Life Insurance Corporation (LIC) has decided to stop selling as many as 14 policies, including Jeevan Mitra and Anmol Jeevan. Of these, LIC has already withdrawn seven policies, including Convertible Term Assurance, Children Deferred Endowment Assurance, with effect from November 16.
Policies including Jeevan Mitra, Jeevan Paramukh Plan, LIC’s Bima Account I and II will go off shelves from November 23. Besides, two policies —New Jeevan Nidhi and Anmol Jeevan I will be discontinued from November 30. Many of these policies are being discontinued as part of regulatory compliance, a senior official of LIC said.
The Insurance Regulatory and Development Authority (Irda) had extended the deadline for implementation of new individual product regulations for the life insurance industry by three months to December 31.