New Delhi: The Supreme Court on Monday dismissed a petition filed by a non-profit organisation alleging mass cheating by Life Insurance Corporation of India (LIC) through its Jeevan Saral policy.
A bench headed by Chief Justice Ranjan Gogoi and Justice Deepak Gupta was hearing a plea filed by MoneyLife Foundation alleging that the Jeevan Saral Policyholders have been "misled and cheated" by LIC.
The bench also said the matter cannot be dealt with a PIL under Article 32 of the Constitution at the instance of a non-government organisation (NGO). The NGO failed to prove its locus standi in the court.
The petition submitted that several persons beyond 50 years, who were induced to take the policy as a good investment, ended up getting less than half the money -- deposited by way of premiums at the time -- when the policy matured.
The petitioner has sought immediate recollection of the policy, and direction to LIC and Insurance Regulatory and Development Authority (IRDA) to “amend Jeevan Saral Plan 165 policy maturity to repay all the premium paid along with bank savings rate at 8% per annum to all the existing Policyholders of the Jeevan Saral Policy."
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