Heard MR.S.P.Sharma, learned counsel for the appellant and also Mr.B.P.Dutta, learned counsel for the Respondents. The judgment and Order dated 24.5.96 passed by the learned District Forum, Shillong in C.P.case No.17(S) of 1995 is the subject matter under challenge in this appeal. The facts of the case in a short compass are as follows:

 

2.                The Appellant herein is the nominee of Life Insurance Policy No.480229016 of his grandmother late Smt.Rukmini Devi Sharma for a total sum assured of Rs.50,000/- and in the year 1986 she also made 2(two) other LIC policies of LIC with the sum assured of Rs. 50,000/- and Rs.1,00,000/- and his grand-mother died on 30.1.1990 and the appellant herein as the nominee claim for a sum assured in connection with the related polices. The claim of sum assured in respect of earlier 2 (two) policies made by the appellant had already been settled and that being the position, the appellant has no grievance to it. However, the respondents-Insurance Corporation did not afford the appellant the sum assured to the tune of Rs.50,000/- and other interest claimed by the complainant and being dissatisfied with the action of the respondents – Life Insurance Corporation , the Complainant, the Appellant herein, approached the District Forum. The learned District Forum upon hearing the parties, afforded the relief in part under the impugned judgment and order dated 24.5.96. The relevant observations and findings of the learned District Forum are relevant in the instant case and, accordingly, the same are quoted below:

 

“   Accordingly we are awarded the sum assured of Rs.50,000/- against the policy No.480229016 dated 15.5.89 along with an amount of bonus and interest payable on the said assured sum for one year together with the interest at the rate of 18% p.a. from the date of submission of the claim i.e., from 27.12.90 to 27.5.95 and the cost of Rs.2,000/- to be paid by the OPs to the complainant within a period of one month from the date of receipt  of the judgment and order failing to clear the said amount at the stipulated time, additional interest at the rate of 18% p.a. shall be added towards the said sum till final payment of the same.

Let the decree be prepared . Case is disposed off.”

 

3.                The Appellant is not satisfied with the award made by the learned District Forum and being aggrieved by the impugned judgment and order, he preferred this appeal .6(Six) days delay in filing is condoned.

 

4.                Mr.S.P.Sharma, learned counsel appearing for the appellant contended that the appellant got a sum of Rs.50,000/- being the sum assured against the related policy and he has been paid the interest at the rate of 8% from the date of submission of the claim i.e., on and from 27.12.90 to 27.5.95 and the cost of Rs.2,000/-. However, the learned counsel submitted that the interest so far awarded by the learned District Forum is too meager and not in consonance with the related decisions of the National Commission as well as this State Commission.

 

In a catena of cases, the national Commission as well as the Apex Court examined the rate of interest to be afforded to the claimants and opined that reasonable rate of interest should be afforded to the claimants if the claimants have genuine case and the interest can be raised upto even 18% per annum. In this connection, we may refer to the decisions of the Apex Court as well as the national Commission reported in 2001(1)CPC 280(SC);(1993) Vol.11 CPJ 160(NC): (1994) Vol.1 CPJ 213(NC).

 

5.                After proper application of our mind in this matter and also keeping in view of the decisions of the Apex Court as well as the National Commission, we are of the view that it would be just and proper to award interest at the rate of 15% per annum from the date of submission of the claim of the appellant (complainant) i.e., on and from 27.12.90 to 27.5.95 of the sum assured of Rs.50,000/- against the related policy as discussed above. Accordingly, we direct the respondents – authorities concerned to afford interest at the rate of 15% per annum for the aforesaid period i.e., on and from 27.12.90 to 27.05.95 within a period of one month from the date of receipt of this judgment and order. However, it is made clear that such payment of interest as highlighted above shall be adjusted with the interest so far afforded by the Life Insurance Corporation to the Complainant, the appellant herein, earlier at the rate of 8% per annum under the impugned judgment and order of the learned District Forum and any other payment made by the Life Insurance Corporation to the Complainant-Appellant earlier on account of interest if any. So far other related findings and observations of the learned District Forum are concerned, we are not inclined to interfere with it .