After a gap of nearly two decades, the Life Insurance Corporation (LIC) is finally set to introduce new mortality tables to calculate the value of policies. The new tables come into force on September 1.
We are also taking a fresh look at premium rates. There may be some restructuring of premium rates after we complete the necessary exercise, LIC chairman G Krishnamurthy told Business Standard.
The insurance giant has been drawn flak for persisting with old mortality tables even though the average rate of mortality of the Indian population