Supreme Court of India
Anandrao Ramchandra Salunke v. Life Insurance Corporation of India & Anr.
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What the Court ordered
For the above reasons, we are of the view that the method by which the computation was carried out was in accordance with the accepted and duly approved formula.
Judgment, page 15
From the headnote
Insurance Act, 1938 – s.113 – Life Insurance Policies – ”Surrender Value”– Appellant obtained life insurance policy in November, 1993 – Sum insured was Rs.75,000/- – Term of the policy was twenty five years – Policy envisaged the payment of quarterly premium of Rs 775/-, spread over hundred quarters during the term of the policy – Last premium was payable in August, 2018 and the policy was to mature in November, 2018 – In 2001, the appellant took loan of Rs.15,000/- by pledging the policy – In August, 2001 the appellant stopped paying the premium and applied for the refund of the surrender…
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