1. Alleging deficiency of service the complainant filed this case against the O.P.s for a direction to refund his deposited amount with interest and compensation.
2.The case of the complainant is that , he had opened a Max life Insurance policy vide policy No.873292841 on dtd. 1.11.12 by giving yearly premium of Rs.29, 993.31 .The O.P. No.1 assured the complainant that if the policy will continue for three years then he will entitled to get full deposited amount alongwith interest. The complainant had deposited the premium amount for last three years and thereafter he stopped payment and on 17.3.2017 when the complainant had been to the O.Ps to close the policy the O.P No.1 told that he is only entitled for Rs.45,000/-.As the O.P could not take any steps for return back his deposited amount the complainant filed this case before this forum for release of his deposited amount alongwith interest and compensation.
3. After being noticed, the O.P No.2 appeared and filed his counter. The case of the O.P No.2 is that the petition filed by the complainant is barred by time .The complainant under the said policy was under an obligation to pay the premium for a period for six years, but the complainant had only paid for 3 years and later failed to pay the premium. As such the policy has been lapsed .The case of the O.P No.2 is that the complainant was very well aware about the terms and condition of the policy and having been satisfied with the terms and condition he has signed in the proposal form. The complainant had not applied for cancellation of the policy during the period and the complainant has never made any complain with respect of the said policy within the free look period. The complainant had under obligation to pay for a period of six years but the complainant has paid the premium within renewal period of three years. As such the complainant is only entitled the surrender value as because he had paid the renewal premium for a period of three years. The O.PNo.1 though appeared in this case did not file any counter as such he was set ex-parte in the above case.
4. The complainant filed documents policy certificate alongwith insurance premium receipt and also the policy documents. The O.P. No.2 filed proposal form and insurance premium receipt.
5. The point for determination in this case whether the complainant is a consumer against the O.Ps and whether the O.Ps caused any deficiency of service and unfair trade practice against the complainant.
6. The complainant has deposited the premium as per the terms and condition of the policy and the O.Ps have issued receipt of payment of Rs.29, 993.31. In this way the complainant has deposited the premium for last three years and the O.Ps have accepted the same. As such the complainant is a consumer against the O.Ps.The complainant has paid the premium for last three years and after that when he stopped payment of premium the policy has been lapsed. The O.Ps also did not take any steps when the complainant stopped the payment for making payment for the premium .The O.Ps also had not taken any steps to inform that the policy of the complainant is lapsed and if he had not paid any further amount then he is not entitled for the same. There is no dispute between the parties that the complainant has accepted the insurance policy and after payment of premium for last three years the complainant could not pay the same .The action taken by the O.P caused deficiency of service and unfair trade practice against the complainant for not releasing the policy amount in favour of the complainant.
Taking into consideration of the of the case of the complainant counter filed by the O.P.No.2 and documents filed by them we allow the case of the complainant in part and direct the O.P.No.2 to release surrender value with up to date interest to the complainant from the date of surrender value till the date of payment. The O.P.No.2 is further directed to pay Rs.10,000/-(Rupees ten thousand)- towards compensation and cost of litigation to the complainant within one month from the date of this order, failing which the complainant is at liberty to take steps against the O.Ps for realization of awarded amount. The case against O.P.No.1 is dismissed without cost. This case is disposed of accordingly.
Order pronounced in the open court under the seal and signature of the forum this the 28th day of February, 2019.
