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Suri’s - NCDRC ON LIFE INSURANCE 2017 29

IRDA (Treatment Of Discontinued Link Insurance Policies) Regulations 2010 -
Whether the surrender value of the policy could be given to the complainant on
the basis of the IRDA circular dated 21.12.2005, or the new circular issued in the
year 2010 - IRDA (treatment of discontinued link insurance policies) Regulations
2010 were notified on 01.07.2010, whereas the policy was discontinued in the year
2011 and hence, the cause of action occurred to the complainant in March, 2011,
which was much after the said regulations came into force - The State Commis-
sion also observed that the Consumer Protection Act, 1986 is a beneficial legisla-
tion enacted with a view to protect the interests of the consumer. Hence, wherever
two interpretations are possible, the interpretation beneficial to the consumer,
should be adopted. A harmonious construction of regulations 1(2) and 2(1)(iv) of
2010 regulations would show that these are applicable in the case of policies, dis-
continued after coming into force of such regulations - I have no reason to dis-
agree with the findings given by the State Commission that the regulations of 2010
are applicable in the present case and hence, the surrender value is to be deter-
mined as per the terms and conditions in the 2010 regulations.

NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION
NEW DELHI

REVISION PETITION NO. 2318 OF 2013

(Against the Order dated 15/04/2013 in Appeal No. 38/2013 of the State Commis-
sion Chandigarh)
1. M/S. KOTAK MAHINDRA OLD MUTUAL
LIFE INSURANCE LTD.
9TH FLOOR, GODREJ COLISEUM, BE-
HIND EVERARD NAGAR, SION (EAST)
MUMBAI - 400022
MAHARASTRA ...........Petitioner(s)

Versus
1. DR. NISHI GUPTA
W/O SHRI SURENDER KUMAR GUPTA,
R/O HOUSE NO-3387,SECTOR-19-D
CHANDIGARH ...........Respondent(s)

BE-
FORE:
HON'BLE MR. DR. B.C. GUPTA,PRESIDING MEMBER

For the Petitioner :

For the Respondent :

INDEX