By the Court.—We have heard Shri Dhruv Kumar, learned counsel appearing for the petitioner. The office of Assistant Solicitor General of India, Lucknow Bench of Allahabad High Court has accepted notice on behalf of Union of India. Mohd. Altaf Mansoor appears for Insurance Regulatory and Development Authority-respondent No. 2, Shri Sudeep Seth has accepted notice on behalf of State Bank of India-respondent No. 3. Shri Sachin Garg appears for SBI Life Insurance Company Limited-respondent No. 4.

2. Dr. Virendra Pal Kapoor-the petitioner is a senior citizen aged 72 years. He retired as a Scientist of National Botanic Research Institute and is settled at Lucknow. He invested Rs. 50,000/- in the year 2007 in SBI Life - “UNIT PLUS II - Single”, a Unit Linked Product offered by SBI Life Insurance Company Limited with an option of a limited term of five years (from 9.1.2007 to 9.1.2012), on the basic sum assured for life with risk cover at 625% of Rs. 3,12,500/-, with a choice of investment in growth fund (100%). The petitioner survived the term of the policy of five years. On its maturity he was paid only Rs. 248/- as a balance in the fund, on which the policy was terminated.

3. By