SHNYNI VALSAN POMBALLY Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) Delay of 24 days in filing the revision petition is condoned.

(2.) This revision petition under Section 21(b) of the Consumer Protection Act, 1986 (for short "the Act") is directed against order dated 04.07.2013 passed by the Goa State Consumer Disputes Redressal Commission (for short "the State Commission") in FA No. 28 of 2013, whereby order dated 29.01.2013 passed by the District Consumer Disputes Redressal Forum, North Goa (for short "the District Forum") in Complaint No. 75 of 2010, allowing the complaint, has been reversed. The District Forum has directed the Respondent No.2, SBI Life Insurance Company Ltd. (for short "the Insurance Company") to pay to the Complainant a sum of Rs. 10 lakhs along with compensation of Rs. 50,000/- on account of financial loss, mental tension and agony suffered by her and a sum of Rs. 20,000/- as the cost of litigation.

(3.) The Complainant, the Petitioner herein, is the widow of Late Valsan Shankaran Pombally. On or about 31.01.2008, her husband had taken a housing loan of Rs. 10 lakhs from the State Bank of India, repayable in 222 monthly instalments of Rs. 10,131/- each. The Complainant stood as guarantor for repayment of the said loan. The deceased had also obtained from the Insurance Company a Group Insurance Policy known as SBI Life Super Suraksha, meant for housing loan borrowers of the State Bank of India as a protection cover in the event of death of the borrower during the tenure of the loan. Before obtaining the said policy the deceased was required and had submitted to the Insurance Company a consent-cum-authorization-cum-health declaration on 04.02.2008. A health questionnaire was also signed by the deceased on 02.04.2008. The insurance cover was available from the date of enrolment during the tenure of the loan and was to cease at the completion of 70 years of age of the borrower. In the event of death, the sum assured was to become payable to the group administrator and had to be equivalent to the outstanding loan amount including interest as per instalment schedule.