LIFE INSURANCE CORPORATION OF INDIA Vs. KALLURI SIDDAIAH S/O K MALLAIAH
LAWS(NCD)-2020-1-107
NCDRC
Decided on January 30,2020

LIFE INSURANCE CORPORATION OF INDIA Appellant
VERSUS
KALLURI SIDDAIAH Respondents

JUDGEMENT

V K Jain, J. - (1.) Complainant obtained a policy namely Jeewan Anand from the appellant Life Insurance Corporation of India for a term of 20 years. A quarterly premium of Rs. 1,69,894/- was payable by him. He paid 8 quarterly premiums for a total sum of Rs. 13,59,152 and thereafter stopped making payment. The complainant sent a legal notice to the Corporation seeking refund of the above-referred amount Rs. 13,59,152/-. The Corporation replied to the notice stating therein that the said amount was not refundable to the complainant since the policy had not become paid-up, the premium for at least three years having not been paid by him.
(2.) Being aggrieved from the refusal of the appellant to refund the amount which the complainant had paid to it, he approached the concerned State Commission by way of a consumer complaint.
(3.) The complaint was resisted by the appellant corporation primarily on the ground that in terms of the insurance policy premium was refundable to the complainant who had paid premium for at least three years which would have made policy a paid up policy.;


Click here to view full judgement.
Copyright © Regent Computronics Pvt.Ltd.