List of LIC’s closed plans-2013

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.

List of LIC's Closed Plans-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.


60 Responses

  1. Hi… I am having endowment assurance policy table no. 14 of rs 9626 annual premium from 2009 upto 2029 [20 y] with 2 lacs as sum assured. As of now i have got 69200 as bonus.
    I am confused whether or not i should continue it.
    What is paid up plan.
    What amount will i get if i surrender it.
    What about investing that amount into mutual fund.

  2. @Basavaraj,
    I have 2 Jeevan saral & one jeevan anand policy.
    What should i do now mean should i close or continue.I have taken it in 2009 with a premium of Rs.50K/year each.


  3. Hi Basavaraj,

    I have 2 LIC policy as below and planning to close it & to start SIP of same amount and coming year premium. & will be having term plan separately.
    Could you please suggest on same?
    i> New Bima Gold , SA- 5 lakh, premium- 17354/-, Term – 20 year, start date- dec-2009.
    ii>Jeevan Anand, SA- 5 lakh, pre – 27186/-,Term – 20Y, Start date – Sept-2013.

    Thanks in Advanced!

  4. Hi Basav,

    Is Jeevan saral plan closed? if not is it ok to buy it? what are pros and con of this policy. please guide. Thanks.


  5. Hi sir,

    I want to purchase plan for my son 9 year my age is 40 please suggest me the good plan.

    some suggest me Aviva i growth
    and second lic child plan are closed please suggest me right plan.

    Thanks in advance.

  6. Hi Basawaraj,

    My name is Anil and I’m 29 yrs old.

    I have taken a term LIC insurance plan (Amulya Jeevan with 10lacs SA) as on June 2014 along with a Pension Plus Plan. I would like to know whether it was a good decision of me to select those plans. It was against the reference of my LIC agent. He was offering me New Endowment Plans with a term insurance. Also I didn’t opt for health insurance as I am a government employee and get all the medical benefits. So was it a wise decision of me to settle with those plans.

    Below are some details of my financial state for your reference-
    Annual Income: Rs.7.15lac (draws Rs.41,300 monthly inhand – approx.)
    Loan: Have taken home loan of Rs.36lac from SBI

    Waiting for your Reply.

    Thanks & Regards,
    Anil Kumar

    1. Anil-Amulya Jeevan is offline plan. Currently LIC is offering online term plan. You can check it and if you got that then check for premium difference and viability and accordingly cancel the Amulya Jeevan. Regarding pension plan, it is ULIP and little bit expensive than mutual funds. So the decision is left with you whether to continue or not. But to me it seems that you are under insured. Because ideal insurance coverage should be around 15-20 times of yearly income+any debt.

  7. Hello,

    I have 2 LIC Jeevan Anand 2 Lacs each, insured in 2007 and 2008 respectively. Total around 28K of preminum per year. Now that it is discontinued , what does this mean for me ? Should I continue to pay premium for these and continue the policy ? Am I gurranteed to get the benefits at the time of maturity ?

  8. Hi Basu,

    Me and my wife are planning for some long term investment , with a thought that we can have the maximum profit return when we retire after 30 yrs. My age is 37 and I have Lic Jeevan Anand and Lic retirement plan. We both are also investing in post of PPF. My wife age is 29 yr and she wants to move ahead with some better investment that can help us in our old age. We have heard about ULIP, mutual funds, SIP etc etc however not sure about all these components. Please guide us understanding what should we move ahead with . We can invest around 5000 to 10000 rupees a month as an investment. Or you can say Rs 5000 as if now.

    We both are looking forward to your kind session and guidance.

    Kind Regards

    Sandeep/ Kavita

    1. Sandeep-First let us discuss about basic things. Buy online term plan to the tune of around 15-20 times of your yearly income (if your wife also working then let her buy also), have your own family health insurance, buy accidental insurance, buy critical illness insurance and create an emergency fund of around 6 months household expenses. Once all these are set then we can discuss for investment. At the same time try to come out of the LIC products or any insurance products which are combo of insurance+investment.

  9. Sir I think you’re repeatedly highlighting one thing in ur blogs that insurance & investment are 2 diff options & should not be combined together…So would you suggest me to withdraw Rs 1 lakh from LIC New Bima Gold Policy & discontinue the same & invest in Anmol Jeevan-II? I didnt know about Anmol Jeevan,just now I checked it & found the premiums to be abnormally low for high sum assured. I’m well aware of the fact that there is no maturity benefit but who expects maturity when the premiums itself are such low that too with >97% claim settlement ratio of LIC in case of unfortunate death.

    1. Poorvottar-When I said differentiate between Investment with Insurance, it does not mean that surrender your existing traditional policy of LIC and whatever you receive (suppose Rs.1,00,000 receivable) will buy term insurance. First understand the value of insurance in your life. Think that suppose you are not today then for how many years your dependents will survive with that Bima Gold policy? Also at the same time think that if you buy the term insurance (I am not restricting my choice to LIC’s term insurance) then for how many years they will survive? Let me know your answer for both the questions to discuss further.

