ORDER

Mr. J.M. Malik, (P.M) - M/s. Whirlpool of India Ltd., the complainant, registered under the Companies Act, 1956, obtained Insurance Policy from Max New York Insurance Co. Ltd., the OP. The proposal form was filed as Annexure C-2. Under Clause 4 of the proposal form, relating to coverage structure, Base Plan B, Formula Linked it was indicated as "Three times the annual cost to the company (CTC) of each employee". The OP submitted its quotation dated 10.04.2003, copy of which has been placed on record as Annexure C-3. The said condition was for a total sum of Rs. 114,21,84,157/- which amount represents "three times of the actual cost to the company of each of the insured employees". The OP sent a letter dated 22.04.2003, placed on record as Annexure C-4, runs as follows :-

"Subject to the receipt of final census data and processing of the same, we confirm coverage to your employees up to the Free Cover Limit (FCL) of Rs. 35 lakhs or actual coverage amount, whichever is lower, under policy mentioned above from 22.04.2003 and in accordance with our Quotation No. 03DEL0224-2 and your proposal form No. 100188 dated 22.04.2003".

2. The complainants paid a sum of Rs. 21,88,425/- toward