DANDU KRISHNA MURTHY RAJU S/O SH. VENKAT RAJU, H. NO Vs. BRANCH MANAGER OF SRI RAM LIFE INSURANCE COMPANY LTD. ALLURI TRADE CENTRE, KPHB, HYDERABAD ANDHRA PRADESH

JUDGEMENT

(1.) By way of present revision petition filed under Section 21(b) of the Consumer Protection Act, 1986 (for short, 'Act'), Petitioner/ Complainant has challenged impugned order dated 22.8.2013 passed by Andhra Pradesh State Consumer Disputes Redressal Commission, Hyderabad (for short, 'State Commission').

(2.) Petitioner obtained a Unit Link Insurance Policy from Respondent/Opposite Party on 28.12.2008, after paying the premium of Rs. 1,00,000/-. As per the terms of policy, 60% of the premium paid for the first year would be deducted towards policy location charges and remaining amount would be for allotment of units and coverage of risk. From the second year till the expiry of insurance policy, 5% of the premium would be deducted towards charges and for balance amount, units would be allocated and risk would be covered. The surrender of insurance policy can be made after completion of three years, subject to payment of premium for three years. However, insurance policy would lapse in case premium is not paid for at least three year Since, petitioner failed to pay the premium till 20.1.2012, the insurance policy lapsed. The respondent had withdrawn the funds from the investment and requested the petitioner to issue discharge voucher to enable it to credit the fund value to his account. After two years of revival period, petitioner submitted application alongwith premium for revival of the insurance policy. The respondent received the amount from the petitioner subject to insurable interest. Thereafter, petitioner submitted application for withdrawal of part unit allocation on 15.2.2012. However, respondent intimated the petitioner, that insurance policy has not been revived.

(3.) Accordingly, petitioner filed C.C. No. 64 of 2012 claiming refund of Rs. 3,00,000/-, risk component of Rs. 6,00,000/- alongwith interest thereon and a sum of Rs. 25,000/- towards medical and clinical fee, besides Rs. 10,000/- as compensation for inconvenience and Rs. 5,000/- towards cost of litigation.