D.K. Jain, J. President—A short question falling for consideration in the present Revision Petition, preferred by Unit Trust of India (“UTI” for short) and its functionaries, is whether or not the Complainant, one Dr. Sanjeev Gupta, was entitled to claim full benefits under a Unit Linked Insurance Plan (“ULIP” for short).

2. In the year 1988, the Complainant subscribed to ULIP with a maturity period of 15 years. The annual premium was Rs.2600/-. In April 1999, he received a letter, dated 07.04.1999, from the Petitioners intimating to him cancellation of his policy for the reason that the cheque deposited by him towards the annual premium for the year 1991-92 had been dishonoured. According to the Complainant, he was neither informed about the dishonour of the said cheque nor cancellation of the policy till he received the said letter in April 1999. He was also not aware, whether the cheque had been presented for collection to the Bank or not and if presented, whether it was within the validity period. By April 1999, he had deposited all 11 instalments, which were due till the year 1999 and were duly accepted by UTI.

3. Alleging gross deficiency in service on the part of UTI in