Changes in LIC policy rules: Senior policyholders affected by new update

LIC has a total of 6 endowment plans, which include popular plans like Single Premium Endowment Plan, New Jeevan Anand, Jeevan Lakshya, Jeevan Labh and Amritbal. This change applies to all these plans. Let’s understand it in detail.

If you are thinking of buying LIC policy, then you should know about the recent changes made by the company. Under these changes, LIC has reduced the age of entry into its New Endowment Plan from 55 years to 50 years. This decision can prove to be harmful for the elderly people, because now after the age of 50, entry into this plan will not be possible. Apart from this, the premium rates have also been increased by about 10%, which will increase the additional financial burden on the policyholders.

This rule has been implemented

Let us tell you that LIC has implemented these changes from October 1, 2024. Insurance industry experts say that this step has been taken by the company with the aim of reducing its risk, because after this age there is a high possibility of increase in mortality rate. LIC’s New Endowment Plan-914 not only provides security cover, but it is also a savings plan. In this, payment is made to the family in case of death, and the policyholder gets maturity benefits on completion of the policy term.

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LIC has 6 plans

LIC has a total of 6 endowment plans, which include popular plans like Single Premium Endowment Plan, New Jeevan Anand, Jeevan Lakshya, Jeevan Labh and Amritbal. Major changes have been made in all these plans from October 1.

Along with this, LIC has also made changes in its surrender value rules, which will be applicable to about 32 insurance products. Under the new rules, the amount received by some policyholders on exiting the plan may be reduced.

It is worth noting that LIC has increased the sum assured in its New Jeevan Anand and Jeevan Lakshya plans from Rs 1 lakh to Rs 2 lakh. On the other hand, private companies have increased their endowment plans by only 6 to 7 percent, due to which their premium rates are comparatively low. The company has not yet given any official statement regarding these changes of LIC. These changes are very important for the elderly people, as this can affect their insurance protection.

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