If you are planning to buy an LIC policy, 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 may prove detrimental to the elderly, as now they will not be able to enter the scheme after the age of 50. Apart from this, the premium rates have also been increased by around 10%, which will increase the additional financial burden on the policyholders.
This rule has been implemented
Let us inform you that LIC has implemented these changes from October 1, 2024. Experts in the insurance industry say that this step is taken by the company with an aim to reduce its risk, as the mortality rate increases after this age. LIC's new endowment plan-914 not only provides a security cover, but is also a savings plan. In this, a payment is made to the family in case of death, and the policyholder gets maturity benefits on completion of the policy term.
LIC has 6 plans
LIC has a total of 6 endowment plans, including popular plans like Single Premium Endowment Plan, New Jeevan Anand, Jeevan Lakshya, Jeevan Labh and Amritbal. All these plans have undergone major changes from October 1.
Along with this, LIC has also changed its surrender value rules, which will be applicable to around 32 insurance products. Under the new rules, some policyholders may see a reduction in the amount they receive upon exiting the plan.
Importantly, LIC has increased the sum assured from Rs 1 lakh to Rs 2 lakh in its new Jeevan Anand and Jeevan Lakshya plans. At the same time, private companies have increased their endowment plans by only 6 to 7 percent, keeping their premium rates comparatively low. The company has not yet given any official statement regarding these changes of LIC. These changes are very important for older people, as they can affect their insurance coverage.
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