Life Insurance Corporation (LIC) has decided to stop selling as many as 14 policies in order to comply with the Insurance Regulatory and Development Authority (Irda)’s mandate to implement new product regulations.
Of the 14 policies, LIC had already stopped selling seven products, including Convertible Term Assurance and Children Deferred Endowment Assurance, which have been withdrawn from the shelves, effective 16 November.
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Five policies – Jeevan Mitra, Jeevan Pramukh Plan and LIC’s Bima Account I and II – were withdrawn from 23 November, with two others, including New Jeevan Nidhi and Anmol Jeevan I, planned to be discontinued from 30 November.
Irda, which had set new guidelines for life insurance products in February 2013, had extended the deadline for implementation of new individual product guidelines for the life insurance sector by three months to 31 December.
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