The Finance Ministry - Latest News Update, Information, Photos & Videos on The Finance Ministry at Lokmat Times

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.(Sumit Saxena can be contacted at sumit.s@.in)( With inputs from IANS )

The Finance MinistryFOLLOW

The finance ministry, Latest News

The slowdown-hit economy may soon get a booster dose from the government with the Finance Ministry working on a stimulus package for the industry including a slew of financial measures ranging from tax cuts, subsidies and other incentives, sources sa ...

With the Centre cancelling the operation of constitutional Article 370 on Jammu and Kashmir, the government will shift focus to addressing some of the immediate concerns of the economy, according to official sources. ...

The Sensex took a sharp u-turn during Friday afternoon trade gaining over 500 points from its intra-day low on reports of possible government intervention to arrest the prolonged fall in markets. ...

State-run BSNL will disburse the salaries for July to its employees by August 5 from its internal accruals, its CMD P.K. Purwar said on Wednesday. ...

The Bimal Jalan panel will meet again to finalise the report on the transfer of RBI's surplus and profits to the government in wake of the earlier Finance Ministry nominee and former Finance Secretary Subhash Chandra Garg's transfer to another Minist ...

The Bimal Jalan panel will meet again to finalise the report on the transfer of RBI's surplus and profits to the government in wake of the earlier Finance Ministry nominee and former Finance Secretary Subhash Chandra Garg's transfer to another Minist ...

Communications Minister Ravi Shankar Prasad on Saturday said that the government will not tolerate any monopoly and ensure fair competition in the telecom sector while seeking to ease its burden by taking up two key issues - lowering its GST rate to ...

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 h ...