Jharkhand

Bokaro

CC/18/2

Shreekrishana Prasad - Complainant(s)

Versus

The Executive Director and President Reliance Life Insurance Company Limited - Opp.Party(s)

Pushpanjali Kumari

22 Apr 2022

ORDER

1. Complainant has filed this case with prayer for direction to O.Ps. for payment of Rs. 4,16,250/- with 18% interest  from date of deposit  and to pay Rs. 50,000/- & Rs. 10,000/- as compensation and litigation cost respectively to him.
2. Complainant’s case in brief is that the agents of the O.Ps. (Life Insurance Corporation) persuaded and enticed the complainant for investment in mutual fund run by them and they assured that the investment will  become double on completion of three years period hence complainant has invested Rs. 31,625/- on 17.01.2013, Rs. 51,000/- on 08.02.2013, Rs. 50,000/- on 28.02.2013 and Rs. 50,000/- on 05.03.2013 through different cheques issued in favour of Reliance Life Insurance but cheques have been used in the name of Reliance Life Insurance and while complainant was expecting about double of the amount he became shocked on receipt of letter related to renewal of the policy by deposit of Rs. 1,82,625/-.  Further case is that immediate after receipt of said letters complainant contacted the agents who gave assurance and one more installment was to be paid hence complainant felt himself cheated and due to his poor financial condition he was unable to continue the policy hence he started to write letters to O.Ps. for refund of his deposited amount having no response. It is further case that the agent Sachin Sharma received Rs. 51,000/- in his account No. 628501522912 but no certificate was given by him lastly inspite of issuance of legal notice no response was shown hence case has been filed.
3.  O.Ps. appeared and they have filed W.S. mentioning therein that after investment of the amount, policy holder is being intimated with welcome letter and policy paper with direction to the insured to inform the insurance co. within 15 days in case insured disagrees to any of the terms and conditions of the policy and he is having option to return the policy stating the reasons for his objection. Further reply is that 4 policies were issued on 17.01.2013, 08.02.2013, 28.02.2013 and 05.03.2013 and inspite of its receipt in time complainant never raised any objection on the policy nor he raised that policies have been mis-sold or he wants refund of the deposited amount, hence as per terms and conditions of the policy, complainant is not entitled to any relief as claimed. As per terms and conditions of the policy in case less than three premium have been paid by the policy holder then policy will lapse at the end of grace period and no benefits will be paid to the policy holder. In this way case is liable to be dismissed.
4.  In light of pleadings of the parties question for determination is whether complainant is entitled to get relief as claimed ?
5.  On perusal of the papers submitted by the complainant it appears that Annexure A-1 is first premium receipt related to payment of premium Rs. 31,497.08 paid on 17.01.2013 and this receipt has been issued on same day. Annexure A-2 is the policy schedule related to Annexure A-1 and same has been issued on 17.01.2013. Annexure A-3 is the welcome letter dt. 08.02.2013 connecting to policy schedule Annexure A-4 related to policy dt. 08Feb. 2013 by which premium Rs. 50,790.38 has been deposited and invested.  Annexure A-5 is premium receipt dt. 28.02.2013 by which premium Rs. 49,857.41 has been deposited and it is corresponding to Annexure A-6 related to policy schedule dt. 28.02.2013 and Annexure A-7 related to welcome letter. Annexure A-8 is policy schedule in respect to premium Rs. 49857.41 issued on 05.03.2013  corresponding to Annexure B-1 the duplicate premium receipt dt. 13.03.2014 by which premium Rs. 48,968/- has been deposited vide cheque dt. 12.03.2014 in connection with policy No. 50766634 corresponding to Annexure A-8. Annexure B-2 is duplicate premium collection receipt by which premium Rs. 50020/- has been realized through cheque dt. 12.03.2014 against policy No. 50751368. Annexure B-3 is duplicate renewal premium receipt dt. 20.02.2014 by which premium Rs. 48,968/- has been paid through cheque dt. 20.02.2014 against policy No. 50777248.
6.   From  perusal of the receipts as filed by the complainant it is apparent that he has already paid two premiums of each policy but due to his financial crisis he could not succeed to pay more premium or to continue the policies. Mere on the basis of term and conditions of the policy he is being debarred from taking benefit of the policy on the ground that he has not paid third premium.
7.  Annexure F shows that O.Ps. have admitted the fact that first request for cancellation of policies was received in the office of O.Ps. on 12.08.2014 beyond the free look period of 15days from receipt of policy bond and mere on this ground they have denied the payment. On calculation it appears that from perusal of the papers produced by the complainant Rs. 3,29,958.28/- has already been deposited by the him by way of two installments but mere on the basis of hyper technicalities he is being deprived from his legitimate claim of refund of the money.
8.  Therefore, we are of the view that though complainant has not proved the fact related to cheating etc. for which this Commission is having no jurisdiction to decide but there is no denial regarding receipt of money by the O.Ps. from the complainant as per receipts related to Annexures A & B series. Hence complainant cannot be deprived from his hard earned money on the basis of hyper technicalities. Accordingly above issue is decided in favour of the complainant  
9.   Thus we find and hold that the claim of the complainant is liable to accepted in the manner indicated here in below. 

O.Ps. are directed to refund Rs. 3,29,958.28/- to the complainant along with simple interest @ 4% per annum (i.e. the interest payable on savings Bank Account) from the respective dates of it’s deposit within 60 days from today. In the facts and circumstance of the case parties shall bear their own cost.