If you are planning to buy any of these 19 LIC policies, you must opt-in before 31st January 2020. These Insurance policies are being discontinued due to new guidelines of insurance regulatory IRDA which will come into effect from 1st February 2020.
List of 19 LIC Policies being Discontinued
- Plan No. 814: New Endowment Plan
- Plan No. 815: New Jeevan Anand
- Plan No. 817: Single Premium Endowment Plan
- Plan No. 820: New Money Back Plan
- Plan No. 822: Anmol Jeevan 2
- Plan No. 830: Limited Premium Endowment Plan
- Plan No. 832: New Children’s Money Back Plan
- Plan No. 833: Jeevan Lakshya
- Plan No. 834: Jeevan Tarun
- Plan No. 836: Jeevan Labh
- Plan No. 839: Bhagya Lakshmi
- Plan No. 840: New Jeevan Mangal Plan
- Plan No. 843: Aadhar Stambh
- Plan No. 844: Aadhaar Shila plan
- Plan No. 845: Jeevan Umang plan
- Plan No. 847: Jeevan Shiromani
- Plan No. 848: LIC Bima Shree
- Plan No. 851: Micro Bachat Plan
- Plan No. 835: New Endowment Plus (ULIP Plan)
Insurance Regulatory and Development Authority (IRDA) has created new guidelines for linked and non-linked life insurance policies. IRDA has asked all insurance companies to prepare all their policies under the new guidelines. All Insurance companies will have to follow the new guidelines from 1st February 2020. So if you want to buy these old plans you can buy them before 31st January 2020.
Also, note there will be no change in old policy premiums and benefits post these new guidelines.