https://www.taxtmi.com/caselaws?id=176072 On a lapsed life insurance policy treated as a paid-up policy, the insurer was not liable to pay interest on the reduced sum from the dates on which premiums had been remitted. The policy terms made the contract continue only as a paid-up policy for a reduced lump sum on death, and did not provide for interest on premiums. No statute required such interest, and the Interest Act, 1978 did not justify it on the facts. The earlier consumer-forum precedent was confined to its special facts and did not create a general rule. The SC therefore held that interest could not be added and confined liability to the paid-up value without interest. en-us Thu, 04 May 2006 00:00:00 +0530 Fri, 18 Dec 2015 19:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176072 On a lapsed life insurance policy treated as a paid-up policy, the insurer was not liable to pay interest on the reduced sum from the dates on which premiums had been remitted. The policy terms made the contract continue only as a paid-up policy for a reduced lump sum on death, and did not provide for interest on premiums. No statute required such interest, and the Interest Act, 1978 did not justify it on the facts. The earlier consumer-forum precedent was confined to its special facts and did not create a general rule. The SC therefore held that interest could not be added and confined liability to the paid-up value without interest. Case-Laws Indian Laws Thu, 04 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176072