Jharkhand

Bokaro

CC/12/2020

Smt Mani Rani - Complainant(s)

Versus

The Branch Manager, LIC of India - Opp.Party(s)

Soney Kumari

21 Mar 2023

ORDER

District Consumer Disputes Redressal Commission, Bokaro

Date of Filing-12-02-2020

Date of final hearing-21-03-2023

 Date of Order-21-03-2023

Case No. 12/2020

     Smt Mani Rani W/o Abhay Kumar gayasen

      R/o Plot No. 722 Bari Co Operative, Bokaro Steel City,

     District Bokaro Jharkhand

Vs.

      The Branch Manager Life Insurance Corporation Ltd.

        Bokaro Branch 1, City Centre Sector-4, Bokaro Steel City Jharkhand

 Present:-

                             Shri Jai Prakash Narayan Pandey, President

                  Smt. Baby Kumari, Member

PER- J.P.N Pandey, President

-Order-

1. Complainant’s case in brief is that she purchased Wealth Plus Life Insurance Policy No. 547400234 on 08.05.2010 on payment of single premium of Rs. 10,00,000/- and its expiry term was 08.05.2018. Further case is that on maturity of the policy on 08.05.2018 she received Rs. 11,63,225/- instead of Rs. 16,00,000/- then she made complaint to the concerned authority having no impact, thereafter, she has filed this case before this Commission with prayer for direction to the O.P. (LIC) to pay rest of Rs. 4,36,775/- with 18% interest and to pay Rs. 50,000/- as compensation and Rs. 20,000/- as litigation cost to the complainant.
2. Reply has been filed by the O.P. mentioning therein that policy concerned was ULIP Plan which offers payment fund value on net asset value (NAV) over the first seven years of the policy or the NAV as applicable at the end of the policy term whichever is more and also free death cover equal to basic sum assured. Further reply is that payment has been made as per calculation sheet and there is no more admissible payment hence case is liable to be dismissed.
3. Now point for decision is whether complainant is entitled to get relief as claimed ?
4. To prove its case complainant has produced photo copy of policy paper (Annexure-1) as per this paper in this policy, the investment risk in investment portfolio is born by the policy holder. Annexure-2 is photo copy of receipt dt. 23.07.2018 through which Rs. 11,63,225/- has been paid to the complainant and it is not in dispute. Annexure-3 is photo copy of application dt. 18.08.2018 written by the complainant to the O.P. by which complainant has claimed Rs. 16,00,000/-. Annexure-4 is photo copy of acknowledgement issued by the O.P. One photo copy has been produced by the complainant as annexure-4 to show that from 01.05.2018 to 10.05.2018 purchase value of Wealth Plus Plan of Rs. 1,46,751/- was having its sale value of Rs. 1,48,751/- on 10.05.2018. However, authenticity of said document has not been proved nor it has been proved that what is source of that very document. Contrary to it all details have been produced by the O.P. LIC to show that plan under question was under market risk and on the date of maturity, full maturity value has been paid to the complainant.
5. In light of above discussion we are of the view that complainant is not able to prove its case for grant of any relief as prayed. Accordingly this case is being dismissed on merit and in the facts and circumstance of the case, parties shall bear their own costs.

 

(J.P.N. Pandey)

                                                                                      President

                                                                                     

         

                                                                               (Baby Kumari)

                                                                                                Member