LIC – Life Insurance Corporation of India is about to close about two dozen individual insurance products, eight group insurance plans and seven-eight riders on 30th November 2019.
Among the retail plans which would be closed are some of LIC’s best selling plans like Jeevan Anand, Jeevan Umang, Jeevan Lakshya and Jeevan Labh.
These closed plans will be revised and again relaunched in line with the insurance regulator’s revised customer-centric product guidelines in the next few months. But, the newer products will have lower bonus rates and higher premium rates.
According to the news in the industry, around 75 to 80 life insurance products would go off the shelf after 30th November they remain non-compliant to the new non-linked and linked insurance product regulations issued on 8th July 2019.
LIC’s insurance agents are working hard and asking the customers to buy them before they close on 30th November 2019.
M.R. Kumar, chairman of LIC told that they will be closing some products, modifying them as per the new norms and then relaunching them in the coming months.