Tamil Nadu

South Chennai

CC/264/2015

M/s.India Narasimhan - Complainant(s)

Versus

The Manager, Kotak Mahindra Life Insurance Co - Opp.Party(s)

Party in Person

13 Nov 2017

ORDER

                                                                        Date of Filing :   05.06.2015

                                                                        Date of Order :   13.11.2017

DISTRICT CONSUMER DISPUTE REDRESSAL FORUM, CHENNAI (SOUTH)

     2^nd Floor, Frazer Bridge Road, V.O.C. Nagar, Park Town, Chennai-3

PRESENT: THIRU. M.MONY, B.Sc., L.L.B. M.L.,                     : PRESIDENT            

                  TMT. K.AMALA, M.A. L.L.B.,                                 : MEMBER I

             DR. T.PAUL RAJASEKARAN, M.A ,D.Min.PGDHRDI, AIII,BCS : MEMBER II

C.C.NO.264/2015

     MONDAY THIS  13^TH DAY OF NOVEMBER 2017

India Narasimhan,

W/o. K. Narasimhan,

ASI  Citadel Flats,

142, 5^th Street Ram Nagar,

Velachery,

Chennai 42.                                                    .. Complainant

                                        ..Vs..

1.  The Manager,

Kotak Mahindra Life Insurance Co..,

1, Smith Road, Anna Salai,

Chennai -2.

2. Kotak Mahindra Life Insurance Co.,

4^th Floor General Vaidya Marg,

General Vaidya Marg,

Malad East,

Mumbai 400 097.                                         .. Opposite parties.

 

Counsel for Complainant         :   M/s. Indira Narasimhan        

Counsel for opposite party      :   M/s. A.S.Kailasam & Associates.  

ORDER

THIRU. M. MONY, PRESIDENT

This complaint has been filed by the complainant against the opposite parties under section 12 of the Consumer Protection Act 1986 seeking direction to pay a sum of Rs.72,042/- with interestand also to pay a sum of Rs.20,000/- as compensation for mental agony and to pay cost of the complaint.

1. The averment of the complaint in brief are as follows:

The complainant submit that  on the request of the opposite party the complainant availed an insurance policy for the period of 10 years for the assured sum of Rs.2,00,000/-.  The surrender value shall be entitled only after three years continuous payment with a guaranteed surrender value eligible under the policy will be 30% of all the premiums excluding for the first years premium, rider premium and additional premium if any; less any benefits already paid under the policy. The complainant after availing the policy has paid 6 installments for three years continuously at  Rs.12060/- each including service tax.   Further the complainant state that the complainant started the policy on 17.3.2012.  The complainant e surrendered the policy and requested on 12.5.2015.  But the 2^nd opposite party states that the policy have not reached the office and requested the complainant to verify from the courier office.  The courier office confirmed that the surrender application along with the policy was delivered on 15.5.2015 itself.  The 2^nd opposite party even after searching neither returned the policy nor surrendered the value of the policy amount Rs.72,042/-.  As such the act of  the opposite parties amounts to deficiency in service which caused mental agony and hardship to the complainant.  Hence this complaint is filed.

2.    The brief averments in Written Version of  the  opposite party is  as follows:

The  opposite parties deny each and every allegations except those that are specifically admitted herein.   The opposite parties submit  that admittedly the complainant availed the policy.  As per the terms and conditions of the policy, the surrender will be eligible on continuous payment for three years.   The complainant also paid six installments for three full years and requested for surrender the policy on 13.5.2015; since surrender policy was misplaced and was not received in the office of the 2^nd opposite party they have been taken any steps for searching and find out the surrender application resulting delay in payment and caused the delay in accepting the surrender.   The complainant also  submitted a fresh application for surrender as per the terms and conditions of the policy.   The opposite parties are ready and willing to pay the guaranteed surrender value.   Hence there is no deficiency in service on the part of the  opposite party and the complaint is liable to be dismissed.

3.     In order to prove the averments of the complaint, the complainant has filed proof affidavit as his evidence and documents Ex.A1 to Ex.A4 marked.  Proof affidavit of opposite parties filed and Ex.B1 and  Ex.B2 marked on the side of the opposite parties.

