainant but he has not opted to surrender his policy within the free look period. At clause No.6 of Ex.R4:- 6.Surrender,a. 'This policy will acquire a surrender value provided atleast one year policy yearly premium has been paid'.
A perusal of record as well as the admission of the complainant himself reveals that only half year premium of Rs.15,000/- was paid by him, thus as per policy terms and conditions he is not entitled for the surrender value.
8. Therefore in view of what has been discussed above this Forum found no deficiency in service on the part of the opposite parties. Hence this complaint is dismissed without any order as to cost.
9. A copy of this order be sent to the parties concerned free of cost and file be consigned to the record room.
Pronounced in open Forum:-
16-11-2012 (Vikramjit Kaur Soni)
President
(Amarjeet Paul)
Member
(Sukhwinder Kaur)
Member
