About two dozen plans of LIC ie Life Insurance Corporation of India will cease to meet after 31 January. In fact, in late November, the Insurance Regulatory and Development Authority of India (IRDAI) gave life insurance companies two months to withdraw from life insurance and riders who were not in line with the new product guidelines. Earlier, the last date for the withdrawal of such products was 30 November 2019, but the insurance regulator extended the time of two months to life companies.
The number of life insurance products and riders of LIC that do not conform to the new guidelines of the insurance regulator is 23. These include some popular insurance plans like LIC New Jeevan Anand, Jeevan Umang, Jeevan Lakshya. All these products will be launched as per the new guidelines. The last date for change or re-approval of existing life insurance policies is 29 February 2020.
Vipin Anand, managing director of Life Insurance Corporation of India, said that the closing products would be available in a new form from February.
According to IRDAI, training of agents for the periodic statements, unit-linked products, explaining the benefits of the policy will also become effective from 1 February 2020. The insurance regulator had advised all life insurance companies to get permission for the new product as soon as possible and do not wait for the last date.
These plans of LIC will not be available from February 1
- LIC Single Premium Endowment Plan
- LIC New Endowment Plan
- LIC New Money Back -20 years
- LIC New Jeevan Anand
- LIC Anmol Jeevan-II
- LIC Limited Premium Endowment Plan
- LIC New Children’s Money Back Plan
- LIC Jeevan Lakshya
- LIC Jeevan Tarun
- LIC Jeevan Benefit Plan
- LIC New Jeevan Mangal Plan
- LIC Bhagyalakshmi Plan
- LIC base column
- LIC Adhar Shila
- Lic Jeevan Umang
- Lic Jeevan Shiromani
- LIC Insurance Sh
- LIC Micro Savings
- LIC New Endowment Plus (ULIP)
- LIC Premium Waver Rider (Rider)
- LIC New Group Superannuation Cash Accumulation Plan (Group Plan)
- LIC New Group Gratuity Cash Accumulation Plan (Group Plan)
- LIC New Group Leave Incorporation Plan (Group Plan)
Actually, the insurance regulator IRDAI is trying to make life insurance policies more beneficial for the customers. Also, the policies that agents sale-by luring customers wrongly can be curbed. That is why the insurance regulator issued new guidelines for life insurance. Life insurance products that do not conform to the new guidelines will not be visible in the market from 1 February 2020.