      1. What I came to know from a few sources is that the claim settlement ratio as shown by IRDA for diff companies are based on all products & mostly the claim settlement in case of Term Plans are the least.Among the private players I can rely max upto SBI Life.Now for 24 lakh term plan for 25 yrs,one time premium for SBI Life is around 64k,whereas for LIC the same premium goes upto as high as (9k*25=175k)…May I know what may be the reason for such diff whereas for other insurance products the rates are not so dissimilar.Is there something fishy about term plans which we,as a normal layman unaware of?

        1. Poorvottar-Yes you are right. Currently we don’t have data either from insurers or IRDA to differentiate the claim settlement ratio of term insurance and other products. Hence buying term insurance only based on claim settlement ratio is not a wise decision. But at the same time going for a cheaper is also wrong decision. Hence you need to balance your act based on the insurance company service and it’s faith factor. May I know the reason behind going for one time premium payment towards term insurance buying? Also how you arrived at SA you need?
          Pricing of any insurance product is based on the cost and mortality table they use for underwriting the risk. Hence till date LIC used to have old mortality table. Hence it was bit costlier than other insurers. But current offline term insurance are cheaper to older one. You can check it pricing and then decide. You will not believe it-But in online term plans (where we claim no agent cost involved) also there are some pricing variations which includes agent’s cost hidden. So if you think of such kind of practices then to be frank you will stay away from Insurance. Hence think how much you need and how you can get the service for which you will pay 🙂 Rest is pure business for them.

          1. Actually after my parents lost around Rs 7.5 lakh by investing in Saradha Realties(Chit Fund Scam)..I’ve lost all my hopes of investing in any private it insurance or any investment. Before investment everyone will try to come & share their knowledge to prove that the company is authentic & reliable..but when it comes to repayment even SEBI is unable to help.Now SEBI has taken up the case against Saradha but dont know how did they allow such Chit Funds to flourish in the Indian Market? Specially the illiterate people from the Rural backgrounds are targetted & after such betrayal,people even loose their faith from Banks,Post Offices & other govt secured entities.

            1. Poorvottar-You are 200% right. The answer lies in your problem itself. You must learn first to understand where you are investing and what are the risk involved. Do your research then only go ahead. Bear in mind that return is directly proportional to return. Higher return always involves higher risk. This people fail to understand and blindly invest where they see huge returns. Hence educate yourself properly in financial matters then invest. Also if you loose one such scam means all types of products available in market are like that.

              1. Ok,if I assume that I can take care of my investments & insurance,but how can the Govt be such blindfolded? There are 70% people in the country who’re in the rural backgrounds & Govt is striving hard for financial inclusion for each one of them. At the same time it’s also allowing FDI in banking & insurance sectors whereas its universally known to everyone that Foreign companies have only one objective & that is to make out max profit.They’re not @ all expected to care for the emotions & hard work of the poor what are these organisations like SEBI,IRDA etc doing?

                1. Poorvottar-How can the Govt be such blindfolded? Answer is-BECAUSE IT IS GOVERNMENT 🙂 You know one thing, when such financial irregularities of collecting huge cash from public happens, then why can’t regulator stop such activity immediately? Will they not come to know, when such huge cash deposits are happening in their accounts? These companies will not deposit the collected the cash in their home, instead they will deposit in banks. But still you find that no regulator will discuss about this. Everything will be on tight mode when actually it is over. So instead of depending on such Govt or regulator,better to educate yourself and be a wise investor.

  10. Ok according to you in which products are good for invest & high return ?
    & how is mutual fund good ? whereas mutual fund is based on market. as per my experience mutual fund is very bad products to invest becoz there is no surety of return or even some time people not get the principle amount as well.

    1. Vipin-Product should be based on one’s financial goals. So you can’t claim and say that any ONE product is the panacea to all solution. Do you think mutual fund means equity? If so, then change your mind. It consists of a variety of products. It is a misconception that mutual funds mean equity investment. Check your data and let me know who lost in equity who stayed for investing in equity for long term like 10 years. Can you let me know of any funds where someone lost their prinnciple?

  11. Mr.Basuvraj

    Whatever you have expressed in your above comments are totally negative about LIC policies. As per your LIC not having a single positive things.
    Then why lIC having 80% of share in insurance industry.

    1. Vipin-When return from such plans doesn’t match even the normal inflation rate then do you think they are valuable products to invest? I treat them as debt products where return from such plans will be around 7%. If anyone satisfied with such type of return then they have every right to invest. Now coming back to LIC share in the Insurance Industry, it is because of its existing sales force which can’t be possible with private insurers. That is the reason till date we are unable to find the single online plans (except Jeevan Akshay, which is less volume) from LIC. So it is not the right way to think that if one company have good penetration in the market means it have the best products and which are suitable for the whole country.

