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2 Popular Term Insurance Plans Withdrawn By LIC | Business News | LIC Stock Updates

Updated Nov 22, 2022 | 05:33 PM IST

India’s biggest Life Insurer LIC has Shelved 2 term insurance Schemes. LIC has withdrawn Jeevan Amar and Tech Term Insurance from immediate effect. As per sources Company has withdrawn Products due to increase in re-insurance rates & Re-insurance companies were not ready to cover Term insurance portfolio at the current rates. The company launched two products on 1 September 2019 & not changed premium in 3 years. On the contrary in the last 3 years, the rest of the private companies had increased the premium by up to 40%. Experience of Covid forced Insurance companies to hike Term Insurance Premium as reinsurers has also increased their pricing. Tech term insurance was completely online plan and be purchased through only LIC website and Jeevan Amar policy available through all distribution channels.#licinsuranceplans #licplans #etnow

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