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Supreme Court Of India

Hon'ble Judge(s): M. M. Punchhi, G. B. Pattanaik, A. P. Misra , JJJ

(A) Life Insurance Act (4 of 1938) , Preamble— Contract- Life Insurance policy - Interpretation of terms of policy - Two different expressions used in same clause - Convey two different meaning. (Para 3) (B) Life Insurance Act (4 of 1938) , Preamble— Life Insurance - Policy - Liability of Insurer - To pay limited sum - Dating of policy to confer relief in tax to insured. (Para 3) (C) Insurance Act (4 of 1938) , Preamble— Life Insurance Policy - Liability of corporation - Clause of policy limiting liability of corporation to sum equal to total amount of premium paid under the policy if assured dies within three years from date of policy - 'Date of policy' means date on which policy is issued - And, not date on which risk under policy commenced, by way of allowing dated back. Under Cl. 4-B of LIC policy if death of life assured occurs before expiry of three years from date of policy, Cl. 4-B is attracted. Under the proviso to clause 4 of Insurance policy if the life assured commits suicide before expiry of one year reckoned from the date of the policy then the provisions of the Clause under the heading "suicide' prin....