To comply with IRDA Life Insurance Regulations 2013, LIC is closing it’s few of existing plans in a phased manner. Below is the list of those plans which were closed. I will update the list as and when I get information about the same. This is in a right move so that by 1st Jan 2014 all plans are as per the new regulations.
Last updated on 1st December 2013.
But please note that a few agents may lure you as if such plans will not be available again, may force you to buy. Instead it is better to wait and watch how new plans will be beneficial. Because everybody is predicting that LIC may adopt new mortality table wherein mortality charges may get reduced. Also it may revamp it’s term insurance rates which are currently highest in India. Below is the list of few plans.
You notice that LIC is concentrating to remove first whole life plans, plans which are not relevant when one looking for Term Insurance (like Anmol Jeevan, Convertable Term Insurance or Jeevan Mitra Double Cover). Let us see how and what feature they add to the new offering of plans.