Insurance policies are being discontinued due to new guidelines of insurance regulatory IRDA
The Insurance Regulatory and Development Authority (IRDA) has created new guidelines regarding linked and non-linked life insurance policies. IRDA has asked all insurance companies to prepare all their policies under the new guidelines. Due to the new guidelines of IRDA, life insurance companies have to close many of their policies.
LIC will discontinue 19 policies from 31 January
Public insurance company Life Insurance Corporation of India (LIC) is also forced to discontinue its 19 policies following the new guidelines. This includes non-linked and unit linked individual policies. Noida resident LIC agent Ritesh Singh told a conversation with Mani Bhaskar that LIC has sent a list of insurance policies to be closed from 31 January 2020 to all agents. No LIC agent will be able to sell these policies after 31 January. LIC agent Gaurav Saxena, resident of Meerut, says that there is no restriction on selling these policies till January 31 and customers will continue to get their benefits as before. Due to the introduction of new guidelines, premiums and benefits of old policies will not be affected.
Letter issued by LIC for discontinuing the policy. This letter is provided to us by an LIC agent. Mani Bhaskar does not confirm the veracity of this paper.
These policies are being closed
Non-linked individual products
- Plan No. 814: New Endowment Plan
- Plan number 815: New Jeevan Anand
- Plan No. 817: Single Premium Endowment Plan
- Plan No. 820: New Money Back Plan
- Plan number 822: Anmol Jeevan 2
- Plan No. 830: Limited Premium Endowment Plan
- Plan No. 832: New Children’s Money Back Plan
- Plan number 833: Life goals
- Plan number 834: Jeevan Tarun
- Plan No. 836: Life Benefits
- Plan number 839: Bhagya Lakshmi
- Plan No. 840: New Jeevan Mangal
- Plan number 843: base column
- Plan number 844: base craft
- Plan number 845: Jeevan Umang
- Plan number 847: Jeevan Shiromani
- Plan No. 848: Insurance Shree
- Plan Number 851: Micro Savings
Unit Linked Individual Products
- Plan number 835: New Endowment Plus
IRDA guidelines will be implemented from February 1
Insurance regulator IRDA had issued a notification on December 3, saying that the deadline for implementing the new guidelines was extended. Now the new guidelines will be applicable from 1 February 2020. The first new guidelines were to come into effect from 1 December 2019. According to the new guidelines, insurance companies can launch new insurance products after 29 February 2020. However, premiums for new insurance policies may be higher than those of old policies.