LIC to scrap many plans in India

Jammu, 24 january, (HS): The Government-owned Life Insurance Corporation of India is about to close two dozen of its insurance plans soon, in which popular plans like LIC New Jeevan Anand, Jeevan Umang, Jeevan Lakshya are also included among others. According to reports, following the guidelines of the Insurance Regulatory and Development Authority of India (IRDAI), these plans will be launched afresh on 1 February.

Due to the closure of LIC plans, it is expected that not only the returns on new schemes will be reduced, but their premiums also increase said a senior officer of LIC in jammu said For this reason, LIC agents are advising customers to invest in these schemes before 31 January.

He said there is a panic among investors that LIC is going to be closed which is totally false and few rumors are spreading in the region about LIC.

He said LIC wants to make insurance products more ideal for customers. At the same time, it wanted to put curbs in the ways of selling the policy by luring customers wrongly. The schemes that LIC is discontinuing include non-linked indebtedness insurance plans, unit-linked indebtedness insurance plans, one rider plan and three non-linked group insurance plans.

Anubhav Misri Jammu