NATIONAL INSURANCE SPECIAL VOLUNTARY RETIRED/RETIRED EMPLOYEES ASSOCIATION vs UNITED INDIA INSURANCE CO. LTD.

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 allowed for an increase in qualifying service by five years, this benefit was not applicable to those who retired under the SVRS-2004 Scheme, as per the explicit terms of the latter. The Court concluded that the appellants were not entitled to the additional notional benefit under the 1995 Scheme, affirming the decision of the lower courts.