LIC: LIC changed the rules of insurance policy, reduced the entry age, increased the premium.

Life Insurance: The country’s largest insurance company LIC has made changes in many of its popular plans. Now the age for entry into the New Endowment Plan has been reduced from 55 years to 50. New changes are very harmful for elderly people. Apart from this, the premium has also been increased. LIC has implemented these rules from October 1, 2024. According to industry experts, the company wants to take its risk as the probability of death increases after this age.

Maturity benefits are available along with life cover in endowment plans.

According to a report by Business Standard, Life Insurance Corporation of India has also implemented new surrender rules. LIC’s New Endowment Plan-914 not only gives you protection cover but it is also a saving plan. In this the benefits of death and maturity come together. In an insurance policy with endowment plan, you get maturity benefits along with life cover. Due to this, if the person dies during the policy, payment is made to the family. Also, different benefits are available on maturity. LIC has not yet given any reply regarding this change.

LIC has 6 endowment plans, changes implemented from October 1

According to LIC’s website, the company has 6 endowment plans. These include LIC Single Premium Endowment Plan, LIC New Endowment Plan, LIC New Jeevan Anand, LIC Jeevan Lakshya, LIC Jeevan Labh Plan. And LIC Amritbaal. Changes have been made in all these plans from October 1, 2024.

Premium rates also increased by about 10 percent, sum assured also increased.

LIC has made changes in about 32 products as per the surrender value rules. According to sources, premium rates have also increased by about 10 percent. Apart from this, the sum assured in New Jeevan Anand and Jeevan Lakshya has also been increased from Rs 1 lakh to Rs 2 lakh. On the other hand, private companies have increased the premium rates of endowment plans by only 6 to 7 percent.

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