LIC OF INDIA Vs. PRATAP SEKHAR NAIK

JUDGEMENT

(1.) BOTH the aforesaid appeals being analogous, we have heard them together. They are hereby disposed of by this common order. C.D. Appeal No. 891 of 1997 has been filed on behalf of the Life Insurance Corporation of India Limited challenging the order of the District Forum to pay to the complainant (respondent) Rs. 5,000/ - (first survival benefit due) with interest at the rate of 9 percent per annum from 28.3.1992 together with compensation of Rs. 2,000/ - and costs of Rs. 500/ -.

(2.) THE complainant has filed C.D. Appeal No. 903 of 1997 challenging the very order of the District Forum. The contention of the complainant in his appeal is that the compensation and the rate of interest granted by the District Forum is too low.

(3.) THE case of the complainant is that, he insured his life with the Life Insurance Corporation of India under Money Back Policy which commenced from 28.3.1982. The policy number is 60494257. As per the terms and conditions of the policy, 20 percent of the sum assured is payable to the policy holder during his survival within ten years from the date of commencement of the policy. Although, he was entitled to receive the first due of claim of Rs. 5,000/ - when the policy matured in March, 1992, he was not paid the same. He was however paid the second claim of Rs. 5,000/ - in March, 1997. As he is entitled to the first claim, the same having been not paid, he filed the complaint alleging deficiency in service.