Page 29 - LIFE INSURANCE TODAY Novemver 2017

LEGAL

Legal Case Studies on Maturity Claim

Bhubaneswar Ombudsman Centre settled the claims of the Complainant under different
policies along with interest for delay wherever applicable,
Complaint No-24-001-1135 the grievance of the complainant has thus redressed and
Sri Sudhakar Mohapatra in the result, the complaint is treated as allowed for
statistical purpose.
Vs.

Life Insurance Corporation of India Bhubaneswar Ombudsman Centre
(Bhubaneswar BO:II of Bhubaneswar D.O.)
Complaint No-24-001-1142
FACT :- Sri R. Shaktidharan
The Complainant had taken six policies from LICI under the Vs.
latter’s salary savings schemes. The policies matured but
claims were not settled. In case of some policies, survival Life Insurance Corporation of India
benefit due was not settled and the complainant (Rourkela BO of Sambalpur D.O.)
contended that Bolangir B.O. of the O.P. should transfer
the premium amount to its Bhubaneswar BO-II to enable FACT:-
payment of his dues. In its Self-Contained Note, the O.P.- The Complainant had taken one LICI policy bearing no-
insurer stated that as all the policies were under salary 590049547 from the LICI (inured) with date of
saving scheme, the premiums were remitted to different commencement as 28.03.1990 for sum assured of
branch offices of it. In some cases also, inappropriate Rs.40,000/- under convertible whole life plan for 20 years
amounts were remitted. However, the insurer presented term. The initial premium was fixed for Rs.63.30/- monthly.
a detailed chart in policy-wise in the Self-Contained Note As per the terms of the policy, premium needed to be re-
where it had reconciled the position and made payments fixed on completion of five years of the commencement.
to the complainant. But, this was not done. When the policy matured, he was
paid Rs.14,907/- as net maturity value as against his
AWARD:- payment of Rs.15,912/- during the term.
At hearing, both parties attended and the Insurer’s
representative handed over the cheques to the On the other hand, the insurer in their Self-Contained Note
complainant in respect of the payable cases mentioned in informed that as per the terms & conditions of the policy
the SCN. The complainant also confirmed receipt of the in question, the monthly premium had to be revised to
cheques. Rs.220.80 after five years, but the monthly payment of
premium till maturity was Rs.63.30. So, they recovered the
The Hon’ble Ombudsman observed that as the Insurer has differential premium amount with 9% interest

It is the mark of an educated mind to be able to entertain a thought without accepting it.

Life Insurance Today November 2017 29

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