Page 33 - LIFE INSURANCE TODAY Novemver 2017

operation of her husband. The Branch Manager 5. The Award shall be implemented within 30 days of
accepted her request and made the payment of receipt of the same. The compliance of the Award
Rs.1,17,042/- and Rs.39375/- on 31.01.2009 and shall be intimated to my office for information and
03.02.2009 respectively. It is her submission that since record.
she was handed over a letter wherein the maturity 6. Copies of the Award to both the parties.
value of the policy was shown as Rs.1,91,388/- and she
had been paid a sum of Rs.1,56,417/-, she is still to Lucknow Ombudsman Centre
receive balance amount from LIC of India. As a matter
of fact, the sum and substance of the complaint was Complaint No.L-729/26/001/09-10
that LIC was not justified in not making her payment Smt. Vijay Laxmi Verma
of Rs.34971/- (191388-156417).
V/s
3. It has been clarified by LIC of India that whatsoever Life Insurance Corporation of India
amount was due to the policy holder on the maturity
of the policy, the same was given to her in two
instalments, that is, Rs.1,17,042/- & Rs.39375/- Smt. Vijay Laxmi Verma had lodged a complaint with this
office for unjustified and unwarranted delay in settling
respectively. As a matter of fact, a sum of Rs.1,18,125/
maturity claim under the policy issued on her own life. The
- was payable to her in the form of annuity, as it was
policy matured in 01.05.2007 but even after issuing a
a pension plan but the entire amount was paid to her
number of reminders and following the matter vigorously,
on medical ground on her request after deducting 5%
the respondent has not paid the maturity amount due
towards surrender charges. Besides, she was paid a
under the policy.
sum of Rs.39375/- to which she was entitled to at the
time of vesting of the policy. The sum assured of the
The life assured took policy no.231992594 on 01.05.1999
policy was Rs.90,000/- she was entitled to bonus of
under table – term 14-B for Rs.25000/- which matured on
Rs.67500/- thus, the total amount payable to her as
per terms and conditions of the policy on the maturity 01.05.2007 but respondent did not pay maturity amount
even after vigorous follow up. Therefore she approached
date amounted to Rs.1,57,500/- which she was paid
this forum.
in two instalments in addition to annuity payment of
Rs 4823/ (1024*4 + 727) till the date of surrender of
It is observed that the policy matured on 01.05.2007 and
the policy and thus nothing remains to be paid to her
the life assured completed all the requirements of maturity
by LIC of India.
payment. The respondent did not send their
representative to attend the case nor they sent para wise
4. I have considered very carefully the submissions of the
written comments. The respondents are not in a position
complainant. I have also perused the detailed
to explain the reason of inordinate delay. The respondent
clarification given by the insurer. After due
company has no justification or ground to defer the
consideration of the matter, I find that whatever was
payment without any rhyme or reason. This is a clear case
due to the complainant in respect of policy under
of deficiency of service in which the complainant is
reference, the same was paid to her. She was not
subjected without any fault of her.
entitled to an amount of Rs.1,91,388/- as she was
made to understand by ZMC. However, I find that The respondent had not given any written reply to the
there has been delay in making payment of Rs.39375/ letters written to him in this regard and no word of
- which was paid to her vide cheque No.137651 dated respondent is sufficient enough to explain this extra
16.01.2009 whereas the same was payable on ordinary delay of more than two years without any rhyme
20.08.2008 when the papers were submitted for and reason on the part of the insurer. Hence without going
making the payment of commuted value. Thus, the fully into the merit of the case I direct the respondent to
complainant is entitled to interest @ 8% on Rs.39375/ pay the amount of the maturity claim due under the policy
- from 20.08.2008 to 16.01.2009. It is awarded along with a panel interest @ 8% per annum from the date
accordingly. of maturity of the policy i.e. from 01.05.2007. T

Life Insurance Today November 2017 33

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