The leading insurer has decided to phase out some of its top yielding plans and among its top sellers, the company would close such plans on retail offering including -- Jeevan Anand, Jeevan Umang, Jeevan Lakshya and Jeevan Labh from November 30. Also, the company will end as many as 24 individual insurance plans, 8 group insurance schemes together with 7 or 8 riders.
"At least 75-80 life insurance products of the entire industry would go off the shelf after November 30 as they are non-compliant with the new non-linked and linked insurance regulations," said an Insurance Regulatory and Development Authority of India (Irdai) official in a leading business report.
The company would relaunch its products basis the customer-centric approach that will be low on the bonus front and higher in respect of premium charged.
Notably, some of the products that are already compliant will continue to be sold from December 1 but with a change in pricing. In some of the cases basis the risk perceived, there can also be a lowering in premium price.
Some of the big products in the LIC world that will likely see a closure or a tweak are Jeevan Labh, Jeevan Anand, Jeevan Umang and Jeevan Lakshya.