Life Insurance: Life Insurance Corporation has made new changes from October 1. Along with this, the public sector company has also implemented new rules for surrender value.
Life Insurance: The country’s largest insurance company LIC has made changes in many of its popular plans. Now the entry age in the New Endowment Plan has been reduced from 55 years to 50. The new changes are very harmful for older people. Apart from this, the premium has also been increased. LIC has implemented these rules from October 1, 2024. According to industry experts, due to the increased possibility of death after this age, the company wants to reduce its risk.
Endowment plans offer maturity benefits along with life cover
According to a report by Business Standard, Life Insurance Corporation of India has also implemented new surrender rules. LIC’s New Endowment Plan-914 not only gives you security cover but it is also a savings plan. In this, the benefits of death and maturity are combined together. In an insurance policy with an endowment plan, you get maturity benefits along with life cover. Due to this, the family is paid if the person dies during the policy period. Apart from this, different benefits are available on maturity. LIC has not yet given any answer regarding this change.
LIC has 6 endowment plans, changes implemented from October 1
According to the LIC website, the company has 6 endowment plans. These include LIC Single Premium Endowment Plan, LIC New Endowment Plan, LIC New Jeevan Anand, LIC Jeevan Lakshya, LIC Jeevan Labh Plan and LIC Amritbaal. Changes have been made in all these plans from October 1, 2024.
Premium rates also increased by about 10 percent, sum assured also increased
LIC has made changes in about 32 products according to surrender value rules. According to sources, premium rates have also increased by about 10 percent. Apart from this, the sum assured in New Jeevan Anand and Jeevan Lakshya has also been increased from Rs 1 lakh to Rs 2 lakh. On the other hand, private companies have increased the premium rates of endowment plans only by 6 to 7 percent.
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