Mr. Buddy A. Ranganadhan, counsel representing the petitioner – LIC of India, under instructions, states that the conversion of the existing policy of Jeevan Chhaya to Jeevan Surabhi is permissible only if the insured / respondent undertakes to pay more premium viz. Rs.12,976/- per annum and in case, it is not acceptable to the complainant / insured the LIC of India is willing to refund him the entire deposited premiums alongwith surrender value of the existing lapsed Jeevan Chhaya policy amounting to Rs.51,513/-. The respondent, Kapil Dev Sood present in person states that he cannot accept first offer as he is not in a financial lpositon to pay premium exceeding Rs.12,000/- per annum. He, however, prays that besides surrender value of the policy as is sought to be refunded, LIC may be asked to pay some interest. Mr. Ranganadhan states that there is no provision to pay any interest under the Rules of LIC of India. Having considered the matter in its entirety and that even the surrender value of the policy has remained with the petitioner for about 7-8 years, we are of the view that besides amount of Rs.51,513/-, the LIC of India shall pay a lump sum of Rs.5,000/- to the respondent. This will not be constituted a precedent. Revision petition disposed of in this manner. |
