के (cid:3)ीय सूचना आयोग Central Information Commission बाबा गंगनाथ माग(cid:18), मुिनरका

Baba Gangnath Marg, Munirka नई िद(cid:24)ी, New Delhi – 110067 File No: CIC/LICOI/A/2024/612708 Parth B Patel .….अपीलकता(cid:18)/Appellant VERSUS बनाम CPIO, Life Insurance Corporation of India Mumbai Divisional Office-III, CRM Department, 1st Floor, New India Building, S.V. Road, Santacruz (West), Mumbai - 400054 ….(cid:29)ितवादीगण /Respondent Date of Hearing : 18.08.2025 Date of Decision : 25.08.2025 INFORMATION COMMISSIONER : Vinod Kumar Tiwari Relevant facts emerging from appeal:

RTI application filed on : 14.02.2024 CPIO replied on : 29.02.2024 First appeal filed on : 29.02.2024 First Appellate Authority’s order : 14.03.2024 2nd Appeal/Complaint dated : 22.03.2024 Information sought:

1. The Appellant filed an (online) RTI application dated 14.02.2024 seeking the following information:

“Under which law, or terms and conditions, LIC can prevent my full withdrawal of policy no. 936810974, parth babubhai patel at this moment. Lic told me about it in emails in past.

( just for your information: i got this funds through my national pension scheme full withdrawal. I have full discretion of this funds as its my saved money deducted from my salary during govt. job in India in past and currently am living overseas so LIC has no right to hold my all money and to say no to full withdrawal as per my best knowledge and information)”

2. The CPIO furnished a reply to the Appellant on 29.02.2024 stating as under:

“National Pension Scheme (NPS) funds, as per Pension Fund Regulatory and Development Authority (PFRDA) rules are invested in pension plans through the companies chosen by the NPS member and as per the details of the proposal form, you have chosen LIC of India as the service provider and purchased and invested in Jeevan Akshay -VII, an immediate annuity plan online. As per the Terms & Conditions of Jeevan Akshay VII plan, of the said policy no. 936810974, the option selected by you is A Life Annuity without return of purchase price. Hence, question of full withdrawal of funds under the policy, does not arise, as it is not allowed. All the options were clearly mentioned in the proposal form (a copy of the same is enclosed herewith), wherein it is clearly seen that you have chosen the Option "A" Annuity for life without return of purchase price and ticked the Box against the same and have also duly signed the form.

Further, the first two paragraphs printed on right side of the first page of the policy Bond in English is reproduced herewith:

"Re: Your policy No. 936810974 We have pleasure in forwarding herewith the above policy document comprising of Part A to Part G which please find in order. We would also like to draw your kind attention to the information mentioned in the Schedule of the Policy and the benefits available under the Policy. Some of our plans have certain options available under them. It is important that the options, if any, available under this Plan and mentioned in the Policy Document are noted carefully as it will be helpful to you, in case you decide to exercise any of the available options. It is also essential to note that such option, if available and mentioned in the document of this Plan has to be exercised in the right manner and during the stipulated time limit as prescribed herein.

Free Look Period We would request you to go through the terms and conditions of the Policy and in case you disagree to any of the terms and conditions, you may return the Policy within a period of 30 days from the date of receipt of the electronic or physical mode of the Policy Document, whichever is earlier, stating the reasons for your objections and disagreement. On receipt of the policy, we shall cancel the same and the amount of premium deposited by you shall be refunded to you after deducting the charges for stamp duty and Annuity paid (if any)".

It is clear from above that you had time of 30 days to cancel the policy, if Terms & Conditions of t