Vikram Greentech (I) Ltd. & Anr vs New India Assurance Co. Ltd on 1 April, 2009
3. The impugned order dated 21.04.2022 has been assailed by the appellants on the ground that the Ld. District Commission while calculating the amount wrongly relied upon the illustration benefit table and calculated the sum assured as Rs.86,200/ and further calculated non-guaranteed accumulated reversionary bonus of Rs.62,064/-. It has further been stated that as per Note appended on Page 9 of Annexure C-1, some benefits were guaranteed and some benefits are variable but the Ld. District Commission wrongly picked the figures. It has further been stated that as per the record, the vested bonus comes to Rs.23,317/-, which was duly paid to the respondent. It has further been stated that the Ld. District Commission did not consider the payment of Rs.43,908/-, which had already been paid to the respondent on account of survival benefits, which was to be subtracted. Reliance has been placed on Export Credit Guarantee Corporation of India Vs. M/s Garg Sons International, 2013 (1) CPC 192, wherein the Hon'ble Supreme Court has held that the courts are expected to give paramount importance to the terms of insurance contract into between the parties and terms of insurance policy must be strictly construed in order to determine the extent of liability of the insurer. Further reliance has been placed on Vikram Greentech (I) Ltd. and another Vs. New India Assurance Co. Ltd., 2009 (4) CLT 313 and Deokar Exports Pvt. Ltd. Vs. New India Assurance Co. Ltd., 2009 (2) CLT 15, wherein it has been held that in a contract of insurance, rights and obligations are strictly governed by the policies of insurance and no exception or relaxation can be made on the ground of equity.