In current guidelines issued by IRDAI, several insurance plans will be closed from 31st January 2020. Several plans will be affected by this new change, as there are new changes that will be brought into them to make them more efficient. Plans coming into the category of one rider plans, unit-linked indebtedness plans, non-linked plans, non linked group plans, etc. Also, some of the plan numbers are changed like 845 is now 945, 815 is now 915, etc.
Some of the major plans which are discontinued are Jeevan Umang, new Jeevan Anand, adhar column, Jeevan Tarun, Anmol Jeevan E, Jeevan Shiromani, Jeevan lakshya, new children money back plan, Jeevan mangal plan among many others. One of the major units linked indebtedness plan that is closed is the new endowment plan. Also, non linked plans which are facing closure are new group gratuity cash accumulation plan, new group superannuation plan, and live incorporation plan.
Some major changes will be reflected on the new policies. The policy revival period will be increased from 2 years to 3 years. Also, the guaranteed proceeds which were a compulsion for the insurer to give on pension plans will now be optional. Also to make the policies more beneficial for customers, the loan can be taken against policy after 2 years (earlier 3 years) and policy can be surrendered after 2 years (earlier 3 years). Also in bima bachat and single premium endowment plans, accident rider and term rider benefits will be added. Along with these, proposal form features have changed as well.
The main objective behind these changes and re-launching the popular LIC plans with changed features, is to make these plans and products more beneficial for the customer. Also, the changed features will give them a more competitive edge over others. Not only the wrong insurance methods will be put to check, but customers will also experience various added features. Also, the best thing is that there will no change in the schemes of the plans, but the benefits will increase for the insured.
Policies have changed, but their schemes and names have not, but still, it can pose to be a problem for the customers to understand them. This is where Ali asgar can help in giving a clear picture of these plans and how they work and how things will change hereafter. His guidance can help the policyholders to understand the changes and how it will affect their premiums and benefits.
Ali Asgar is one of the most successful and prominent LIC agents in the Delhi region with many accolades and awards to showcase his experience. He can guide one through various insurance policies, according to the client’s requirements.
Contact Details:
Name: Ali Asgar LIC
Address: 12/56, Deshbandhu Gupta Road, Karol Bagh, New Delhi – 110005
Website: https://www.aliasgar.in/
