Dear All,
As per IRDA's guidelines following changes will take place form 1 st Oct 2013
1) All the current LIC policies will be closed.
2) New Product will have service tax component,which is as applicable.
Hence fixed premium benefit through out the life will be no more.
3) Monthly ECS will not be possible due to variable premium.
4) Loyalty additions will ceased.
Hence JEEVAN SARAL ,BIMA BACHAT (single premium) etcs will be close.
5) NO guaranteed returns above 5% can be offer.
JEEVAN TARANG,KOMAL JEEVAN ( for children ) all will get closed.
6) Multiple policies to one person will be terminated.
Hence retired & enjoy type products which offers 100% tax free returns will get closed.
It is advisable to opt for the new policy now to secure life long benefit of LIC's existing products.
With best regards,
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