SC Tells LIC To Pay Rs. 2 L Compensation To Man Whose Money It Held Wrongfully For About 5 Years [Read Judgment]

ashok kini

10 Jan 2019 9:59 AM IST

“LIC retained the moneys of the appellant for a period of nearly five years. No effort was made to refund the moneys. In this view of the matter, a deficiency of service was clearly established.”

The Supreme Court, while affirming a National Consumer Commission order to refund the money the Life Insurance Corporation (LIC) held wrongfully from a man for nearly five years, has also asked the corporation to pay a compensation of Rs. 2 lakh to him.BackgroundIn January 2009, Madhav Hari Joshi submitted a proposal to the LIC) under its Jeevan Aastha Plan. He paid an amount of Rs. 1,...

SC Tells LIC To Pay Rs. 2 L Compensation To Man Whose Money It Held Wrongfully For About 5 Years [Read Judgment]

ashok kini

“LIC retained the moneys of the appellant for a period of nearly five years. No effort was made to refund the moneys. In this view of the matter, a deficiency of service was clearly established.”

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