Kerala

StateCommission

A/15/247

THE MANAGER SBI LIFE INSURANCE - Complainant(s)

Versus

K REMADEVI - Opp.Party(s)

V S PRADEEP

01 Dec 2016

ORDER

 

KERALA STATE CONSUMER DISPUTES REDRESSAL

COMMISSION  VAZHUTHACAUD, THIRUVANANTHAPURAM

APPEAL NO. 247/15

JUDGMENT DATED:01.12.2016

 

 

PRESENT : 

JUSTICE SHRI. P.Q. BARKATHALI                         :  PRESIDENT

SHRI.V.V. JOSE                                                          : MEMBER

The Manager,

SBI Life Insurance Company Ltd.,

5^th floor, Khadi Tower,                                                       : APPELLANT

Near Kaloor Bus Stand,

Kochi-682 017, R/by Processing Centre Head,

SBI Life Insurance Company Ltd., TVPM.

 

(By Adv: Sri. V.S. Pradeep)

 

            Vs.

 

Dr. K. Remadevi, W/o C.G.Aravindakshan Nair,

Janaki Nivas, Aroor.P.O, Alappuzha,

PIN – 688 534.                                                                      : RESPONDENT

 

(By Adv: Sri. Manu Roy & Suja.R)

 

JUDGMENT

HON.JUSTICE.P.Q.BARKATHALI : PRESIDENT

This is an appeal filed by the opposite party in CC.11/13 on the file of Consumer Disputes Redressal Forum, Ernakulam challenging the order of the Forum dated, December 22, 2014, directing the opposite party to pay to the complainant Rs.56247/- with interest.

 

2.      The case of the complainant as detailed in the complaint before the Forum in brief is this:-

Complainant invested Rs.1,25,000/- in Unit Plus II Pension Option Plan and Rs.25000/- in Unit Plus II Regular Plan of the opposite party in January 2008.  The opposite party assured that the principal amount invested will be returned on maturity after 4 years.  The policy ended in November 2012.  As per the statement of account, an invested amount of Rs.1,25,000/-  is reduced to Rs.87,559/- and Rs.25,000/- to Rs.6194/- which were credited to the account of the complainant on November 24, 2012.  Complainant filed the complaint for obtaining the balance of the invested amount with interest, compensation and cost.

3.      Opposite party is the SBI Life Insurance, Kochi represented by its Manager.  He in his version contended thus before the Forum.  Complaint is barred by limitation as cause of action arose in January 2008.  Policies were market linked plans wherein the premium amount paid by the policy holder was invested in capital market.  Complainant was aware of the investment of the policies and consented to the same.  On the receipt of request of surrender by the complainant, opposite party paid surrender value to the complainant.  Therefore complaint has to be dismissed.

4.      On the side of the complainant Exts.A1 to A3 were marked and on the side of the opposite party Exts.B1 to B8 were marked before the Forum.  On an appreciation of evidence Forum found that there is deficiency of service on the part of the opposite party and directed them to refund the balance amount invested Rs.56,247/- with interest.  Opposite party has now come up in appeal challenging the said order of the Forum.

5.      Heard both the counsels.

6.      On going through the records, it seen that the Pension Option Plan joined by the complainant is a unit linked policy.  In the case of unit linked policy Forum lacks jurisdiction to entertain the complaint as held by the National Commission Ramlal Agarwala Vs. Bajaj Alliance Insurance Company Limited 2013 (2) CPR 384 (NC).  Therefore appeal is allowed.  The impugned order of the Forum allowing the complaint is set aside.  The complaint is dismissed.  No costs.

 

JUSTICE P.Q. BARKATHALI :  PRESIDENT

 

V.V. JOSE : MEMBER

 

VL.