Life Insurance Corporation, giant in the Indian insurance sector has made a decision to discontinue selling around 34 policies, in order to comply with the recent regulatory guidelines. This will also include Jeevan Saral, Jeevan Madhur and Jeevan Anand. As of December 7th, Jeevan Amrit will be out of the market. On December 14, the withdrawal of Jeevan Surbhi as well as on December 21 and December 28 there will be two other schemes which will be stopped out of the 34 LIC products.
By the end of the year on December 31, the balance 28 policies will also be discontinued. The discontinuation of the policies will be suspended due to regulatory compliance. The whole idea of the latest guidelines in regards to the insurance policies is to make it customer friendly.
At the end of September of the 6 month period, the company marked a hike in the premium income; it closed at 7.26 percent to Rs.37,906.