|
|
|
SC agrees to hear case against LIC for 'duping' 5 cr customers
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 05 Jul, 2019
A non-profit organization engaged in promoting financial literacy has
moved the Supreme Court, alleging cheating, especially of senior
citizens, by the Life Insurance Corporation (LIC) through its Jeevan
Saral policy, in which nearly 5 crore policy holders have "lost a big
chunk on their principal investment".
The Mumbai-based Moneylife
Foundation said it has received several complaints from policy holders,
especially senior citizens, in the past few years.
"This scam is
nearly or probably more than Rs 1 lakh crore. We have a large number of
complaints against this policy. This prompted us to file a Public
Interest Litigation in the top court in the country. It is a clear case
of cheating by the LIC," said Yogesh Sapkale of the foundation, which is
seeking return of the premium of the policy-holders with 8 per cent
interest.
After hearing senior counsel Arvind Datar, appearing
for the foundation, a bench headed by Chief Justice Ranjan Gogoi posted
the matter on July 15 for a detailed hearing.
The petition
alleges that the Jeevan Saral policy was arbitrarily designed, and
therefore, there was no emphasis on the due diligence aspect and
gullible customers were misled through proposal forms, which were not
correct.
After several allegations, the LIC recalled the policy
in 2014, but the Insurance Regulatory and Development Authority of India
(IRDAI) and the Finance Ministry are yet to recall it, and the
policy-holders have been running from pillar to post for redressal, it
said.
According to the foundation, the policy has gobbled-up the
hard-earned savings of crores of policy holders, and it also left the
LIC agents and their association infuriated. There have been many
protests and complaints against the LIC, but it has not yet decided on
returning the premium of the policy holders.
Due to the
ill-design of the policy, senior citizens received negative returns on
their investment, the foundation said, citing an example of a senior
citizen who invested nearly Rs 10 lakh in ten years but at the end of
the policy's tenure, received merely Rs 3 lakh.
Although, few
customers moved consumer courts and got favourable orders, but this
whole process of litigation is extremely time-consuming, said the
foundation.
Moneylife's petition alleges several complaints and
representations have been made to the LIC highlighting the gross
irregularity in their system, but it has not budged.
"The IRDAI
is empowered under Section 33 of the Insurance Act read with the
Insurance Amendment Act, 2015 and the IRDA Act, 1999 to investigate the
malpractices. However, it has remained a silent spectator of 'mass
cheating by LIC'," Sapkale said, clarifying they have locus standi on
the matter, as policy-holders are not organized under a body.
|
|
|
|
|
|
|
LIC and PLI must be Substituted by Government Only to get REBATE in I TAX
V.R.PATIL | Sun Jul 7 11:33:25 2019
Substitute to LIC must be introduced by the Government and all the properties of ALL PERSONS and Authorities working in LIC and PLI too should be BLOCKED or taken into custody
More over their kith and kins must not be allowed to any School or college till the final SC judgement comes I am V.R.Patil 9423000023 and 9404909555 vishnukumarpatil@yahoo.com
Not only Jeevan Saral policy but ALL Policies are arbitrarily designed by the LIC as well as PLI both are non-profit organization
V.R.PATIL | Sun Jul 7 11:29:10 2019
Not only Jeevan Saral policy but ALL Policies are arbitrarily designed by the LIC as well as PLI both are non-profit organization
Substitute to LIC must be introduced by the Government and all the properties of ALL PERSONS and Authorities working in LIC and PLI too should be BLOCKED or taken into custody
More over their kith and kins must not be allowed to any School or college till the final SC judgement comes I am V.R.Patil 9423000023 and 9404909555 vishnukumarpatil@yahoo.com
No need of LIC and PLI substitute MUST be introduced by Government
Vishnukumar Ramchandra Patil | Sun Jul 7 11:23:35 2019
Not only Jeevan Saral policy but ALL Policies are arbitrarily designed by the LIC as well as PLI both are non-profit organization
9423000023 and 9404909555
vishnukumarpatil@yahoo.com
SUBSTITUTE TO LIC MUST BE INTRODUCED BY GOVERNMENT
Vishnukumar Ramchandra Patil | Sun Jul 7 10:37:42 2019
Substitute to LIC must be introduced by the Government and all the properties of ALL PERSONS and Authorities working in LIC and PLI too should be BLOCKED or taken into custody
More over their kith and kins must not be allowed to any School or college till the final SC judgement comes I am V.R.Patil 9423000023 and 9404909555 vishnukumarpatil@yahoo.com
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|