CESTAT clarifies Redemption Fine applicable for Re-Export Offending Goods, Reduces Fee from ₹3 Crore to ₹5 Lakh Citing ‘Bit Excessive’

Insurance Policies Must Be Read Holistically: NCDRC Holds LIC Liable for Deficiency in Service The National Consumer Disputes Redressal Commission (NCDRC) held the Life Insurance Corporation (LIC) liable for deficiency in service, stating that insurance policies must be interpreted holistically. The case involved a policyholder who had faced issues with policy benefits being denied despite making all required premium payments. The NCDRC ruled that LIC failed to provide the full benefits as per the terms of the policy. The ruling emphasizes that insurance companies must honor the complete terms and conditions of policies, providing clarity on the rights of policyholders.