Judgment

S.B. Sinha, J.—Leave granted in S.L.Ps.

2. These appeals involving common questions of fact and law were taken up for hearing together and are being disposed of by this common judgment.

3. The basic fact of the matter is as under: ­

The Life Insurance Corporation (for short “the Corporation”) was created under the Life Insurance Corporation Act, 1956 (for short “the Act”). It floated a “Salary Savings Scheme” which envisaged a life insurance policy for the salaried class employees a proposal wherefor was made to the concerned employers. Although the Scheme as such is not on records of the case, the same has been referred to at some detail in the judgment of this Court in Delhi Electric Supply Undertaking Vs. Basanti Devi and Another [(1999) 8 SCC 229] and we intend to refer thereto in extenso as it throws considerable light on the issue which falls for our determination.

4. The Corporation issued a brochure in relation to the said Scheme wherein it was stated:

“It is a simple, economical plan whereby your employees may obtain life insurance protection for their families and retirement income for themselves under advantageous conditions which might not be available to them other