The Life Insurance Corporation of India (LIC) has decided to withdraw two unit-linked insurance plans (ULIPs) - Future Plus and Jeevan Plus. | |
| The insurance behemoth will be launching two new ULIPs in their place, in conformity with the guidelines stipulated by the Insurance Regulatory and Development Authority(Irda). |
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| Speaking to mediapersons, K Ganesh, regional manager (marketing), LIC (south central zone), said, "Irda has stipulated new norms for ULIPs, which come into play from July 1. We will, therefore, be withdrawing the existing products." |
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| The south central zone comprises Andhra Pradesh and Karnataka. The press meet was organised to announce the arrival of LIC's exhibition on rail, Zindagi Express, on June 29, in Secunderabad. |
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| According to the new norms, ULIPs should have a minimum lock-in period of three years so that it remains a long-term savings instrument. This, according to T Chattopadhyay, zonal manager, LIC (south central zone), is likely to benefit the mutual fund industry. |
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| Irda has also made training mandatory for all insurance agents and intermediaries before they are authorised to sell ULIPs. |
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