DIVISIONAL MANAGER, LIFE INSURANCE CORPORATION OF INDIA Vs. K.NARAYANA MURTHY
ANDHRA PRADESH STATE CONSUMER DISPUTES REDRESSAL COMMISSION
DIVISIONAL MANAGER, LIFE INSURANCE CORPORATION OF INDIA
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(1.) THE unsuccessful opposite parties are the
appellants before this Commission.
(2.) THE facts in brief are that the complainant obtained a policy for Rs.20,000/ - on payment of premium of Rs. 57.30 ps. Subsequently on
the inducement of the opposite parties he converted the said policy into
endowment assurance with profits policy for the sum assured payable on
5.9.1996 or at the time of death, and the monthly premium payable from 5.10.1986 i.e., five years after the date of commencement to 5.9.1996 is fixed by the opposite parties at Rs. 163.10 ps. per month. The
complainant accordingly paid the premium at the rate of Rs. 163.10ps.
from 5.10.1986 to 5.9.1996. When the policy matured, the opposite parties
have issued a cheque for Rs. 19,867/ - and they have not paid the amount
due under the endowment assurance with profits policy, the complainant,
thereupon approached the District Forum.
(3.) THE opposite parties admitted of the conversion of the policy into endowment policy, but asserted that the policy was endowment with
profits which commenced from 5.10.1986 under the Salary Savings Scheme
and the monthly premium was Rs. 132.50 ps. Had the life assured sent a
written request for conversion of the policy into a policy with profits,
the opposite parties would have converted it, but as the complainant has
not done so it remained as a policy without profits. The policy holder
should have paid an amount of Rs. 163.10 ps. towards every premium.
Basing on these pleadings and the evidence adduced, the District Forum found that there was deficiency of service on the part of
opposite parties, allowed the complaint and directed the opposite parties
to pay the amount due under the endowment policy and collect the
difference of amount payable under the policy.;
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