Interest on non-cumulative bonds will be payable at half - yearly intervals from the date of issue or interest on cumulative Bonds will be compounded with half - yearly rests and will be payable on
maturity alongwith the principal, as the subscriber may choose.
The counsel of the company urged that the complainant gave a
maturity form wherein he expressed that annuity payout be deposited with the LIC of India and accordingly a letter dated June 29, 2013, was sent to the LIC at the address of the complainant
alongwith a cheque of Rs 77,341 towards the two - third annuity as payout in favour of LIC of India.