SC: Menstrual Health is a Fundamental Right under Article 21; Orders Free Sanitary Pads in Schools  ||  Supreme Court: Industrial Court is the Proper Forum to Decide Issues Relating to Contract Labour  ||  Supreme Court: Only Civil Court of Original Jurisdiction Can Extend Arbitral Tribunal’s Mandate  ||  SC: Demolition of Private Property Must Rest on Clear Statutory Grounds and Due Consideration  ||  SC: After Complaint Was Withdrawn, BCI Disciplinary Committee Could Not Penalise Advocate  ||  MP HC: Decree Holder Cannot Defeat Compromise or Initiate Execution by Refusing Debtor’s Cheque  ||  MP HC: Spouse’s Income Cannot Be Clubbed With Public Servant’s for Disproportionate Assets Case  ||  Ker HC: Bar Association is Not Employer & Cannot Form Internal Complaints Committee under POSH Act  ||  SC: Ex-Contract Workers Must Be Preferred When Employers Replace Contract Labour With Regular Staff  ||  SC: Waqf Tribunals Cannot Hear Claims over Properties Not Listed or Registered under Waqf Act    

LIC of India v. Insure Policy Plus Services Pvt. Ltd. and Ors. - (Supreme Court) (29 Dec 2015)

Lapsed insurance policies remain tradeable and assignable

MANU/SC/1491/2015

Insurance

The Supreme Court permitted transfer and assignment of lapsed insurance policies that came into effect prior to 2015. LIC Circulars that prohibited registration of such policies were illegal and void. Whereas the High Court its judgment had delved into insurance policies being “personal, moveable property of the policy holder” and “ life insurance [no longer] remained a measure of social security”, the Supreme Court dispensed with looking into the same. It concluded LIC could not change the terms of the policy itself, and legislative intent was unambiguous about the registration of lapsed policies.

Relevant : Grigsby v. Russell 222 US 149; Avinder Singh v. State of Punjab MANU/SC/0299/1978 Agricultural Market Committee v. Shalimar Chemical Works Ltd. MANU/SC/0644/1997 Section 38 of the Insurance Act, 1938 Act

Tags : INSURANCE POLICY   LAPSE   TRANSFER   REGISTRATION  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved