Date of filing : 21-11-2012
Date of order :05 -02-2014
IN THE CONSUMER DISPUTES REDRESSAL FORUM, KASARAGOD
CC.91/2013
Dated this, the 5th day of February 2014
PRESENT:
SMT.P.RAMADEVI : PRESIDENT
SMT.K.G.BEENA : MEMBER
SMT.SHIBA.M.SAMUEL : MEMBER
Jayabharathi, “Sreenilayam”, : Complainant
W/o. (L) Narayanan Namboothiri,
Po.Ettukudukka, Karivellur.Via,
Kannur.Dt.
(In Person)
The Branch Manager, L.I.C. of India, : Opposite party
K.R.Pett branch, Po.K.R.Pett,
Mysore Division, Karanataka State.
(Adv.P.V.Jayarajan, Kasaragod)
O R D E R
SMT.P.RAMADEVI, PRESIDENT
That the complainant’s case is that her husband P. Narayanan Namboodiri obtained an individual pension policy from the opposite party bearing No. 720920437 and her husband died on 1-4-2002 in a railway accident and as per the policy the opposite party liable to pay Rs.1022/- per month to the complainant and the opposite party paid the above said amount per month till October 2006 and after that opposite party failed to pay the amount hence this complaint is filed alleging deficiency in service against opposite party.
2. Opposite party entered in appearance and filed their version. In the version the opposite party admitted the policy and payment of Rs.1022/- to the complainant till 2006 and the opposite party submitted that the policy issued to the husband of the complainant under plan 122E-25 for a sum of Rs.1,60,000/- and it is a plan basically an annuity plan and as per the terms and conditions when the life assured dies before vesting of annuity, the basic sum assured together with the guaranteed addition will be used to purchase annuity for the spouse and the spouse may choose the option of her like besides being entitled to opt to commute the purchase price to the extent of 25% and a sum of Rs.1,60,000/- towards basic sum assured and Rs.12,000/- towards guarantee addition subject to recovery of annual premium of Rs.6188/- to be considered as purchase price for calculation of annuity and the net purchase price was Rs.1,65,812/- and it is further submitted that the complainant opted option D which envisages guaranteed premium for 15 years and for life thereafter and further opted to commute 25% of the net purchase price and it is further submitted that the commuted value was Rs.41,453/- along with annuity of Rs.1022/- from 5/2002 to 2/2005 in the month of February 2005 and the annuity continued to be paid till 10/2006 and it is further submitted that the Zonal Office, JD JA cell of the opposite party LIC, found that the calculation of annuity at the rate of Rs.1022/- per month be wrong and Rs.20,034/- being the amount excess paid to the complainant and informed the same to the complainant and asked her to refund the same and the correct annuity to be paid is Rs.651/- as the complainant failed to refund the above said excess amount the opposite party stopped further payment of annuity to recover the excess amount already paid to the complainant and the opposite party is ready to continue the annuity after recovering the excess amount already paid and the annuity payable from 11/2006 to 10/2013 is Rs.651/- per month is Rs.54,684/- less the excess amount paid is Rs.20,034/- and the balance amount payable to the complainant is Rs.34,650/- and the opposite party further submitted that opposite party is ready to pay interest and also ready to continue the annuity.
3. Here when the case is posted for evidence the matter is settled between the parties. As per the calculation the amount due to the complainant after deducting the excess paid to complainant is Rs.34,650/- and as per compromise the opposite party agreed to pay 10% interest thereof and the same will be Rs.8546/- and the total amount payable is Rs.43,196/- and the case is settled for an amount of Rs.45,000/- including the cost of the proceedings. With that effect the parties filed a joint memo stating the terms of settlement.
Therefore the complaint is allowed as per the terms of settlement and the opposite party is directed to pay Rs.45,000/- within 20 days from the date of receipt of copy of the order and also direct the opposite party to continue to pay the annuity per month as agreed without fail. If the opposite party is failed to pay Rs.45,000/- within the above stipulated period Rs.45,000/- will fetch an interest of 12% per annum from the date from the date of complaint till payment. The joint memo filed by both parties will form part of the order.
MEMBER MEMBER PRESIDENT
Pj/
