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SANGITA DHINGRA SEHGAL, BIMLA KUMARI
Biswanath Agrrawalla – Appellant
Versus
Chairman, Max Life Insurance Co. Ltd. – Respondent
JUDGMENT
Sangita Dhingra Sehgal, President—The facts of the case as per the District Commission record are as under:—
“1. The present complaint has been filed under section 35 of the Consumer Protection Act, 2019 (in short CP Act-2019) against Opposite Parties (in short OP’s) alleging deficiency of services.
2. Briefly stated the facts of the case are that the complainant had taken a policy of unit linked insurance plan (ULIP) No.623172343 of Max Life Insurance Co. Ltd for insurance cover of Rs 2 lac on 29.6.2009 @ premium of Rs.20.000/- payable on 7th July annually and the Complainant used to deposit Premium of Rs.20,000/- annually through Cheque at the office of Opposite Party No. 2.
3. It is stated that a premium of Rs.20,000/- was deposited by the complainant for 11 years totaling of Rs 2,20,000/- at the office of Opposite Party no.2 from 2009 to 2019. And on 22nd July, 2020, the complainant surrendered his original policy bond at the office of Opposite Party no. 2 & there after the Opposite Party transferred Rs.27,842.84 paise to the complainant’s bank a/o as unit fund value where as Guaranteed Loyalty was not paid to the complainant.
4. It is stated that the Opposite
(1) Guaranteed Loyalty Additions (GLA) – The entitlement to GLA is not automatic upon the payment of premiums but is contractually tied to specific “insured events.”(2) Strict Construction of Insuran....
LIC is required to send intimation on maturity of policy to policy holders.
Insurance Policy – Deficiency in service – Compensation of Rs.1.50 lacs awarded to complainant.
Contract of insurance – Since the policy was held/renewed for 5 years, the plea of non-supply of terms and conditions is not tenable; the insured should have agitated this earlier.
(1) Insurance coverage taken for security of the loan amt.; therefore, it should commence from the date of the disbursement of the loan amt., i.e., on 21.01.2017.(2) Respondent’s deceased husband was....
Consumers must be made fully aware of premium obligations before agreeing to insurance contracts; misrepresentation leads to liability for refund and damages.
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