1. The Writ Petition is filed for a declaration that Clause 7 of Ext. P1 pertaining to Guaranteed Surrender Value is unconscionable and unconstitutional. The petitioner further seeks the relief of challenging the Ext. P6 order passed by the Lok Adalat and also seeks a direction to the first respondent to pay the petitioner an amount of Rs.3,54,167/- with interest and other consequential reliefs.

2. The facts involved in the case discloses that the petitioner took Ext. P1 policy of insurance from the first respondent commencing from 10.07.2001 with maturity date on 10.07.2026. As per the terms of the policy, the premium is to be paid for a period of 12 years. The petitioner remitted a total amount of Rs.3,54,167/- as premium upto September 2005. Thereafter he surrendered the policy. By Ext. P2 intimation the first respondent informed the petitioner that the surrender value is Rs.1,59,952/-. They relied upon condition No. 7 of the policy to calculate the surrender value. It is stated that the paid up value is Rs.3,54,167/- and the vested bonus is Rs.3,18,750/- and the surrender value including cash value bonus will come to Rs.1,59,952/-.

3. The petitioner contends that the p