Karnataka

Belgaum

CC/497/2014

Abhishek G Oulkar - Complainant(s)

Versus

The General Manager of Bajaj Allianz Insurance Cmpy Ltd - Opp.Party(s)

P.V.Desai

05 Apr 2017

ORDER

IN THE DIST.CONSUMER DISPUTES REDRESSAL FORUM BELAGAVI.

 

Dated this 5^th day of April 2017

Complaint No. 497/2014

 

Present:              1)      Shri.B.V.Gudli,                       President  

2)      Smt. Sunita,                           Member

-***-

Complainant/s:          Sri.Abhishek Gopal Oulkar,

Age:23 years, Occ: Student,

R/o.322, Anandi Shankar,

Near Ganapati Temple,

Opp.Kedari Industries, Hindalaga,

Tq. Belagavi.

 

(By Sri.P.V.Desai, Advocate)

 

V/s.

                                                                     

Opponent/s:      1.      The General Manager,

Bajaj Allianz Life Insurance Co. Ltd.,

No.1078, II Floor, United Chambers,

Sathy Road, Ganapathy, Coimbatore, Tamilnadu 641106.

 

2.      The Regional Manager,

Bajaj Allianz Life Insurance Co. Ltd.,

GE Plaza, Airport Road, Yerawada,

Pund, Maharashtra 411006.

 

3.      The Branch Manager/Officer,

Bajaj Allianz Life Insurance Co. Ltd.,

1^st Floor, Madiwale Arcade,

Club Road, Belagavi.

 

 

(By Sri.S.D.Killekar, Advocate)

 

 (Order dictated by Sri.B.V.Gudli, President)

 

 

 

ORDER

          U/s. 12 of the C.P. Act, the complainant has filed the complaint against the O.Ps. alleging deficiency in service in not paying the insurance policy full surrender value by the OPs.

          2) The O.P.1 to 3 appeared through their counsel & filed written version.

           3) In support of the claim of the complaint, the complainant has filed his affidavit and produced some documents. Written argument is filed for complainant. On the other hand OPs have also filed their written version and affidavit.

4) We have also heard on both sides and perused the records.

          5) Now the point for our consideration is that whether the complainant has proved deficiency in service on the part of O.Ps & entitled to the reliefs sought?

          6) Our finding on the point is in negative, for the following reasons.

:: R E A S O N S ::

            7)       On perusal of allegations of the complaint and affidavit of complainant, the complainant is a student residing with his parents. The complainant purchased life insurance policy under its No.0231184987 dt.25.08.2011 from OP.3 at Belagavi. The date of maturity was 25.08.2026.  The complainant deposited a sum of Rs.34,052/- in the OPs branch at Belagavi i.e. Rs.17,026/- on 25.08.2011 as 1^st instalment & Rs.17,026/- on 25.08.2012 as 2^nd instalment. Lateron the complainant changed his mind & surrendered the above said policy to the OPs branch office at Belagavi & requested to refund the Rs.34,052/-. But the OP.3, has deposited only a sum of Rs.20,000/- in the account of complainant. Hence the complainant approached OP.3 & requested to pay balance Rs.14,052/- along with benefits covered under the said insurance policy, but there was no response from OP.3. Therefore complainant issued lawyers notice dt.10.01.2014 to OP.1 to 3 & requested to pay balance Rs.14,052/- along with benefits covered under the said insurance policy, within 15 days. The OPs received the said notice but there is no response from OPs. Hence the complainant is constrained to file this complaint against OPs. 

8)      On perusal of contents of objections filed by OPs, the OPs have denied and disputed the allegations of the complaint and further contended that the complainant has got no locus standi to file this complaint as the complainant has already surrendered the policy with the OPs on 18.11.2013 & has received Rs.20,431/- through direct credit to complainant’s account on 20.11.2013 and has acknowledged & discharged the OPs from all liabilities under it upon payment of surrender value. The surrender form wherein the complainant has agreed towards surrender of the policy. The surrender value Rs.20,431/- was paid to the complainant in accordance with policy terms and conditions and calculation arrived towards  surrender value.  The insurance policy is based upon the contract whereby the proposal along with the 1^st insurance premium is received from the proposer, who intends to take insurance policy from the insurance company. The proposer who intends to procure an insurance policy has to fill in the material details as per the Insurance Act. Further the complainant has made a declaration that he has read the application & the answers he entered in the application is full, complete & true. Thereafter both the policy holder & the company are bound by the terms and conditions of the insurance policy. The complainant had availed the said policy after agreeing to abide by the policy terms and conditions and as declared by him in the proposal form submitted to the OP company for issue of the said policy. The complainant had the option to go through the terms and conditions of the policy bond and if the same were not acceptable to him, then complainant was provided with the option of 15 days free look period from the date of receipt of the policy as per the policy bond and in accordance with provisions of Sec.6(2) of IRDA regulations. However the complainant has not raised any grievance before the 15 days free look period. The complaint is also barred by time. Hence prays for dismissal of the complaint.

9)      On perusal of the complaint averments and objections filed by OPs there is no dispute with regard to the fact that the complainant purchased life insurance policy under its No.0231184987 dt.25.08.2011 from OP.3 branch at Belagavi. The complainant paid totally 2 instalments of Rs.34,052/- in the OPs branch at Belagavi. Lateron the complainant surrendered the above said policy to the OPs branch office at Belagavi. The OP.3, branch manager has deposited a sum of Rs.20,431/- to the account of complainant.

10)    The main allegation of the complainant is that, though he is entitled to the entire premium amount of Rs.34,052/-, the OPs have deposited only a sum of Rs.20,431/- to the account of complainant. The OPs in their written version have contended that, the amount paid Rs.20,431/- to the account of complainant, is in accordance with terms and conditions of the policy. The OPs further contended that, since the complainant has surrendered the insurance policy to the OPs, as per calculation arrived by the OPs as per the terms and conditions of the policy, have settled the policy amount and the complainant has acknowledged the same and discharged the OPs from all liabilities. Though the OPs have not produced the said acknowledgment, but have reproduced in their written version. Since the complainant himself has surrendered to insurance policy in question by agreeing and abiding to the terms and conditions of the policy, the OPs according to the policy terms and conditions have calculated and paid the surrender value to the complainant and hence there is no question of payment of balance premium amount of Rs.14,052/- with interest. 

11)    The OPs have taken another contention that the complaint is time barred. Admittedly the insurance policy in question was surrendered on 18.11.2013 and the present complaint is filed by the complainant before this forum on 14.07.2014 i.e. within 2 years from the date of surrendering the policy. Hence we hold that the complaint is not time barred.

          12) Taking into consideration of the facts, evidence on record and the discussion made here before the complainant has failed to prove deficiency in service on the part of the O.Ps. 

13)    Accordingly the following

ORDER

          The complaint filed by the complainants is dismissed. No order as to costs.

 (Order dictated, corrected and then pronounced in the open Forum on: 5^th day of April 2017)

 

 

 

MSR