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3. The Tribunal further deducted a sum of `20,98,100/- on account of the Group Insurance Policy obtained by the deceased employee on the basis of the principles of balancing the loss and gain as laid down in Gobald Motor Service Ltd. & Anr. v. R.M.K. Veluswami & Ors., AIR 1962 SC 1, an overall compensation of ` 12,86,900/- was awarded in favour of the Appellants and Respondents No.4 and 5.

4. The impugned award is challenged on the following grounds:-