LIC OF INDIA Vs. GAJANAN RAGHUNATH JOSHI
MAHARASHTRA STATE CONSUMER DISPUTES REDRESSAL COMMISSION
LIC OF INDIA
Gajanan Raghunath Joshi
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(1.) THIS appeal directed by L.I.C., branch Dombivali, Distt. Thane against the order passed by District Consumer Forum, Thane, whereby the Forum below has been pleased to direct the opp. party to pay guaranteed maturity addition and final additional bonus under Jeevan Dhara Policy issued to the complainant amounting to Rs. 8,249 by deducting amounts already paid. It further directed to pay to the complainant yearly annuity amount of Rs. 2,872.70 and compensation of Rs. 10,000 and cost of Rs. l ,000.
(2.) FACTS to extent material may be stated as under:
The opposite party issued a policy known as Jeevan Dhara bearing number 920160808 to the complainant on 24.3.1990 under the plan 96 -12 with yearly annuity Rs. 2,872.70. Annuity commenced with effect from 1.4.2002. Give amount was Rs. 3,43,697.00. Complainant was required to pay yearly instalments of Rs. 10,000 in its office at Dombivali. Under the policy opposite party agreed to pay Rs. 8,249 towards guaranteed maturity amount to the complainant. Somewhere in February -March 2002 complainant received discharge voucher for the payment of guaranteed maturity and other additional bonus under Jeevan Dhara Policy and he was to get Rs. 2,286 per month as annuity from April 2002 to March 2003. It was the grievance of the complainant in the complaint filed in the Forum below that the said amount did not tally with what was mentioned by LIC in its Jeevan Dhara Policy issued to him on 24.3.1990. The complainant made inquiry with the opposite party by sending letters but no satisfactory answer was given. However, on 20.4.2002 LIC sent him letter and directed the complainant to pay additional amount of Rs. 59,940 along with interest @ 9% p.a. on account of difference in premium. The complainant sent two letters and personally visited office of LIC at Dombivali. He met officials from Mumbai office also. On 5.10.2002 and 9.10.2002 the complainant received letters from LIC and was informed that his policy was cancelled and he had been issued new policy for different terms and conditions, which was not acceptable to the complainant. According to the complainant he had paid annual premium of Rs. 10,000 under policy plan No. 96 -12 from 24.3.1990 and he was entitled to get annual instalments of Rs. 2,872.70 under table 96 and term 12 years. But opposite party did not perform its part of contract and failed to give agreed annuity instalment and therefore, he claimed Rs. 72,941 form LIC in addition to that he claimed pension of Rs. 2,872.70 as per Jeeven Dhara Policy issued to him way back in 1990.
(3.) OPPOSITE party filed written statement and pleaded that on 14.12.2001 the complainant was intimated payment of guaranteed maturity addition of Rs. 8,249 and sent the same to Jeevan Akshay Cell, Yogakshema. Opposite party by letter dated 7.1.2002 informed the correct amounts. Life Insurance Corporation, Thane division declared their decision on 10.4.2002 that original give amount and annuity was arrived at taking term as 15 years instead of 12 years through oversight. So, the policy holders were directed to pay revised premium of Rs. 1,912 or to pay difference of premium Rs. 59,940 with 9% interest on 1.11.2002. LIC delivered fresh policy documents with revised terms and conditions, which would be a new contract between complainant and LIC in place of original one and they had cancelled original policy documents dated 24.3.1990.
Lic therefore pleaded that the mistake they committed was sought to be rectified by cancellation of original policy issued to him and by offering him new policy with revised benefits payable under new policy. The complainant had not given accent to the new policy and knocked the doors of Consumer Forum without any basis. They pleaded that complaint should be dismissed with cost. On going through affidavits and documents placed on record by rival parties and after hearing their Counsel, learned District Forum held Lic guilty of deficiency in service and unfair trade practice and directed opposite party to pay guaranteed maturity addition and final additional bonus under Jeevan Dhara Policy issued to the complainant amounting to Rs. 8,249 and also ordered to pay yearly annuity of Rs. 2,872.70 and compensation of Rs. 10,000 and cost of Rs. 1,000. As such, Lic has filed this appeal.;
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