22.4.2016 Present: Counsel for complainant.

Counsel for O.P-1.

O.P-2 exparte.

Counsel for O.P-3.

The matter has been amicably settled. Statement of Sh. Dinesh Kumar Asstt. Admin Officer LIC of India Branch Barnala recorded to the effect that:-

"Opposite party (LIC) is ready to pay Rs. 28,176/- as surrender value and reasonable interest from 19.7.2015 (the date of claim form). However, the complainant be directed to hand over the original policy and original documents to the opposite party".

On the statement of opposite party, the complainant has suffered the following statement:-

"I have heard the statement of the opposite party for payment of Rs. 28,176/- as surrender value of the policy alongwith interest from 19.7.2015. I agree with the said statement to accept the said amount. However, compensation as well as litigation expenses may also be given"

Since the matter has been settled, therefore the opposite party is directed to pay Rs. 28,176/- as surrender value of the policy and further to pay interest @ 9% per annum from 19.7.2015 on the said amount. The opposite party is further directed to pay Rs. 2,000/- towards compensation and litigation expenses. The said amount be paid within 30 days. If the amount is not paid within the stipulated period of 30 days, then the complainant is entitled to penal interest @ 15% per annum from the date of default. The complainant is also directed to hand over the original policy and other documents immediately to the opposite party. Accordingly, the present complaint is dispose of. Copy of the order be supplied to the parties free of costs. Be consigned to records.

Member President Member