LIC to close its existing policies in confimation to new guidelines

LIC’s various popular plans shall be closed for sale as these are not in conformity with the provisions of new regulations on non-linked insurance products, linked insurance products and health insurance products as per IRDA. According to L.C. Meena, Senior Divisional Manager, Chandigarh Division, LIC’s most favourite and popular policies like Jeevan Anand, Bima Bachat, Jeevan Tarang, Jeevan Saral, Jeevan Anurag & Komal Jeevan etc. among 34 plans are available for sale upto 31ST December 2013 and out of them Jeevan Amrit & Jeevan Surabhi have already been closed for sale from 7th & 14th December already due to the above mentioned new regulations.

He informed that the most popular plan for female segment i.e. Jeevan Bharti-1 will see the last day on 21st December.  It is an attractive Money back plan specially designed for females only, so a big segment of female policyholders can be benefited by taking the policy right now.  LIC of India has already launched a new Health Insurance product namely “Jeevan Arogya” Table No. 904 in consonance with new provisions laid down.

As regards new business performance of Chandigarh Division which has already achieved its annual target of single premium income as on  27-11-2013 and ranked first in the country to have done this rare feat by procuring 109 cr. single premium income ahead of 4 months in the current financial year.  Overall the Division earned Total First premium income of  203.60 cr. as on today on the sale of 165279 policies so far and has achieved 75% of  its total target of First premium income.  The division intends to complete the annual target of the current financial year by 31st December itself.

In northern Zone also, Chandigarh Division stands First in the growth rate and %age achievement to budget out of  17 divisions in the entire Zone covering states of Rajasthan, Delhi, Punjab, Haryana, Himachan, J&K and U.T. Chandigarh, he added.

On claims front, Chandigarh Division has paid 299.02 cr. towards maturity  and survival benefit of  93721 policies and disbursed an amount of Rs. 47.49 cr. as death claim on 3898 lives in the current financial year so far