| BEFORE THE BENGALURU RURAL AND URBAN I ADDITIONAL | | DISTRICT CONSUMER DISPUTES REDRESSAL FORUM, I FLOOR, BMTC, B BLOCK, TTMC BUILDING, K.H.ROAD, SHANTHI NAGAR, BENGALURU-27 |
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| Complaint Case No. CC/1707/2019 | | ( Date of Filing : 06 Nov 2019 ) |
| | | | 1. 1. Sadanand Basappa Hebballi | | S.B.Hebballi Age 67 years Occ: advocate, Residing at: No.112, 6th C, Main, Vijayanagar II Stage, Hampi Nagar, Bengaluru-560104 Policy Holder | | 2. 2. Smt. Suvarna Sadanand Hebballi | | Age 55 years, OCc:Houseold, Residing at No.112, 6th C Main, Vijayanagar II Stage, Hampi Nagar, Bengaluru-560104. Life Insured |
| ...........Complainant(s) | |
| Versus | | 1. 1. Kotak Mahindra Old Mutual Life Insurance Ltd | | Kotak Towers, 7th Floor, Zone IV, Building No.21, Infinity Park,Of western Express Highway, Goregan Mulund- Link Road, Malad East- Mumbai-400097. Rep by its Authorised Signatory. | | 2. Kotak Mahindra Bank | | 102/104 Cears Plaza 136, Presidency Road, Bengaluru-560025. Rep by its Authorised Signatory |
| ............Opp.Party(s) |
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| BEFORE: | | | | HON'BLE MR. H.R.SRINIVAS, B.Sc. LL.B., PRESIDENT | | | HON'BLE MR. SURESH.D., B.Com., LL.B. MEMBER | |
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| For the Complainant: | | For the Opp. Party: | |
| Dated : 18 Nov 2019 |
| Final Order / Judgement | CC.No.1707/2019 Dated: 18.11.2019 ORDERS ON MAINTAINABILITY The complainants have filed this complaint U/s 12(1) of the Consumer Protection Act for declaration that Class 2(lapse) of Part-C of the policy document is void, to order refund of Rs.70,966.99 with interest at 18% per annum from 31.03.2018 till payment, for Rs.50,000/- as compensation, mental torture, and harassment towards legal expenses. The brief facts leading to the complaint are that, the complainants are the husband and wife obtained life insurance to a period of 20 years with Op agreeing to pay Rs.35,999/- per year as annual premium for period of 10 years and they paid the premium for a period of two years and did not want to continue the insurance and requested the OPs to pay back the amount, for which Ops denied and replied that Part-C at Sl.No.3 referring to lapse policy informed that the same cannot be exceeded to and inform the complainant to pay insurance policy for one more and claim them for surrender value against the same the complainant has filed the complaint. On perusing Part-C of the Insurance policy it becomes clear that the policies with premium payment term greater than or equal to 10 years the policy can be revived any time during the first three years policy years if premium as mentioned in Clause3 of Part-C above is not paid within the grace period the policy together with the rider benefits shall lapse from the due date of the unpaid premium. The policy holder can revived the policy as per procedure mentioned below. In case the policy is not revived within two years from the date of lapse, the policy shall stand forfeited as per Clause 4 of Part D and all benefits available under the policy will seized and on the said condition the OPs replied to the legal notice issued by the complainant and further informed to revive the policy by paying premium for one more year and claim for the surrender value. It is also mentioned that on payment of premium of three consecutive policy years. The policy shall acquire surrender value. On Surrender the benefits payable shall be higher of guaranteed surrender value or special surrender value. When this being the case, it cannot be held that there is deficiency in service on the part of OPs in respect of honouring the claim of the complainant. We see no deficiency in service on the part of OPs in not paying the premium amount towards the policy. Hence no prima-facie case made out and hence the Complaint is dismissed as not maintainable. MEMBER PRESIDENT | |
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| | | [HON'BLE MR. H.R.SRINIVAS, B.Sc. LL.B.,] | PRESIDENT
| | | | | | [HON'BLE MR. SURESH.D., B.Com., LL.B.] | MEMBER
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