LIC has decided to stop selling as many as 14 policies, including Jeevan Mitra and Anmol Jeevan.
Of these 14 products, LIC has already withdrawn seven policies, including Convertible Term Assurance and Children Deferred Endowment Assurance, with effect from November 16.
As many as five policies including Jeevan Mitra, Jeevan Paramukh Plan, LIC’s Bima Account I and II will go off LIC’s shelves from November 23.
Besides, two policies New Jeevan Nidhi and Anmol Jeevan I will be discontinued from November 30.
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. The new guidelines are aimed at making insurance policies more customer—friendly.
“All the existing group policies and all the existing individual products not in conformity with the provisions of this regulation shall be withdrawn from August 1, 2013 and January 1, 2014, respectively,” IRDA had said in a circular.