DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, JHARSUGUDA
CONSUMER COMPLAINT CASE NO. 34 OF 2015
Rai Bahadur Singh,
RO: Qtr. No. NC-63,TRL Township,
Belpahar, Dist: Jharsuguda,Odisha……………….….………………Complainant.
Versus
- Manager, HDFC Bank Cards Division,
JHarsuguda Branch, Jharsuguda, Odisha.
- Manager, ICICI Prudential Life Insurance,
Jharsuguda Branch, Jharsuguda, Odisha……………….…………..Opp. Parties.
Counsel for the Parties:-
For the Complainant Shri P.R.Singhdeo, Adv. & Associates.
For the Opp. Party No.1 Shri S.K. Paltasingh, Adv &. Associates.
For the Opp. Party No.2 Shri R.K.Sa, Adv. & Associates.
Date of Order: 17.02.2016
Present
1. Shri S.L.Behera, President.
2. Smt. A. Nanda, Sr.Member.
Shri S.L. Behera, President:- In brief, the complaint’s case is that, the complainant has purchased an unit linked insurance plan from O.P.No.2 on dtd. 01.09.2011 in the name of Mrs. Ratna Singh, by paying yearly premium amount of Rs.50,000/- only. After payment of 3rd yearly premium on dtd.31.08.2013 through Credit Card facility provided by O.P.No.1, the transaction was successful and acknowledgements received from both the O.Ps. In the month of Feb’2014 the complainant received a message from the O.P No.2 regarding lapsation of insurance policy due to nonpayment of 3rd premium due. The complainant informed the matter to both the O.Ps. In order to revive the policy the complainant paid another Rs.50,000/- only to the O.P.No.2 on dtd. 10.02.2014. The complainant requested to return the amount of Rs.50,000/- to the O.Ps paid for 3rd premium. At the time of next premium the complainant got a message that his Rs.50,000/- only was received against the policy No.15905296. The complainant could have earned much amount from the said amount kept by the O.Ps if it would have invested in the unit linked scheme which is based on growth of market. Due to such financial loss
and negligent attitude of O.Ps the complainant filed this case with compensation.
The O.P No.1 filed his written version and submitted after being noticed that the complainant has availed a credit card vide No. 4346-7860-0201-5815 with an enhanced credit limit of Rs.3,50,000/- only. The O.P NO.1 is also admitted that the complainant has paid Rs.50,000/- only by credit card on dtd.31.08.2013 to the O.P.No.2 and further submitted that it the dispute between complainant and O.P.No.2. The O.P No.1 denied on any deficiency in service and prayed for dismissal of the case.
The O.P No.2 after being noticed appeared and filed written version and submitted in much elaborated manner started from proposal of insurance plan to current status of the policy. The insurance policy in question is in the name of Ratna Singh, policy No. 15905296, policy plan- U84 ICICI Pru Pinnacle Super – LP, Annual Premium – Rs. 50,000/- only. The transaction of the payment of 3rd renewal premium dtd. 31.08.2013 was dishonoured on account of “chargeback dishonoured” and hence the said payment was never realised by the O.P.No.2. The O.P.No.2 informed to the complainant about deactivation of the policy due to non payment and which was further revived the same after premium received on 11.02.2014 and credited in the policy account. The O.P NO.2 received the 4th premium on dtd. 24.07.2014 and after payment of 5th premium the complainant is eligible to surrender the policy at any of the branch of company. The O.P.No.2 denied on any deficiency in service and prayed the forum for dismissal of case.
Matter is heard and gone thoroughly on case record with documents. The complainant has taken an Unit Linked Insurance Plan namely ‘ICICI Pru Pinnacle Super-LP’ ( Policy No. 15905296) in the name of Ratna Singh of having annual premium of Rs. 50,000/- only of Sum Assured – Rs.5,00,000/- only. The complainant paid the 3rd premium of Rs.50,000/- only through Credit Card system of HDFC Bank (O.P.No.1) on dtd. 31.08.2013. The Credit Card Statement of the transactions of complainant clearly reflects of dtd. 31.08.2013 having description “ICICI Prudential Life Mumbai” of Rs.50,000/- only alongwith other several transactions of different dates. It reveals that Rs. 50,000/- only was deducted from the account of the complainant and credited (deposited) in the account of ICICI Prudential Life (O.P.No.2). But the O.P.NO.2 denies on any receipt of the said amount and deactivated the said insurance policy of complainant due to “chargeback dishonour”.
The complainant after knowing the same paid another Rs.50,000/- only on dtd11.02.2014 as 3rd premium for revival and activation of the policy which has been duly received by the O.P.No.2 revived the insurance policy and activated. At the time of 4th premium i.e on dtd. 31.08.2014 the O.P. NO.2 deposited the said Rs.50,000/- only in the policy account of the complainant.
However the insurance policy is an Unit Linked Policy which is based on growth of share market, the 3rd insurance premium of Rs.50,000/- only would have been invested in the market, the complainant could have benefited as per market growth of that period. The said amount was kept with the O.P No.2 for a long time of one year and further invested after a period of one year. Such casual activities of the O.P N.2 reflects deficiency in service towards the complainant. Hence we are in considered opinion to allow the complaint petition of the complainant.
ORDER
The O.P.No.2 is hereby directed to pay a sum of Rs. 30,000/- (Rupees thirty thousand) only towards compensation and litigation costs within 30 (thirty) days from the date of receipt of this order failing which O.P.No. 2 will be liable for interest @10% on awarded amount till its realisation.
Accordingly the case is disposed of.
Order pronounced in the open court today on this the 17th day of February’ 2016, copy of this order shall be communicated to the parties as per rule.
I Agree,
A.Nanda, Sr.Member S.L.Behra. President
Dictated and corrected by me,
S.L.Behra, President
