Section 14
Power of Corporation to modify contracts of life insurance in certain cases.
The Life Insurance Corporation Act, 1956
About this Act
An Act to provide for the nationalisation of life insurance business in India by transferring all such business to a Corporation established for the purpose and to provide for the regulation and control of the business of the Corporation and for matters connected therewith or incidental thereto.
The corporation
may, having regard to the financial condition on the appointed day of any insurer whose controlled
business has been transferred to an vested in the Corporation, reduce the amounts of insurance under
contracts of life insurance entered into by such insurer before the 19th day of January, 1956, in such
manner and subject to such conditions as it thinks fit:
Provided that no such reduction shall be made except in accordance with a scheme prepared by the Corporation in this behalf and approved by the Central Government.
Provided that no such reduction shall be made except in accordance with a scheme prepared by the Corporation in this behalf and approved by the Central Government.