1. Petitioner’s husband late V.G. Sasindran’s life was insured for Rs. 5,00,000/- with effect from 28.3.2003 under Ext. P1 policy issued by the first respondent Corporation. Ext.. P1 policy provides for quarterly payment of premium. Clause 2 of the terms and conditions of Ext. P1 policy provides for quarterly payment of premium. Clause 2 of the terms and conditions of Ext.P1 policy reads as follows:

“Payment of premium: A grace period of one month but not less than 30 days will be allowed for payment of yearly, or quarterly premiums. If death occurs within this period and before the payment of the premium then due the policy will still be valid and sum assured paid after deduction of the said premium as also unpaid premiums falling due before the next anniversary of the policy. If the premium is not paid before the expiry of the days of grace, the policy lapses.”

2. Ext.P1 policy commenced on 28.3.2003. The next date of payment of premium was 28.6.2003. The grace period of one month of payment expired on 28.7.2003. Petitioner’s husband did not pay the premium. He passed away on 29.7.2003. The petitioner’s claim for disbursement of the assured amount was rejected by the res