SBI LIFE INSURANCE CO. LTD. GROUND FLOOR, PARISHRAM BHAVAN, BASHEERBAUGH HYDERABAD, REPRESENTED BY HEAD LEGAL HAVING OFFICE AT, 1ST FLOOR, KAPAS BAHWAN, PLOT NO. 3A, SECTOR Vs. D. SRINIVAS AND 2 OTHERS S/O. LATE SH. VENKAIAH, R/O. 3

JUDGEMENT

(1.) In the National Consumer Disputes Redressal Commission, Bench No. 2 At New Delhi. In F.A. No. 560 of 2012 - SBI Life Ins. Co. Ltd. Vs. D. Srinivas & Ors., arguments were heard on 6.5.2016 by the Bench comprising of Honourable Mr. Justice K.S. Chaudhari, Presiding Member and Honourable Mr. Prem Narain, Member. Judgment was dictated by Honourable Mr. Prem Narain, Member and sent for approval of Honourable Mr. Justice K.S. Chaudhari, Presiding Member. Honourable Mr. Justice K.S. Chaudhari, Presiding Member dictated dissenting judgment. As Members of the Bench differed in their opinion, the matter may be placed before Honourable President, NCDRC under Sec. 20(I)(iii) of the C.P. Act for appropriate directions. The legal issue arose in this revision petition is as under:

(2.) Under the agreement that if the proposal is not accepted, premium paid shall be deposited back to the bank account of the proposer, whether non deposit of premium in the proposer's bank account for about two and a half years would not amount to deeming the proposal as having been accepted by the Insurance Company, so far as the proposer is concerned.

(3.) Whether the guidelines issued by IRDA that decision should be taken by the insurance company on the proposal of insurance withina period of 15 days from its receipt, is not a binding on the Insurance Company and if this provision is violated then, whether it would not amount to deficiency on the part of Insurance Company.