1.                     The brief history of the case of the complainant is that he obtained a policy namely New Unit II vide Policy No.0182247956 of Ops on 28.7.10 for a term of 20 years on yearly payment mode @ Rs.50, 000/- and accordingly deposited 1^st premium on 28.7.10 and 2^nd premium on 25.7.11 for a total sum of Rs.1.00 lac.  It is submitted that due to illness of his parents he could not deposit installments from the year 2012 and requested the Ops for refund of his deposit and also sent registered letter through his advocate requesting early payment but the Ops did not take any action.  Hence he filed this case praying the Forum to direct the Ops to refund Rs.1.00 lac along with accrued benefits and to pay Rs.20, 000/- towards compensation and costs to the complainant.

2.                     The Ops filed counter in joint denying the allegations of the complainant but admitted about the policy issued in favour of the complainant which is a unit linked policy and deposit of two yearly premiums and discontinuance of policy.  It is contended that in case of failure to pay the regular premium, the policyholder will be given an opportunity to revive the policy within 2 years from the date of 1^st unpaid premium.  The 3^rd premium fell due on 28.7.12 in case of the complainant and the complainant has not paid the same and even during the revival period of 2 years and hence as per policy conditions the policy was foreclosed and a foreclosure amount of Rs.67, 940.28 was paid to the complainant vide Cheque No.950079 dt.31.7.14 and the complainant has en-cashed the same on 13.9.14 through his SBI accounts.  It is submitted that they have acted as per policy conditions and thus denying any fault on their part, the Ops prayed to dismiss the case of the complainant.

3.                     Both the parties have filed certain documents along with affidavits in support of their cases.  Heard from the parties through their respective A/Rs and perused the materials available on record.

4.                     In this case policy of insurance bearing No.0182247956 dt.28.7.10 under Plan New Unit-II with annual premium of Rs.50, 000/- issued in favour of the complainant and payment of 2^nd premium for Rs.50, 000/- by the complainant on 25.7.11 and nonpayment of 3^rd premium falling due on 28.7.12 are all admitted facts.  The complainant stated that as he could not deposit 3^rd premium onwards, he requested the Ops for refund of his deposits of Rs.1.00 lac but the Ops did not take any action in spite of registered notice through his advocate.  Hence this case has been filed.

5.                     Through a memo dt.19.12.14 the complainant submitted that he received Rs.67, 940/- on 09.9.14 from the Ops with objection.  The Ops stated in their counter that the 3^rd premium due on 28.7.12 was not paid and as such the policy remained lapsed condition till 27.7.14 i.e. even during revival period of 2 years.  Thereafter, they foreclosed the policy and fore closer amount of Rs.67, 940.28 was paid to the complainant vide Cheque No.950079 dt.31.7.2014 and the cheque was en-cashed by the complainant on 13.9.14.

6.                     Perused the policy conditions at Clause-6 wherein it is stated that in the event of failure to make payment of full regular premium falling due during 1^st three policy years, the policy shall automatically lapse and it may be revived within the revival period of 2 years or else the policy will be terminated and the surrender value will be paid to the policyholder.  In this case, the complainant has paid the 2^nd premium and did not pay the 3^rd premium falling due on 28.7.12.  The Ops waited till 28.7.14 and when the complainant did not revive the policy it was automatically terminated on 28.7.14.  Hence the Ops fore closed the policy and sent its value at Rs.67, 940/- to the complainant through a cheque dt.31.7.14.

7.                     It was also very much clear from the policy documents that the policy in question was a unit linked policy with life risk covered and hence the fund value as on the date of fore closer shall only be paid to the complainant.  The Ops, as we found have acted as per conditions of the policy.  It is a settled principle of law that the policy is a contract entered into between the parties and the terms and conditions of the policy shall be binding on the parties and the same cannot be rewritten by any court of law.

8.                     In view of above discussions, we find no merit in the case of the complainant which needs to be dismissed.  Hence ordered that the complaint petition is dismissed but without costs in the peculiar circumstances of the case.

(to dict.)