National Insurance Special Voluntary ... vs New India Insurance Company Limited

The Supreme Court addressed the entitlement of ex-employees of insurance companies to benefits under the General Insurance (Employees) Pension Scheme, 1995 after opting for the SVRS-2004 Scheme. The Court held that while the 1995 Scheme allows for an increase in qualifying service by five years, this benefit is not applicable to those who retired under the SVRS-2004 Scheme as per the specific provisions of that scheme. The Court emphasized that the SVRS-2004 Scheme explicitly excludes the additional notional benefit for pension calculation, thus affirming the insurance companies' interpretation of the schemes.