West Bengal

Paschim Midnapore

CC/15/2012

Sk. Jamshed Ali - Complainant(s)

Versus

The Chief Manager, LICI, Kharagpur Branch - Opp.Party(s)

10 Jul 2012

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL FORUM

PASCHIM MEDINIPUR.

 

 Complaint case No. 15/2012                                                         Date of disposal: 10/07/2012                               

 BEFORE : THE HON’BLE PRESIDENT :  Mr. K. S. Samajder.

                                                      MEMBER :  Mrs. Debi Sengupta.

                                                      MEMBER :  Mr. Kapot Chattopadhyay.

 

    For the Complainant/Petitioner/Plaintiff: Mr. I. Bandopadhyay.

    For the Defendant/O.P.S.                          : Mr. D.  Ghosh.

             Sk. Jamshed Ali, S/o-Keramat Ali of Vill-Rupnarayanpur, P.O.-Jokpur, P.S.-

            Kharagpur(L), Dist-Paschim Medinipur………Complainant.

                                                              Vs.

       The Chief Manager, LICI, Kharagpur Branch,  OT Road, P.O.-Inda, P.S.-Kharagpur(L),  

       Dist-Paschim Medinipur…………………Op.

The case of the complainant, in short, is that on 31/7/2007 he purchased one policy bearing No.438461492 (single premium) for Rs.1,50,000/- from the Op under Market Plus Scheme.  Thereafter, the said policy was surrendered by the petitioner on 20/8/2010.  At the time of surrender the Net Asset Value (NAV) was double the amount of investment and as such the petitioner was entitled to Rs.3 lakhs.  On several occasions the petitioner asked the Op to repay the amount of surrender value.  Even letter through advocate was sent to the Op but to no effect. 

Hence this case.

                 The Op contested the case by filing a W/O wherein, the Op admitted about the purchase of the policy by the petitioner on 31/07/2007 for Rs.1, 50,000/-.  The Op also admitted that on 28/8/2010 the petitioner surrendered the policy and shought for payment of the surrender Value of the policy.  But the Op contended that at the time of surrender of the policy the market value was not double the amount of investment.  The Op was agreeable to pay the amount equivalent to market value on the date of surrender but the petitioner was not ready to accept it.  Accordingly, the Op prayed for passing necessary order.

               The only point to be considered in this case is that, whether the petitioner is entitled to the amount as claimed.

Contd……….P/2

- ( 2 ) -

 

Decisions with reasons

                The petitioner’s case of purchase of the policy in question is admitted in this case.  It is also admitted that the petitioner surrendered the policy and sought for payment of the value of the policy.  The only dispute in this case is the amount of surrendered value of the policy.  While the arguing in this case the Ld. Lawyer for the Op fairly submitted that the Op has clearly mentioned in the written statement and still the Op is agreeable to pay the amount of value of the policy on the basis of the market value at the relevant time i.e. on 20/8/10.  The Ld. Lawyer appearing for the petitioner also fairly admitted that although in this case it has been stated that the amount was double on the date of surrender and as such claim was made to that effect but what the petitioner is entitled to the amount of market value at the relevant time.  The parties were asked to submit necessary document in respect of the Net Asset value (NAV) on 20/8/2010. Both the parties have submitted such statement, Ld. Lawyers for both the parties have shown the relevant portion of the chart of NAV in respect of different schemes and both of them have submitted that the NAV, in respect of basic unit value of Rs.10/- of Market Plus Policy which are purchased by the complainant, was Rs.15.5047/-. Therefore, it is clear that the NAV was not double the amount of purchase as claimed by the petitioner.  Therefore, the petitioner is entitled to surrender value @ Rs.1,55,047/- per basic unit as the same rate prevailed on and the date of surrender i.e. also 20/8/2010.

                                       Hence

                                                  Ordered-

                                                                   that the case succeeds on formal contest. The Op is  hereby directed to pay the total amount of surrender value of the policy of the petitioner bearing No.438461492 for amount of Rs.1, 50,000/- purchased on 31/7/2007 within 30 days.  The surrender value is to be calculated @ Rs.15.5047/- on basic unit value of Rs.10/- per unit.  The Ops also directed to pay Rs.3,000/- to the petitioner as compensation and Rs.2,000/- towards litigation cost.  These amounts shall also have to be paid within 30 days.  In default to make payment as aforesaid by the specified date, the total amount shall carry interest @ 9% p.a.

Dic. & Corrected by me

                                                                               

              

         President                                Member            Member                    President

                                                                                                              District Forum

                                                                                                           Paschim Medinipur.