The correct answer is B. Life Insurance does not come under Consumer Protection Act 1986.
The Consumer Protection Act 1986 is an act to provide for the establishment of consumer councils and other authorities for the settlement of consumer disputes and for matters connected therewith. The Act covers all goods and services, including life insurance.
The Act provides for the establishment of Consumer Disputes Redressal Commissions at the district, state and national levels. These Commissions have the power to entertain complaints from consumers against traders and service providers. The Commissions can award compensation to consumers for any loss or damage suffered by them.
The Act also provides for the establishment of Consumer Protection Councils at the district, state and national levels. These Councils are responsible for promoting and protecting the rights of consumers. They also undertake research and education on consumer issues.
The Consumer Protection Act 1986 is a landmark legislation that has helped to protect the rights of consumers in India. The Act has been instrumental in reducing the number of consumer complaints and in ensuring that consumers get a fair deal from traders and service providers.
Here is a brief explanation of each option:
A. Consumer Disputes involving private insurance companies can be heard by Consumer Forum or commission: This is correct. The Consumer Protection Act 1986 provides for the establishment of Consumer Disputes Redressal Commissions at the district, state and national levels. These Commissions have the power to entertain complaints from consumers against traders and service providers. The Commissions can award compensation to consumers for any loss or damage suffered by them.
B. Life Insurance does not come under Consumer Protection Act 1986: This is incorrect. The Consumer Protection Act 1986 covers all goods and services, including life insurance.
C. Complaints can be lodged against private insurers as also public sector companies/corporation like LIC: This is correct. The Consumer Protection Act 1986 provides for the establishment of Consumer Disputes Redressal Commissions at the district, state and national levels. These Commissions have the power to entertain complaints from consumers against traders and service providers. The Commissions can award compensation to consumers for any loss or damage suffered by them.
D. Complaints can be lodged only life insurance companies as also non-life insurance companies: This is incorrect. The Consumer Protection Act 1986 covers all goods and services, including life insurance and non-life insurance.