DEEPAK GUPTA Vs. LIC OF INDIA AND ORS

JUDGEMENT

(1.) SHRI Deepak Gupta, the complainant took a policy on his life in the year 1981, which was to commence w.e.f. 06.11.1981. It was to remain in force for 25 years. For the first five years, premium was required to be paid @1,550/ - per annum. On expiry of first five years period, the policy was to be converted into an Endowment policy for the sum assured, on payment of a sum of Rs.3,345/ - per annum, by way of premium for the next 20 years. The complainant was required to exercise an option, in writing, that this policy should be converted into an Endowment policy, if he desired that profits should be paid to him, but the complainant did not give the said option, in writing. The complainant paid the premium regularly for the full term of initial 5 years, and next 20 years. He had been receiving the reminders for paying premium for the full term of initial 5 years and next 20 years. He had been receiving reminders for paying premium and in those reminders, it was being intimated to him that along with the sum assured, certain amount of money had accrued to him on account of bonus.

(2.) THE complainant has placed on record few Annexures mentioned in the order of the State Commission as Annexure C -2A, C -2B and C -2C. These letters pertain to the year 2005 and 2006. The learned counsel for the petitioner has invited our attention towards one of these letters which clearly, specifically and unequivocally mentions :

(3.) THE District Forum vide its order dated 28.12.2009 accepted the complaint. The operative portion of the order runs as follows: -