LIFE INSURANCE CORPORATION OF INDIA Vs. DEBASIS MISHRA

JUDGEMENT

(1.) BEING aggrieved against the orders dated 22.4.2004 in C.D. Case No. 148 of 2003 of the District Forum, Angul, the opposite parties have filed this appeal against the complainant.

(2.) THE facts of the case in brief are that the complainant, who is the sole respondent had a Money Back Life Insurance Policy in short L.I. policy, bearing No. 580602270 for an assured sum of Rs. 50,000 for a period of 15 years with opposite party No. 1, the Branch Manager, Life Insurance Corporation of India, Angul Branch, Distt. Angul, the appellant No. 1. This L.I. policy commenced on 14.2.1994, when the complainant was serving at TAMRIT, Angul where premium was to be paid by the respondent quarterly. The respondent paid quarterly premium in the months of May, August and November, 1994. As the respondent was retrenched from the service with effect from 1.1.1995, he failed to pay the subsequent quarterly premium due to financial problem. He waited for a long period and thereafter approached appellant No. 1 and the L.I.C. agent to get back the premium amount deposited by him with interest. But, his request was turned down by appellant No. 1. He again approached appellant No. 1 in writing on 6.12.2003. But, it was also turned down for which he filed the aforesaid C.D. case.

(3.) BOTH the appellants, in their written version, had challenged the maintainability of the case on the ground as barred by limitation since the C.D. case has been filed almost nine years after the time of alleged cause of action. Their specific plea was that as the respondent has not deposited the quarterly premium from 14.2.1995, in absence of any exigencies like death, disability of the life assured etc., the policy was lapsed and the policy premium deposited earlier has been forfeited to the Life Insurance Corporation of India in short, Corporation, as per the terms and conditions of the said policy. Therefore, they have caused no deficiency in service to the respondent.