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The Supreme Court on the 15th of July refused to entertain non-profit organisation Money Life Foundation's plea alleging that the LIC, through its Jeevan Saral policy, has misled and mass-cheated consumers, particularly senior citizens.
The Supreme Court bench headed by Chief Justice Ranjan Gogoi held that the matter cannot be dealt as a PIL under Article 32. Moneylife had stated that the policy holders were not in a position to raise the dispute individually and had joined together to form an NGO to pursue their legal fight. But the bench did not express satisfaction of the locus standi of the organization.The foundation had said it had received several complaints from policyholders, especially senior citizens.
The PIL sought the return of the premium of the policy-holders with 8 per cent interest. Chief Justice Ranjan Gogoi had posted the matter on July 15 for a detailed hearing. The plea by the foundation had alleged that the LIC 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. The petitioners contended that the policy holders get less than half of what they paid as premium for ten or more years and that the policy gives negative returns in the higher age group although the person would have purchased the policy for investment purpose.
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