NEW DELHI: Life Insurance Corp. of India (LIC) has withdrawn its time period insurance coverage, Jeevan Amar and Tech Term, efficient 23 November. LIC Tech Term was a web based coverage, whereas LIC Jeevan Amar was offline.
“It has been determined to withdraw the time period plans with impact from 23 November 2022,” mentioned a LIC’s inner round,
According to sources, the time period plans had been withdrawn attributable to elevated reinsurance charges. The insurer had launched Jeevan Amar plan in August 2019 and the Tech Term plan in September 2019. It had not raised premium charges of the plans since their launch. However, based on the supply, the corporate will relaunch the merchandise quickly with modifications.
Both insurance policies pay the sum assured in case of demise of the life assured in the course of the coverage time period and supplied a coverage time period of 10 to 40 years. You may have bought a minimal sum of ₹25 lakh with LIC Jeevan Amar plan and a minimal sum of ₹50 lakh with the LIC Tech Term Plan. There was no most restrict hooked up to every plan. Besides, LIC Tech Term Plan, the web time period insurance coverage plan, was cheaper than the offline plan- LIC Jeevan Amar.
What policyholders ought to know
Existing LIC time period plan policyholders shouldn’t fear in any respect. Their current insurance policies will proceed as typical, whether or not they have purchased LIC Tech Term or LIC Jeevan Amar plan. A product closure signifies that it’s closed for future gross sales. Buyers who’ve submitted a proposal for insurance coverage and paid the deposit until 22 November for getting these time period insurance coverage might be given the plan if their proposal will get accepted by 30 November, mentioned the supply.
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