Extend withdrawal deadline: LIC to Irda

Written by Press Trust of India | Updated: Sep 30 2013, 07:05am hrs
Life Insurance of India (LIC) has said it has asked the insurance regulator to extend the deadline for withdrawing products that do not meet the new norms from October 1. We are awaiting approval from the Insurance Regulatory and Development Authority (Irda). We have made this request in case approvals are not with us. I am sure Irda is going to take a decision which is in the larger interest of investors, LIC chairman SK Roy said. All existing group products have to be aligned with the new rules before June 30, while individual products have time till September-end.