[Resolved] Indian Postal Services / P. L. I. — interest & compensation on late payment of maturity
I was holding a Postal Life Insurance Policy No: BH/774-U for an insured Amount of Rs. 60, 000/- (EA-55) on 29.11.1988 through Bachra Post Office, Dist Hazaribagh, Bihar under the jurisdiction of The Chief Postmaster General (PLI), Bihar Circle, Meghdoot Bhawan, Patna-800001. Since then, the monthly premiums were being paid regularly at different Post Offices till February 1996. Balance premiums had been paid at Junnordeo Post Office, Dist Chhindwara, M. P. including the last installment of premium which comes under the jurisdiction of MP Circle. All the papers including the original policy (duly discharged) had been submitted in the Warora Sub-Post Office, Dist. Chandrapur, Maharashtra, which comes under the jurisdiction of on 07.10.2005, i.e. 85 days before the date of maturity.
Complaint in details:
The Maturity payment of the Postal Life Insurance Policy No: BH/774-U was due to be released on 31st December 2005. All the papers including the original policy (duly discharged) had been submitted in the Warora Sub-Post Office, Dist. Chandrapur, Maharashtra on 07.10.2005, i.e. 85 days before the date of maturity, which was duly receipted by the Sub-Post Master, Warora Sub-Post Office. After so many correspondences and persuasions, ultimately Maturity payment was received from Shivjinagar Post Office, Dist. Chandrapur, Maharashtra on 02/06/2007 on the basis of the sanction order of the Dy. Divisional Manager (PLI) from the office of the Chief Post Master General, MP Circle, Dak Bhawan, Bhopal-462 012 . For this, I had to write several letters to the different offices of the Postal Department, had several telephonic talks with many of that department, also personally visited several Post Offices, and served notices from advocate.
But nobody from the Postal Department had bothered to arrange for the early payment. As a result of this, I had suffered a heavy financial loss, faced so many physical and mental harassment due to many of the Postal Department.
After getting delayed maturity payment, I had also written so many letters for getting interest and damage/compensation, but nothing has been heard from anybody of the Postal Department so far.
I request you to kindly help me for getting payment of interest and compensation against the abnormal delay in Maturity payment of the above PLI Policy No.: BH/774-U. The maturity payment has been made after 517 days of the due date. So, I should get interest for the late payment @ 2% per month on prorata basis for this abnormal delay in payment for the period from 31st December 2005 till 02.06.2007 and compensation @ 3% per month of the Matured value against physical and mental harassment caused by the Postal Department.
The complainant therefore prays: -
i) Relief be granted to the complainant as demanded herein: -
I should get payment of interest @ 2% per month (flat rate) on the matured value (i.e. Rs. 1, 30, 269) from 31.12.2005 to 01.06.2007 which comes to [(2x12x1, 30, 269x365)/(365x100) = Rs. 44, 284.[protected]A) and compensation @ 3% per month on the matured value (i.e. Rs. 1, 30, 269) for the above period (517 days), which comes to[(2x12x1, 30, 269x365)/(365x100) = Rs. 66, 426.[protected]--(B). Thus the total demand from the date of Maturity (31.12.2005) till 01.06.2007 (Till the date of actual payment, 02.06.2007) comes to as (A) + (B) i.e. Rs. 44, 284.32 + Rs. 66, 426.48 = Rs. 1, 10, 710.[protected]C).
And payment of interest and compensation altogether at the flat rate of 5% per month on Rs. 1, 10, 710.80 (as C of pre-page) from 02.06.2007 to the date of actual payment.
ii) That the Clerks and Officers of the accused Office should be punished severely so that the culprits of similar kind would be afraid to indulge in such type of offensive activities.
Name of the Complainant: Asok Kumar Nayak
Complaint marked as Resolved Aug 14, 2020
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