Life Insurance Corporation (LIC) has decided to stop selling as many as 34 policies, including Jeevan Anand, Jeevan Madhur and Jeevan Saral, to comply with new regulatory guidelines.
These policies will be withdrawn in December as they were not in conformity with the provisions of new regulations on non-linked insurance products, linked insurance products and health insurance products, a senior LIC official said.
Of the 34 products, LIC will stop sale of Jeevan Amrit from December 7, Jeevan Surabhi from December 14 while two other schemes from December 21 and December 28 respectively. The remaining 28 policies will go off LIC's shelves from December 31.
The Insurance Regulatory and Development Authority (IRDA) had extended the deadline for implementation of new individual product regulations for the life insurance industry by three months to December 31.
The new guidelines are aimed at making insurance policies more customer-friendly.
With regard to group policies, life insurers have been asked not to enroll these policies after the immediatepolicy anniversary falling due after July 2013.
However, it had said all group policies at the time of renewal of such policy shall be given an option to switch over to the modified version of the group product, if any, once introduced.