  12. Hi Mr Basavaraj

    I’m 22 and recently started working for a leading MNC with a CTC of 3.2 lacs. As per my Dad’s advice I met a LIC agent well known to the family for more than a decade, He suggested me to go for Jeevan Anand, 10 lacs for a period of 20 years with annual premium of around 51k. Citing that I’ll get around 20 lacs in 2033 when I’ll be 42. Again, I’ll also be insured for 10 lacs in the event of my death at a later period.

    Question 1) Is this a lucrative offer?

    Question 2) My major concern has been to get a Policy by year end to avoid paying the service tax on premiums applicable from Jan 2014. Now, reading this thread I learnt that Jeevan Anand will be withdrawn on 31 Dec. So, what should I do? Go for it right now to avoid paying taxes for premium applicable for new policy which LIC might get next year? Or wait for a policy which inspite of adding the applicable taxes for the premium will be more beneficial than Jeevan Anand? (I know this is hypothetical. Sorry for that). Kindly enlighten me on this point.

    In hope of your prompt reply. Thanks in advance.

    A Kumar

    1. Mr kumar

      Pls don’t. Invest in insurance products
      Invest in PPF and Mutualfund.
      If you want insurance then pls take term insurance

      Raju Billa
      Financial Planner
      Tirumala Investments & Insurance

    2. A Kumar-My answers are as below.
      1) Not at all. Actually you are making a wrong decision of buying this plan. But I am guaranteeing you that your it is very lucrative to your LIC Agent 🙂 In the first year he will earn 35% , second and third year 7.5% and from 4th year onward till you pay 5%. So who earn more in this deal??
      2) Yes service tax will come into picture from Jan 2014. But at the same time premium rates will also get reduced as LIC is adopting new mortality table. No need to worry, soon they are going to launch New Jeevan Anand with improved buyer friendly. So no need to worry.
      But thing seriously what I am saying “Never combine your Insurance need with Investment”.

  13. Hi Basawaraj,

    One of the agent is forcing me to go for LIC policy as they are withdrawing them by year end, Will we get a better one than existing / will it be benifit us. Please suggest.

  14. Earlier this transition period was mentioned as from 20th Feb 2013 to 1st Oct 2013. I think policies sold till 31st Dec 2013 may now have this option to move to new features.
    Sir I have purchased lic term insurance table no.164 on sep. 2013.what is transaction period? How can I move to new features now ? Wts benifite of it?

  15. Hello Sir,
    My agent is claiming, he will return 3500rs for every 10,000 paid towards any policy taken before 31/12/2013.
    Can I believe him?And if so, is it a good option for me to buy jeevan saral policy now, or shall i wait until Jan 2014. I’m confused alot please help me.

    1. Vamshi-This is the desperate selling technique agents used to do. Jeevan Saral is a low yielding product which even fails to beat inflation. Hence stay away from this product. What your agent is claiming is against IRDA rule. So in my view it is like bribe he is paying for you to get his work done. STAY AWAY !!!

  16. DEAR SIR

    I want buy term plan 190 from LIC but your saying premium will reduced from new term plan then what i do ?
    can i buy now or after ?

  17. hi Basavaraj Tonagatti,
    Do you have any idea why lic removed anamol jeevan(plan no:164) why not amulya jeevan(plan no:190)? because both have same factors but in anamol jeevan only below 25laks and amulya jeevan starts from 25lakhs. do you have any idea in this?

    1. Sudheer-Anmol Jeevan is the less selling policy than Amulya Jeevan. Also I think they will close Amulya Jeevan too within this month. Because someone told me that LIC is adopting the new mortality table which automatically will reduce the premium of mortality rate in all plans including Term Plans.

      1. hi Basavaraj Tonagatti,

        Got an doubt when iam reading those guidelines posted regarding LIC endowment plans they are suggesting to invest on these types of that case if you had any idea can you tell will these plans like plan no:178 jeevan tarang,108-jeevan surabhi,179-new bima gold how they will be if invested?

        Because major thing is till dec-2013 there will be no tax and as i heard this 178 plan after at end of term they will return be bonus and after then interest every year until you will be there and after wards will be given to family.similarly remaining plans also with their benefits.

        i want to no are these plans are worth to invest or not?And it will be more useful if you give me any details how the above three will work and among those which will be good?

        1. Sudheer-To make it clear, new guidelines are buyer friendly. So wait and watch. Also if you already have the plans then the same features will continue without any change in return. Only minor changes will be there like taxation which I think will get compensated in the bonus rates.

  18. Hi , am kinda confused. If we are having an existing LIC Plan which is listed above , will i be affected or is it only that these plans will not be available for issuing to new people. ?

    1. Ali-It will not affect to your existing policies. But do remember that plans sold during this transition period may have option by customers either to move into new features or continue with the existing. Earlier this transition period was mentioned as from 20th Feb 2013 to 1st Oct 2013. I think policies sold till 31st Dec 2013 may now have this option to move to new features.

Leave a Reply

Your email address will not be published. Required fields are marked *

For Unbiased Advice Subscribe to our Fixed Fee Only Financial Planning Service

Recent Posts