L.I.C. vs JAYA CHANDEL

The Supreme Court upheld the dismissal of the appellant's revision petition by the National Consumer Disputes Redressal Commission, affirming that the insurance policy had revived under Section 64-VB of the Insurance Act, 1938, despite the premium being paid after the insured's death. The Court clarified that the risk is assumed on the date the cheque is posted, and the claim could not be repudiated as the payment was made within the grace period. The Court rejected the appellant's argument regarding the timing of the cheque issuance and the applicability of Section 43 of the Life Insurance Corporation Act, 1956.