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LIC plans to scrap many key schemes from December 1

THE ASIAN AGE. | FALAKNAAZ SYED
Published : Nov 4, 2019, 1:49 am IST
Updated : Nov 4, 2019, 1:49 am IST

LIC’s insurance agents are pushing the existing products hard, asking customers to buy them before they close on November 30.

Public sector behemoth Life Insurance Corporation of India  (LIC) is about to close over two dozen individual insurance products, eight group insurance plans and seven to eight riders on November 30. (File Photo)
 Public sector behemoth Life Insurance Corporation of India (LIC) is about to close over two dozen individual insurance products, eight group insurance plans and seven to eight riders on November 30. (File Photo)

Mumbai: Public sector behemoth Life Insurance Corporation of India  (LIC) is about to close over two dozen individual insurance products, eight group insurance plans and seven to eight riders on November 30.

Among retail products that will be closed are some of LIC’s bestsellers like Jeevan Anand, Jeevan Umang, Jeevan Lakshya and Jeevan Lab. These plans will be revised and relaunched in line with the insurance regulator’s revised customer-centric product guidelines in the next few months. However, the new products will have lower bonus rates and higher premium rates.

Top industry sources said around 75-80 life insurance products of the entire industry would go off the shelf after November 30 as they are non-compliant with the new non-linked and linked insurance regulations.

LIC’s insurance agents are pushing the existing products hard, asking customers to buy them before they close on November 30.

Tags: life insurance corporation of india, jeevan anand