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Articles 14722 views January 30, 2020
According to the guidelines of the IRDAI, the Life Insurance Corporation of India (LIC) is planning to close some of its eminent policies such as Jeevan Umang, Jeevan Lakshya and some more by the end of this month. LIC of India plans to again launch these policies freshly on 1st February 2020. With the closure and fresh launch of these plans, it is quite obvious that the return rates of these plans would decrease and the premium would increase. So, insurance agents are advising and motivating the customers to invest in these LIC plans before 31st January.
Table of Contents
LIC Closed Policy List
The LIC plans which are going to be closed include unit-linked indebtedness insurance plans, one rider plan, non-linked indebtedness insurance plans, and three non-linked group insurance plans.
The unit-linked indebtedness insurance plan which would be discontinued is the Unit-Linked New Endowment Plus. The rider plan includes the LIC Premium Weaver Benefit Rider which is to be closed by 31st January 2020. The three non-linked group insurance plans which are going to closed are the
- LIC New Group Superannuation Cash Accumulation Plan
- LIC New Group Gratuity Cash Accumulation Plan
- LIC Live Incorporation Plan.
In addition to these plans, the non-linked indebtedness insurance plans which would be closed include the
LIC Closed Plans List
- LIC Single Premium Endowment Plan
- LIC New Endowment Plan
- LIC New Jeevan Anand
- LIC Anmol Jeevan-E
- LIC Jeevan Tarun
- LIC Micro Savings
- LIC Aadhar Rock
- LIC Jeevan Umang
- LIC New Jeevan Mangal Plan
- LIC Jeevan Umang
- LIC Limited Premium Endowment Plan
- LIC Jeevan Benefit Plan
- LIC Jeevan Shiromani
- LIC Aadhar Column
- LIC New Money Back-20 years
- LIC New Children Money Back Plan
- LIC Jeevan Benefit Plan
- LIC Insurance Shree
- LIC Jeevan Lakshya
The major objective of IRDAI behind the closure of these LIC policies is to make these insurance products more competent and satisfactory for the customers. Moreover, the IRDAI intends to put a check on the wrong methods of sale of insurance products such as by alluring the customers. This procedure was scheduled to be taking place by the end of November 2019 but was extended due to the official requests of the insurance providers for some additional time.
Conclusion
Hence, with the closure and re-launch of these LIC policies as per the IRDAI guidelines it is expected that customers will get to experience new features and good benefits from these LIC plans very soon.