Question

How did Surrender show concern on satish ?​

Answer 1

Answer:

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How did Surrender show concern on satish ?

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In nutshell, brief facts of the present complaint is that the complainant purchased an insurance policy bearing No.175075381 from No.1 on 21.11.2006 with yearly payment of Rs.30,000/- and paid yearly payment of Rs.30,000/- each on dt. 26.11.2007 and 24.11.2008. Further premiums were not paid as the OP failed to inform the complainant about the number of units allotted on each payment made to the OPs, inspite of the fact that the Ops had been informing vide each payment received that Units allotted will be intimated separately. Further submitted that the on 25.09.2012, the complainant applied for the surrender value of the policy in question and the respondents paid to the complainant the surrender value amounting to Rs.1,02,184/- through NEFT on 27.09.2012 and accepted the remitted surrender value of the policy under protest as it was found to be much less than the fund value but was due and payable to the complainant and the OPs were duly informed about the same vide registered AD/legal notice dt. 11.10.2012. The Ops vide its reply dt. 20.10.2012 tried to justify the said payment of the surrender value of the policy being correct and accurate citing, the policy was foreclosed on 21.11.2011 because as per the policy conditions, if the policy is not revived within the revival period i.e. within 2 years from . It canthe due date of first unpaid period premium, the policy is compulsorily surrendered clearly be derived that the complainant is entitled to the fund value/surrender value of the policy on the date of its surrender. As reported, the NAV of the units under the policy in question on 25.09.2012 was Rs. 15.3259 per units and the number of the units at the credit of the policy at that point of time was 7561.091 and as such the fund value of the policy as on 25.09.2012 comes to Rs.1,15,880/- which is due and payable to the complainant/policy holder, where as the OP had paid only sum of Rs.1,02,184/- and a sum of Rs.13.696/- is still due from the OP under the policy in question. Hence, the present complaint.

2. Upon notice, OPs appeared and filed written statement submitting that the complainant has taken a policy No. 175075381 ULIP Plan from OP No.1 on 21.11.2006 with the yearly payment of premium of Rs.30,000/- as per the terms and condition of the policy in question if the policy holder failed to got the policy revived which 2 years from the due date of first unpaid premium, in that event the insurance policy is compulsorily surrendered, in the present policy in question the policy holder paid the premium only up to 21.11.2008, and first unpaid premium was due on 21.11.2009 thereafter he neither paid the premium nor the policy was revived. As such as per the terms and conditions of the policy, the policy in question was compulsory surrendered on 21.11.2011 i.e. 2 years after the first unpaid premium i.e. 21.11.2009. It has been further submitted that the policy in question was purchased to gain the profit and loss, therefore, present complaint is not maintainable. The respondents have paid the surrender value of the policy in question i.e. Rs.1,02,184 on 27.09.2012 for which the complainant has applied on 25.09.2012 as such nothing is due towards the OPs of the complainant and there is no deficiency in service on the part of the OP. So, OPs has prayed for dismissal of the present complaint.

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