Tamil Nadu

North Chennai

CC/253/2018

A.N.Chatterjie - Complainant(s)

Versus

The Branch Manager, Bajaj Allianz Life Insurance Company Ltd., - Opp.Party(s)

K.S.Jeyaganeshan

13 Aug 2019

ORDER

 

                                                            Complaint presented on:  27.09.2010

                                                               Order pronounced on:  13.08.2019

 

DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, CHENNAI (NORTH)

2^nd Floor, Frazer Bridge Road, V.O.C.Nagar, Park Town, Chennai-3

 

PRESENT:  TMT.K.LAKSHMIKANTHAM, B.Sc., B.L., DTL.,DCL, DL & AL -  PRESIDENT

 

TMT.P.V.JEYANTHI B.A., MEMBER - I

 

TUESDAY  THE 13^th  DAY OF AUGUST 2019

 

C.C.NO.253/2018

 

Mr.A.N.Chatterjie,Hindu,

Aged 52 years,

Residing at Veda Vyasa,

Flat No.7,IIIrd Floor,

Old No. Y-16,New No.Y-56,

5^th Avenue,Anna Nagar,

Chennai – 40.

                                                                                        …..Complainant

 ..Vs..

The Branch Manager,

Bajaj Allianz Life Insurance Company Limited,

N0-21 & 23, Sri Thyagaraja Road,

Rainbow Arcade, 3^rd Floor,

Pondy Bazar, T.Nagar,

Chennai – 17.

 

.....Opposite Party

Counsel for Complainant                      : K.S.Jeyaganeshan, T.V.Suresh Kumar

 

Counsel for  opposite party                      : M/s.E.Veda Bagath Singh,

                                                                   S.K.Sambuvarayan, J.Ranjani Devi

 

 

 

 

O R D E R

 

BY PRESIDENT TMT.K.LAKSHMIKANTHAM, B.Sc., B.L., DTL.,DCL, DL & AL

            This complaint is filed by the complainant u/s 12 of the Consumer Protection Act.1986.

1.THE COMPLAINT IN BRIEF:

          The complainant decided to invest in “Capital Unit Gain Size One” and paid Rs.70,000/- as premium towards the annual premium and the policy commenced from 28.03.2007 bearing policy number 0044289312. The complainant decided to surrender the policy for his house renovation work  and approached the respondent. The complainant was informed by the respondent that the policy surrendered would be carrying a value of Rs.2,21,098.26. Hence the complainant  gave  a letter of surrender on 20.04.2010. The complainant received a letter from the respondent dated 05.05.2010 along with a cheque bearing No.821348 dated 21.04.2010 for Rs.1,89,340/- drawn on the Standard Chartered Bank. The complainant was shocked to receive the cheque for Rs.1,89,340/- instead of Rs.2,21,098.26. The complainant made enquiries to the respondent and the respondent gave evasive reply.  The complainant then issued a legal notice to the respondent calling for him to pay the balance amount with interest.  But the complainant has not received any reply from the respondent till now. Hence this complaint. 

2. WRITTEN VERSION OF THE   OPPOSITE PARTIY IN BRIEF:

          It is false to say that the  opposite party’s staff assured he would be entitled to receive Rs.2,21,098.26 if he surrenders the policy. The complainant would be entitled only for value of policy minus surrender premium.  The value as on 20.04.2010 was 2,21,098.26 and Rs.31,758/- was deducted towards charges such as surrender premium.  The balance amount of Rs.1,89,340/- was paid to the complainant.  The opposite party strictly followed the terms and conditions of policy document as agreed by the complainant and settled the value of policy as per the terms and conditions.  It is also submitted that the applicability of the surrender charge is clearly provided in the policy bond itself, which duly received by the complainant. In view of the above facts and circumstances it is clear that there is no deficiency in service or negligence on the part of the opposite parties. The complainant has to be dismissed.  

