Postal Life Insurance [Pli] — non payment of matured policy

Address:

627809

I have purchased a postal life insurance policy bearing number tn812 b during 1986 and paid annual premium on the policy regularly as advised by postal department. The policy matured for payment on 06/05/2018. During 1990, i had availed a loan facility against this policy from canara bank by assigning the policy in favour of canara bank, melur tuticorin branch. Though, i have cleared the loan availed from the bank, i did not ask for reassignment of the policy and hence the assignment in favour of the bank still continues in favour of bank. However, i am the beneficial owner of the policy. As per the policy document, the last monthly premium payable was jun 2017. As the periodicity of premium was changed to yearly in between, as advised by the postal department i paid the annual premium in nov 2017, ie. I have paid excess premium from july 2017 till nov 2018. I regularly paid all the premium as per the policy terms at sengottai post office [627809] and upon maturity of the policy on 06/05/2018, i requested canara bank to collect the proceeds of the matured policy in terms of the assignment rights conferred by me on them. Accordingly, canara bank, melur tuticorin branch vide their letter 07/06/2018 requested the chief post master general to send the maturity proceeds of the policy to them. This letter along with the original policy, premium paid receipts, original pass book, claim sheet duly signed by me was submitted to the post master, sengottai on 10/06/2018 through messenger. The post master, sengottai managed to avoid acknowledging the above claim to the messenger of canara bank. Hence, i personally visited the post office and upon my insistence, receipt dated 23/06/2018 was issued. Since then i have been requesting the postal department to consider the claim and pay me the matured proceeds of the policy. Every time, i was provided with silly clarifications and the settlement is delayed for reasons best known to postal department. Hence, i took up the matter with the chief post master general, vide my letter dated 20/09/2018 for their interference for immediate settlement. Though, the above letter was received by the office of the post master general, general, they have chosen to keep quite over the matter and the payment is delayed further. By keeping silence over the matter, the post master general, t n circle has neglected to pay the matured postal life insurance policy.

Hence, i pray that suitable order may be issued to the postal department to settle the matured policy and to send the proceeds along with the excess paid premium, interest for the delayed period ie. From the date of claim till the date of settlement @ 12% p a and rs.10000/- towards damages for the intentional delay in settling the policy and making payment and towards cost of mental agony caused to me.