STATE BANK OF PATIALA Vs. GIRIJA DEVI

JUDGEMENT

(1.) Learned counsel for the parties present. Arguments heard.

(2.) Shri Krishan Bihari Prasad had taken loan from the opposite party No. 2/petitioner-State Bank of Patiala in the year 2006. On account of this loan, he was insured by respondent No. 5-SBI Life Insurance Co. Ltd., Rajpura Town, District Patiala. The said insurance was to mature on 1.9.2016. The premium of Rs.3,642/- was payable annually. The insurance company did not receive the premium for the year 2008 when it fell due on 14.8.2008. Unfortunately, the insured, Shri Krishan Bihari Prasad passed away on 12.10.2008. The claim was filed by his legal heirs, Smt. Girija Devi, Samrita Kumari, Shri Sanjit Kumar and Shri Rakesh Kumar, the complainants.

(3.) The insurance company did not receive the premium, therefore, it cannot be held liable for the same.