Page 30 - Suri’s - NCDRC ON LIFE INSURANCE 2017 V1.3

Suri’s - NCDRC ON LIFE INSURANCE 2017 30

Dated : 16 Oct 2017
ORDER
APPEARED AT THE TIME OF ARGUMENTS

:
For the Petitioner Mr. Avanish Kumar, Advocate

:
For the Respondent Ms. Jaya Tomar, Advocate

th
PRONOUNCED ON : 16 October 2017

O R D E R

PER DR. B.C. GUPTA, PRESIDING MEMBER

This revision petition has been filed under section 21(b) of the Consumer
Protection Act, 1986 against the impugned order dated 15.04.2013, passed by the
U.T. State Consumer Disputes Redressal Commission Chandigarh (hereinafter re-
ferred to as ‗the State Commission‘) in First Appeal No. 38/2013, ―M/s. Kotak
Mahindra Old Mutual Life Insurance Ltd. vs. Dr. Nishi Gupta‖, vide which, the order
dated 04.12.2012, passed by the District Consumer Disputes Redressal Forum,
Chandigarh in consumer complaint No. 542/2012, allowing the said complaint, was
partly modified.

2. Briefly stated, the facts of the case are that the respondent/complainant Dr.
Nishi Gupta obtained Kotak Small Advantage Policy from the petitioner/opposite
party (OP) by paying a premium of Rs. 50,000/-, vide cheque dated 15.03.2008; the
said policy was received by her on 19.03.2008. After a lapse of three years, the com-
plainant received a letter dated 23.03.2011 from the OPs informing her about the ter-
mination of the policy on the ground that the policy contract had not been revived
within a period of three years, as stipulated vide circular no. 032/IRDA/ACT-
1/Dec.2005 dated 21.12.2005. The OP stated that the revival period of the policy had
ended on 18.03.2011 and accordingly, the policy had been terminated as per the terms
and conditions. The OP also sent her a cheque dated 23.03.2011 for an amount of Rs.
5,000/- on account of the surrender value of the policy. According to the complain-
ant, the deduction of Rs. 50,000/- minus Rs. 5,000/- = Rs. 45,000/- on account of sur-
render charges was wholly unjust, arbitrary and unfair trade practice on the part of the
OP. The complainant sent a legal notice dated 11.02.2012 to the OP, but without any
affect. The complainant filed the consumer complaint in question, seeking payment
of sum of Rs. 44,000/- for premium, after deducting Rs. 6,000/- as surrender charges
as per the guidelines of IRDA. In addition, a compensation of Rs. 25,000/- for mental
harassment and Rs. 11,000/- as litigation cost were also demanded.

INDEX