SBI Life Altered The Approved Terms & Condition Of IRDA In Life Insurance Policy Cheated Millions Of Customers and Gained Billions. 31st May 2014: Lucknow : The SBI Life Insurance Company Limited’s policies will come in for a close scrutiny with the Lucknow bench of Allahabad high court directing the Serious Fraud Investigation Office to examine the policies and the unlawful gains that the company may have made by cheating the policyholders. LUCKNOW: The SBI Life Insurance Company Limited’s policies will come in for a close scrutiny with the Lucknow bench of Allahabad high court directing the Serious Fraud Investigation Office to examine the policies and the unlawful gains that the company may have made by cheating the policyholders. The Insurance Regulatory Development Authority (IRDA) has been directed to critically examine each and every policy of the company and ask the SBI Life to wind up its business if its policies are not in line with