The Hindustan Times Mumbai edition today reported a decision of the Maharashtra State Consumer Disputes Redressal Commission while dismissing an appeal by the Life Insurance Corporation (LIC) has held that LIC cannot ask a consumer to pay for an error of miscalculation on its part. The facts of the case were that the policy holder Mr. Ram Iyer had requested LIC for a change in tenure of his policy from 35 years to 17 years. The term was reduced on payment of Rs.1,15,378. The policy matured in August, 2008 and LIC held back Rs.62,821 on the account that there was a miscalculation on its side in making the offer of reduction of term and Mr. Iyer was expected to pay that amount. The Commission stated that it was unfair on the part of LIC to bring the point of its mistake in calculation of the amount and make the complainant pay at the time of maturity of his policy.
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