Haryana

Karnal

CC/82/2022

Mrs. Kulwinder Kaur - Complainant(s)

Versus

HDFC Standard Life Insurance Company Limited - Opp.Party(s)

Manjeet Kamboj

09 Feb 2024

ORDER

BEFORE THE PRESIDENT, DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION KARNAL.

 

                                                Complaint No.82 of 2022

                                                Date of Inst: 17.02.2022

                                                Date of Decision: 09.02.2024

 

Mrs.Kulwinder Kaur aged 43 years, wife of Shri Janpal, resident of H.No.455, Near Malwada, Village Jundla, District Karnal. (Aadhar No.6639 5636 3502),

 

…….  Complainant

Versus

1.     HDFC Standard Life Insurance Company Limited, 11^th Floor,Lodha Excellus, Apollo Mills Compound, N.M.Joshi Road, Mahaluxmi, Mumbai 400 011 through its Authorised signatory.

2.     HDFC Standard Life Insurance Company Limited, through its Branch Manager, Sector-12, Opposite Mini Secretariat, Karnal.  

                                                                 …… Opposite parties

Complaint Under Section 35 of Consumer Protection Act, 2019.

 

Before:    Shri Jaswant Singh…………President

                Sh.Vineet Kaushik……….Member

                Dr.Suman Singth…………Member

 

Argued by: Shri Manjeet Kamboj, counsel for complainant

                 Shri Vikas Bakshi, counsel for the OPs.

 

                (Jaswant Singh President)

 

ORDER:

 

                The complainant has filed the present complaint under Section 35 of Consumer Protection Act, 2019 against the Opposite parties (hereinafter referred as the ‘Ops’) on the averments that complainant had purchased a policy No.20430186 on 02.06.2018 for seven years and paid annual premium to the tune of Rs.46,813/-. Complainant deposited four installments with the Op No.2, thereafter, complainant had to surrender the said policy due to some unavoidable circumstances but the OP No.2 only paid an amount of Rs.71,768/- on 03.01.2022, whereas the complainant had deposited an amount of Rs.1,87,252/-. Due to the said act of the Ops, the complainant has suffered great mental pain, agony and harassment and financial loss.  The OPs and its official did not disclose anything about the fate of the said policy and amount of compensation of aforesaid policy, despite her request and visit. There is clear deficiency in service and unfair trade practice on the part of the OPs. Hence, the present complaint.

2.             On notice, OPs appeared and filed their joint written version and raised preliminary objections regarding maintainability, suppression of true and material facts, jurisdiction etc. On merits, it is pleaded that complainant had purchased life insurance policy i.e. HDFC Life Classic Assure Plus plan having policy term of seven years and further having annual premium of Rs.46,155/-. The complainant had applied for surrender of the policy and on receiving the request, after calculating the surrender value as per terms and conditions, an amount of Rs.71,768.88/- was paid to the complainant on 03.01.2022 through NEFT. The complainant never visited the office of OPs. Even if the complainant visited, she was made to understand that the policy has been surrendered and the surrender value has already been paid to her. There is no deficiency in service and unfair trade practice on the part of the OPs. The other allegations made in the complaint have been denied and prayed for dismissal of the complaint.

3.             Parties then led their respective evidence.

4.             Learned counsel for complainant has tendered into evidence affidavit of complainant Ex.CW1/A, copy of her Aadhar Card Ex.C1, copy of policy Ex.C2, copy of first premium receipt Ex.C3 and copy of bank statement Ex.C4 and closed the evidence on 28.09.2022 by suffering separate statement.

5.             Learned counsel for the OPs have tendered into evidence affidavit of Gurpreet Singh, Manager Ex.RW1/A, copy of authority letter Ex.R1, copy of proposal form Ex.R2, copy of addendum to proposal form Ex.R3, copy of postal tracking report Ex.R4, copy of Alteration form Ex.R5 and closed the evidence on 13.09.2023 by suffering separate  statement.

6.             We have heard the learned counsel of the parties and perused the case file carefully and have also gone through the evidence led by the parties.

7.             Learned counsel for complainant, while reiterating the contents of the complaint, has vehemently argued that complainant had purchased HDFC Life Classic Assure Plus policy a for seven years and paid premium to the tune of Rs.1,87,252/- in four years but due to some unavoidable circumstances, the complainant had surrendered the said policy but after surrender, the OPs paid only an amount of Rs.71,768/-, whereas the complainant had paid an amount of Rs.1,87,252/- to the OPs. Despite repeated requests, the Ops did not pay the remaining amount, hence, there is deficiency in service on the part of OPs and lastly prayed for allowing the complaint.

8.             Per contra, learned counsel for the OPs, while reiterating the contents of written version, has vehemently argued that complainant had purchased HDFC Life Classic Assure Plus plan having policy term of seven years, having annual premium of Rs.46,155/-. The complainant had applied for surrender of the policy and on receiving the request, after calculating the surrender value as per terms and conditions, an amount of Rs.71,768.88/- was paid to the complainant on 03.01.2022 through NEFT. Hence, There is no deficiency in service and unfair trade practice on the part of the OPs and lastly prayed for dismissal of the complaint.

9.             We have duly considered the rival contentions of the parties.

10.           Admittedly, the complainant purchased HDFC Life Classic Assure Plus plan having policy term of seven years from the OPs and having annual premium of Rs.46,155/- and date of maturity of the policy was 02.06.2028. It is also admitted that the complainant had paid four annual premium to the OPs to the tune of Rs.1,84,620/-. It is also admitted that the complainant had applied for surrender of her policy after depositing the fourth year annual premium and OPs had paid an amount of Rs.71,768/- to the complainant.

11.           The complainant has alleged that the OPs have not paid Rs.1,87,252/- which was deposited by her, rather paid only an amount of Rs.71,768/-. On the other hand, OPs have alleged that the complainant herself surrendered her policy and guaranteed surrender value has been paid to the complainant.

12.           Both the parties relied upon the Addendum proposal for Ex.R3. The clause “illustrative benefits on surrender” of policy mentioned in the document Ex.R3, is reproduced as under:-

	Guaranteed benefit	Non-Guaranteed Benefit		Total surrender benefit
		Assumed investment return		Assumed investment return
Policy year	Guaranteed surrender value	4% p.a.	8% p.a.	4% p.a.	8% p.a.
2	28,967	8,638	8,638	37,605	37,605
3	43,744	17,333	17,333	61,477	61,477
4	95,691	0	0	95,691	95,691
5	1,20,231	1505	1505	1,21,736	1,21,736
6	1,45,175	14,058	14,058	1,59,233	1,59,233
7	1,70,509	31,994	31,994	2,02,502	2,02,502
8	2,36,491	738	1476	2,37,229	2,37,967
9	3,02,655	1697	3394	3,04,352	3,06,049

 

13.           The complainant has surrendered her policy in the fourth year and as per guaranteed surrender value, the complainant was entitled for Rs.95,691/- but the OPs had paid only an amount of Rs.71,768/- to the complainant. The OPs have failed to explain as to why they paid only an amount of Rs.71,768/- to the complainant instead of Rs.95,691/-. Thus, the complainant is entitled for Rs.23,923/- alongwith interest, compensation on account of mental agony and harassment and litigation expenses.  

14.           Thus, as a sequel of above discussion, we partly allow the present complaint and direct the OPs to pay Rs.23,923/- alongwith interest at the rate of 9% per annum from the date of payment i.e. 03.01.2022 till its realization. We further direct the OPs to pay Rs.20,000/- to the complainant on account of mental agony and harassment suffered by her and Rs.11000/- for the litigation expense. This order shall be complied within 45 days from the receipt of copy of this order. The parties concerned be communicated of the order accordingly and the file be consigned to the record room after due compliance.

 

Dated: 09.02.2024                                     

                                                                  President,

                                                     District Consumer Disputes

                                                     Redressal Commission, Karnal.

 

(Vineet Kaushik)        (Dr. Suman Singh)

                           Member                          Member