Life Insurance Corporation Act, 1956

The Life Insurance Corporation (LIC) passed a Board resolution in 2001 to upgrade the basic pension and dearness relief for retirees who left service before 1 August 1997, proposing an amendment to the 1995 Employees Pension Rules (Para 3A of Appendix IV). The amendment required a rule under Section 48 of the Life Insu…

The petitioners, a company dealing in the purchase and resale of life‑insurance policies, challenged LIC's circulars of 2003 and 2005 that refused to register assignments of policies to firms engaged in trading such policies. They argued that Section 38 of the Insurance Act, 1938 makes policies transferable and assigna…

The case concerned claims by thousands of Life Insurance Corporation of India (LIC) workers who had been employed as temporary, badli or part‑time staff between 20 May 1985 and 4 March 1991, seeking regularisation (absorption) under the Srivastav Award and earlier Tulpule and Jamdar Awards. The Supreme Court examined w…

Ravi Agrawal filed a writ petition seeking retrospective application of the Finance Act, 2022 amendment to section 80DD of the Income Tax Act, which allows a subscriber to discontinue payments to a Jeevan Adhar scheme upon attaining the age of 60 and to use the accumulated benefit. He argued that the amendment should a…

The appellant, Banatwala & Co., a tenant of premises owned by Life Insurance Corporation of India (LIC), sought fixation of standard rent and restoration of essential services under the Maharashtra Rent Control Act, 1999 after the landlord raised rent and failed to repair a lift. The respondents argued that the premise…

The case concerned workmen of Life Insurance Corporation of India (LIC) who had been employed as temporary, badli and part‑time staff after 20 May 1985 and sought absorption as regular employees. Earlier awards of the National Industrial Tribunal (NIT) by Justice R.D. Tulpule (1986) and clarified by Justice S.M. Jamdar…

The respondent, a Development Officer of LIC, was dismissed following a departmental inquiry that he alleged was conducted without a copy of the inquiry report and without a proper opportunity to be heard, violating natural justice. In the suit challenging his dismissal, the employer (appellant) did not lead any oral e…

The appellant, who had served LIC for over 23 years and resigned after turning 50, sought pension under the Life Insurance Corporation of India (Employees) Pension Rules, 1995, which were given retrospective effect. The corporation denied the claim, arguing that resignation forfeited pension rights. The Supreme Court e…

The Supreme Court examined appeals filed by several Development Officers of the Life Insurance Corporation (LIC) challenging a High Court order that set aside an award of the Central Government Industrial Tribunal. The core issue was whether these Development Officers qualified as "workmen" under Section 2(s) of the In…

The deceased submitted a life insurance proposal on 6 July 1996 and paid the first premium by cheque on 9 July 1996; he died accidentally on 14 July 1996. The insurer issued an Acceptance‑cum‑First Premium Receipt on 9 July, which the appellants (widow and children) relied on to claim policy benefits. The insurer argue…

The appellant purchased a 25‑year endowment life insurance policy in 1993, paid premiums for 31 quarters, and in 2001 took a loan of Rs 15,000 against the policy before stopping premium payments. He sought the surrender value, and LIC offered Rs 2,268 after deducting the loan and interest, which the District Consumer F…

Canara Bank paid interest on fixed deposits to the New Okhla Industrial Development Authority (NOIDA) without deducting tax at source under Section 194A of the Income Tax Act, 1961. The Assessing Officer treated the bank as a defaulter and issued a demand notice, which the bank appealed, relying on Notification dated 2…