4.   The points for the consideration is: 

1. Whether the complainant is entitled to a sum of Rs.72,042/- as surrender value with interest as prayed for?

 

2. Whether the complainant is entitled to a sum of Rs.20,000/- as compensation for mental agony with cost as prayed for?

 

5.   POINTS 1 & 2 :

Heard both sides.  Perused the records.  The learned counsel for the complainant contended that on the request of the opposite party the complainant availed an insurance policy for the period of 10 years for the assured sum of Rs.2,00,000/-.  The surrender value shall be entitled only after three years continues payment with a guaranteed surrender value eligible under the policy will be 30% of all the premiums excluding  the first years premium, rider premium and additional premium if any, less any benefits already paid under the policy. The complainant after availing the policy has paid 6 installments for three years continuously Rs.12060/- each including service tax.   Further the learned counsel for the complainant contended that the complainant started the policy on 17.3.2012.  The complainant submitted the surrender application with policy on 12.5.2015.  But the 2^nd opposite party stating that the surrender application with policy not reached the office and requested the complainant to verify from the courier office.  The courier office confirmed that the surrender value along with the policy was delivered on 15.5.2015 itself.  The 2^nd opposite party even after searching neither returned the policy nor surrendered the value of the policy amounts to Rs.72,042/- which caused great mental agony.  But as per the policy the complainant is not entitled such huge amount of Rs.72,042/- i.e. entire premium amount paid by him. 

6.    The contention of the opposite parties is that admittedly the complainant availed the policy.  As per the terms and conditions of the policy, the surrender will be eligible  only on continuous payment of premium for three years.   The complainant also paid six installments for three full years and requested for surrender value of the policy vide Ex.A1 dated 13.5.2015; since Ex.A1 was misplaced and was not received in the office of the opposite party they have been taken steps for searching and find out the surrender application resulting delay in payment and caused the delay in accepting the surrender.   The complainant also  submitted a fresh application for surrender on request.  As per the terms and conditions of the policy, the opposite parties is ready and willing to pay the guaranteed surrender value.  Accordingly for the payment of Rs.72042/- towards six installments  the complainant is entitled a sum of Rs.14077/-only  towards  30% total premium paid,  less first year premium as on 13.5.2015.   Considering the facts and circumstances of the case this forum is of the considered view that the opposite parties 1 and 2 are jointly and severally liable to pay a sum of Rs.14077/- towards the surrender premium amount with interest at the rate of 9% p.a. from 13.5.2015 to till the date of this order i.e. 13.11.2017  and also to pay compensation of Rs.15,000/- towards mental agony with cost of Rs.5,000/-  and the points are answered accordingly.   

In the result the complaint is allowed in part.  The opposite parties 1 and 2 are jointly and severally liable to pay a sum of Rs.14077/- (Rupees Fourteen thousand and seventy seven only) towards premium amount with interest at the rate of 9% p.a. from 13.5.2015 to till the date of this order i.e. 13.11.2017  and also to pay compensation of Rs.15,000/- (Rupees Fifteen thousand only) towards mental agony with cost of Rs.5,000/-  (Rupees Five thousand only) to the complainant.  

The aboveamounts shall be payable within six weeks from the date of receipt of the copy of this order, failing which, the said amounts shall carry interest at the rate of 9% p.a to till the date of payment.

 

           Dictated by the President to the Assistant, taken down, transcribed and computerized by her, corrected by the President and pronounced by us in the open Forum on this the 13^th day  of  November 2017.  

 MEMBER-I                        MEMBER-II                             PRESIDENT.

Complainant’s side documents:

Ex.A1- 13.5.2015  - Copy of letter from the complainant to the opposite party.

Ex.A2-               - Copy of policy details given by the opposite party

                              and receipt.

 Ex.A3-        -       - Copy of Ack. Of opposite party.

Ex.A4-         -       - Copy of returning of old policy.

Opposite parties’ side document: -   

 

Ex.B1- 17.3.2012  - Copy of Insurance Proposal Form.

Ex.B2- 22.3.2014  - Copy of policy document.

 

 

MEMBER-I                        MEMBER-II                             PRESIDENT.