AI Structured Summary
Not yet generated for this judgment
Judgment
I have heard the learned counsel for the petitioner. He states that they have carried out the orders of the State Commission with regard to policy numbers - 972022815 and 972117604. The respondent who is present in person along with her daughter Ms Ritika Virender Harnagle states that they have received the dues of the three insurance policies. The only policy in question which has not been paid is the Jeevan Suraksha Policy no. 972321523.
As per the terms and conditions of the policy, in the event of happening of which the annuity ceases or determines on the expiry of 15 years calculated from the date on which the annuity vests or at the death of the annuitant, if later. Further the special provisions three of the terms and conditions of the insurance policy read as under:
"3. If the annuitant shall die before the date on which the annuity vests and while the policy is in force, the following amount shall become payable to the spouse named hereinabove or failing him/ her to proposer''s nominee or to proposer''s proving executors or administrators or other legal representative who should take our representations to his/ her estate or limited to the moneys payable under this policy from any court of any State or territory of the Union of India".
Death during 1 st , 2 nd or 3 rd (policy) years Return of premiums paid
Death during 4 th , to 6 th (policy) year Return of premiums paid with interest @ 8% per annum from the due dates of premium to date of death
Death after 6 th (policy) year Return of premiums paid with interest @ 9% per annum from the due dates of premium to date of death.
The terms and conditions of the policy were again explained to the respondent and her daughter. As per the policy, if the annuity shall determines before the date on which the annuity vest while the policy enforce, the amount be returned or refunded if the death occurs during the first, second and third years only when all the premiums paid. The State Commission in their order dated 20.09.2016 have recorded as under:
" The appellants have also failed to bring any evidence on record to show that only the premium paid is liable to be refunded under the Jeevan Surkash Policy".
It appears that the State Commission did not go through the policy documents or the provisions perhaps were not brought to their notice. The parties have discussed the matter and arrived at a settlement. It is agreed that in view of the terms of the policy, the petitioner will refund the amount of two premiums paid, i.e., Rs.1388/-. In addition the petitioner agrees to pay interest @ 9% from the date on which the claim has been preferred till the date on which the payment is made to the respondent/ complainant.
In view of the above, the impugned order is modified to the extent that with regard to the policy no. 972321523, the petitioner will refund the amount of Rs.1388/- along with interest @ 9% from the date when the claim was preferred till the date of payment. The said amount shall be paid within four weeks from the date of this order.
Counsel for the petitioner states that they have deposited a sum of Rs.1.00 lakh with the District Forum concerned in compliance of the order dated 7 th April 2017. As the matter has been resolved and the revision petition has been disposed of, the District Forum concerned shall release the amount of Rs.1.00 lakh to the petitioner/ corporation after following due process. The said amount shall be released only after it is verified that the payments have been received by the respondent as per order dated 4 th August 2017.
With these observations, the revision petition stand disposed of.