CC Filed on 27.07.2009<br /> Disposed on 08.10.2009<br /> <br /> BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, KOLAR.<br /> <br /> Dated: 08th day of October 2009<br /> <br /> PRESENT:<br /> Sri. G.V.HEGDE, President.<br /> <br /> Sri. T.NAGARAJA, Member.<br /> Smt. K.G.SHANTALA, Member.<br /> ---<br /> <br /> Consumer Complaint No. 56/2009<br /> <br /> Between:<br /> <br /> <br /> Sri. Sudarshan. A.,<br /> No. 189, Karanjikatte,<br /> Near Dharmaraya Swamy Temple,<br /> Kolar – 563 101.<br /> <br /> <br /> <br /> <br /> ….Complainant<br /> <br /> V/S<br /> <br /> <br /> 1. SBI Life Insurance,<br /> Kolar Branch,<br /> Near KSRTC Bus Stand,<br /> Kolar – 563 101.<br /> <br /> <br /> 2. SBI Life Insurance,<br /> St. Mark’s Road,<br /> Bangalore. <br /> <br /> <br /> (By Advocate Sri. Sama Rangappa) <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> ….Opposite Parties<br /> <br /> ORDERS<br /> <br /> This is a complaint filed under section 12 of the Consumer Protection Act, 1986 praying for a direction against the opposite parties to pay a sum of Rs.49,248/- paid by him towards insurance premiums less Rs.26,682/- already paid by OP.2, with interest at 18% p.a. with compensation of Rs.10,000/- for the deficiency in service of OPs. <br /> <br /> 2. The material facts of complainant’s case may be stated as follows:<br /> That the complainant obtained SBI Insurance from OP.2 under policy No. 8005212910 dated 11.05.2005. It was represented at the time of obtaining the policy that after 3 years the amount due under the policy can be withdrawn by complainant. The complainant paid 19 quarterly instalments of Rs.2,592/- totally amounting to Rs.49,248/-. It is alleged that after 3 years OP.2 paid Rs.26,682/- which almost comes to half of the amount paid by him towards premiums. Therefore the complainant filed the present complaint. The complaint is presented by complainant in person.<br /> <br /> 3. OP.2 appeared and filed version. It is admitted that OP.2 issued Sudarshan Policy bearing No. 08005212910 in favour of complainant. It is contended that the quarterly premium payable under the policy was Rs.2,592/- and the complainant paid 16 premiums with certain interest for late payment of premiums totally amounting to Rs.41,601/-. Further it is contended that the complainant intended to surrender the policy after 3 years and as per the terms and conditions of the policy the surrender value was calculated which comes to Rs.22,566/- and the said amount has been paid to complainant through cheque No. 391575 dated 09.02.2009 drawn on State Bank of India. Therefore it is contented that there is no deficiency in service on the part of OP.2. <br /> <br /> 4. It is found that OP.1 in its present description which is shown as SBI Kolar Branch, Kolar is not a necessary party. The complainant should have added SBI Life Insurance Bombay which is the Head Office of OP.2. <br /> <br /> 5. Subsequent to filing of the version the complainant remained absent. He did not file the affidavit in support of allegations made in the complaint. OP.2 has filed detailed version. In para.2 it has stated the date of premium becoming due and the date of amount paid by complainant in respect of different premiums. In para.5 it has in detail shown how the surrender value was arrived. It has also produced copy of the proposal for insurance and the insurance policy containing the terms and conditions. Affidavit is also filed on behalf of OP.2. <br /> <br /> 6. We perused the terms and conditions of the policy. Part IV in the schedule of policy prescribes the terms and conditions of guaranteed surrender value. The relevant term for the purpose of this case is as follows: <br /> <br /> “The policy will acquire Guaranteed Surrender Value on completion of the third policy anniversary Date, provided all premium dues during the first 36 months are paid and the Policy is in force for Basic Sum Assured The Guaranteed Surrender Value will be equal to 65% of the premium paid for the Basic Sum Assured less the first year premium paid. Cash Value of any existing vested bonuses will be paid along with the Surrender Value.”<br /> <br /> 7. The complainant has alleged that totally he paid 19 premiums amounting to Rs.49,248/-. But OP.2 contended that the total amount paid was Rs.41,601/- which was adjusted towards first 16 installments with interest for late payment. The complainant has not produced reliable evidence to establish that he had paid Rs.49,248/- in all. We have gone through the surrender value calculation sheet stated in para. 5 of the version. We found that there is no mistake in the calculation and the amount payable comes to Rs.22,566/-. <br /> <br /> 8. It appears after coming to know the exact terms and conditions of the policy the complainant realized that he was not entitled to more amount than the amount received by him and therefore he remained absent. For the above reasons the compliant is to be dismissed. Hence we pass the following:<br /> <br /> O R D E R<br /> <br /> The complaint is dismissed. The parties shall bear their own costs. <br /> <br /> Dictated to the Stenographer, corrected and pronounced in open Forum this the 08th day of October 2009.<br /> <br /> <br /> MEMBER MEMBER PRESIDENT<br /> <br />