Getting Error - javax.net.ssl.SSLHandshakeException: Server chose TLSv1, but that protocol version is not enabled or not supported by the client - sslhandshakeexception

Question

Getting Error - javax.net.ssl.SSLHandshakeException: Server chose TLSv1, but that protocol version is not enabled or not supported by the client when making a call to a secured webservice.
Appended the following option to the JAVA_OPTIONS variable in the mydomain\bin\ setDomainEnv.cmd as advised in the oracle site but same issue.
-Dweblogic.security.SSL.protocolVersion=TLS1
Java client code :
File pKeyFile = new File("C:\\myJKS.jks");
if (pKeyFile.exists() && !pKeyFile.isDirectory()) {
logger.debug("JKS file exists, and it is a file");
}
KeyStore keyStore = KeyStore.getInstance("JKS");
keyStore.load(new FileInputStream(pKeyFile.toString()),
pKeyPassword.toCharArray());
KeyManagerFactory keyManagerFactory = KeyManagerFactory
.getInstance("SunX509");
keyManagerFactory.init(keyStore, pKeyPassword.toCharArray());
**SSLContext context = SSLContext.getInstance("TLSv1.1");**
context.init(keyManagerFactory.getKeyManagers(), null,
new SecureRandom());
sockFact = context.getSocketFactory();
if(sockFact == null){
logger.debug("SocketFactory is null");
throw new NullPointerException("socketFactory == null");
}
Client Env - JDK version: 7, Application server:Weblogic.
Trying to make it work from couple of days, but no luck.