3. POINTS FOR CONSIDERATION:

          1. Whether there is deficiency in service on the part of the opposite party?

          2. Whether the complainant is entitled to any relief? If so to what extent?

4. POINT NO :1 

          The  complainant  had  invested in a policy named “Capital Unit Gain Size One” and paid Rs.70,000/- as annual premium which commenced from 28.03.2007 bearing policy No.0044289312. Its maturity date is 20.04.2010.It is a unit linked policy and the premiums were paid regularly till its surrender. First premium receipt along with opposite party’s letter is Ex.A1 & Ex. A2. Receipts for the payments by the complainant to opposite party are Ex.A3 to Ex.A6. The complainant decided to surrender the policy for some reason and had given a request on 20.04.2010 and it is acknowledgement by opposite party in Ex.A7. As pointed out by the complainant equity growth fund amount is mentioned as Rs.2,21,098.26 and number  of units mentioned is 14838.1124 as on the date of surrender. Under Ex.A8 a cheque for Rs.1,89,340/- was enclosed  bearing cheque No.821348 dated 21.04.2010 along with the letter. According to the complainant  Rs.31,758/- was deducted from the assigned amount  without  any reason and the surrender amount is not paid in full.  Therefore Ex.A11 notice was issued by complainant  and the  acknowledgement in Ex.A12.  Hence the complaint is preferred.

05. The opposite party  would submit that  they have strictly followed  the terms and conditions of the policy as agreed by the complainant  and settled the value of the policy  less the eligible deduction.  It was not protested by the complainant  at the time of receipt of the policy amount   and acknowledgement is also issued  specifying the amount which the complainant  is entitled.  The complainant  had not raised any grievance at the initial stage of policy  and had not utilized the free lock period when he had the opportunity to utilize the same.  The complainant  is entitled to receive the policy amount as on that date  less the amount towards charges such as surrender premium i.e. Rs.2,21,098.26 – Rs.31,758-00 = Rs.1,89,340/- and the said amount was paid to him.  The complainant  had also encashed  the cheque without any protest at that point of time.  Therefore  he is not entitled for any compensation and there is no deficiency on the part of opposite party.

          06. The complainant’s  allegation of the receipt of  information  from the opposite party  that the policy if surrendered would be carrying a value of Rs.2,21,098.26  for 14838.1124 is not substantiated by any document. Admittedly,  the surrender of policy by the complainant  is  intermittent and not at the final stage which falls  in  the year 2022 and the complainant  had not received the amount under protest. Having received the amount without any protest, the complainant cannot seek any remedy over the matter. It is not the case of the complainant that  either terms and conditions of the policy is  not  issued to the complainant  or there is no policy terms as stated by the opposite party. There is no pleading also that he is not aware of the terms.  There is a free lock period of 15 days permitted at the time of availing policy by the complainant  in the policy terms  during which the complainant had opportunity to review  the policy terms if it is not acceptable to him so that he could have  cancelled  the policy and  get full refund which was not utilized by the complainant  and now after a lapse of  3 years that too after surrendering  the policy at a pre-mature stage for his own requirement has to abide by the terms of policy since it is a contract between both the parties. While so after the surrender of  policy as per the terms and agreement, charges for surrender premium is deducted since the policy is surrendered at pre mature time.  Therefore the complainant had received the amount which he ought to receive as per terms and conditions and hence there is no negligence on the part of opposite party.  The complainant is not entitled to receive any further amount from opposite party  and point 1 is answered accordingly.

07. POINT NO.2

 It is decided as the complainant is not entitled to receive any amount from opposite party there would not be any sufferings for mental agony and loss of money.  The complaint deserves to be dismissed and accordingly dismissed.

In the result this complaint is dismissed. No costs.                       

          Dictated to the Steno-Typist transcribed and typed by her corrected and pronounced by us on this 13^th   day of August 2019.

 

MEMBER – I                                                                PRESIDENT

 

 

LIST OF DOCUMENTS FILED BY THE COMPLAINANT:

Ex.A1 dated 28.03.2007                   First Premium Receipt

Ex.A2 dated 20.04.2007                   Letter from the opposite party

Ex.A3 dated 31.03.2008                   Receipt for the amount issued by the opposite

                                                 party

 

Ex.A4 dated 31.03.2008                   Receipt for the amount issued by the opposite

                                                   party

 

Ex.A5 dated 31.03.2099                   Demand notice for premium for the year 2009

Ex.A6 dated 31.03.2009                   Receipt by the opposite party

Ex.A7 dated 20.04.2010                   Letter by the opposite party

Ex.A8 dated 05.05.2010                   Letter by the opposite party

Ex.A9 dated NIL                     Letter from the bank

Ex.A10 dated NIL                             Copy of the cheque issued as the amount

Ex.A11 dated NIL                             Copy of the legal notice

Ex.A12 dated NIL                             Acknowledgement

LIST OF DOCUMENTS FILED BY THE   OPPOSITE PARTY:

 

                                      ….. NIL …….

 

 

MEMBER – I                                                               PRESIDENT