LIC OF INDIA Vs. GAJANAN RAGHUNATH JOSHI

JUDGEMENT

(1.) THIS appeal directed by L.I.C., branch Dombivali, Distt. Thane against the order passed by District Consumer Forum, Thane, whereby the Forum below has been pleased to direct the opp. party to pay guaranteed maturity addition and final additional bonus under Jeevan Dhara Policy issued to the complainant amounting to Rs. 8,249 by deducting amounts already paid. It further directed to pay to the complainant yearly annuity amount of Rs. 2,872.70 and compensation of Rs. 10,000 and cost of Rs. l ,000.

(2.) FACTS to extent material may be stated as under:

(3.) OPPOSITE party filed written statement and pleaded that on 14.12.2001 the complainant was intimated payment of guaranteed maturity addition of Rs. 8,249 and sent the same to Jeevan Akshay Cell, Yogakshema. Opposite party by letter dated 7.1.2002 informed the correct amounts. Life Insurance Corporation, Thane division declared their decision on 10.4.2002 that original give amount and annuity was arrived at taking term as 15 years instead of 12 years through oversight. So, the policy holders were directed to pay revised premium of Rs. 1,912 or to pay difference of premium Rs. 59,940 with 9% interest on 1.11.2002. LIC delivered fresh policy documents with revised terms and conditions, which would be a new contract between complainant and LIC in place of original one and they had cancelled original policy documents dated 24.3.1990.