JAYANT NATH, J.

1. Present suit is filed by the plaintiff seeking a decree of declaration that the revocation/ surrender of the insurance policy as has been done by the plaintiff is valid. A direction is also sought to the defendant to jointly and severally liquidate the insurance policy and release the liquidation amount of Rs. 1,25,25,993/- alongwith interest @ 12% per annum. Other connected reliefs are also sought. The case of the plaintiff is that the plaintiff No. 1 secured a life insurance policy with defendant No. 1 for and on behalf of defendant No. 2 on an annual premium of Rs. 20,57,200/-. An addendum to the policy was also signed which converted the policy to a policy under section 6 of the Married Women’s Property Act, 1874 (hereinafter referred to as MWP Act) Plaintiff No. 2 the wife of plaintiff No. 1 was appointed as a Special Trustee under the policy and the two children of plaintiff Nos.1 and 2, namely, Snehal Bindra and Master Dhruv Bindra (minor) were made the beneficiary.

2. Plaintiff No. 1 has paid the premium for the policy for five years from 2007 to 2011. In August 2013 plaintiff No. 1 made a request for surrender of the policy for the benefit of the