It is sad to inform you all that LIC is closing its most popular plans.
LIC set to close Jeevan Anand, 22 other insurance plans from January 31;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.
As per Money Bhaskar
LIC has also decided to discontinue its unit-linked plan New Endowment Plus. At the same time, LIC Premium Weaver Benefit Rider will also be scrapped.
The decision to close the plans comes after the Insurance Regulatory and Development Authority of India (IRDAI) asked insurers to withdraw products by January 31. Earlier, the IRDAI had set November 30 as the deadline to close the plans.
IRDAI earlier said that they had received a request from Life Insurance Councils and various other life insurers, for an extension of the November 30 deadline. Insurers had sought an extension citing reasons like the need to ensure system preparedness and necessary training of personnel
The regulator had also said that the extension does not apply for products already approved under ‘File & Use’ under the new regulations. IRDAI has advised all life insurers to file these products as early as possible without waiting for the last date available.
contact your agent if you want any of the closing policy before 31st january.