LIC withdraws Jeevan Amar, Tech Term insurance plans. Details here

NEW DELHI: Life Insurance Corp. of India (LIC) has withdrawn its term insurance plans, Jeevan Amar and Tech Term, effective 23 November. LIC Tech Term was an online policy, whereas LIC Jeevan Amar was offline.

“It has been decided to withdraw the term plans with effect from 23 November 2022,” said a LIC’s internal circular,

According to sources, the term plans were withdrawn due to increased reinsurance rates. The insurer had launched Jeevan Amar plan in August 2019 and the Tech Term plan in September 2019. It had not raised premium rates of the plans since their launch. However, according to the source, the company will relaunch the products soon with modifications.

Both policies pay the sum assured in case of death of the life assured during the policy term and offered a policy term of 10 to 40 years. You could have purchased a minimum sum of 25 lakh with LIC Jeevan Amar plan and a minimum sum of 50 lakh with the LIC Tech Term Plan. There was no maximum limit attached to each plan. Besides, LIC Tech Term Plan, the online term insurance plan, was cheaper than the offline plan- LIC Jeevan Amar.

What policyholders should know

Existing LIC term plan policyholders should not worry at all. Their existing policies will continue as usual, whether they have bought LIC Tech Term or LIC Jeevan Amar plan. A product closure means that it is closed for future sales. Buyers who have submitted a proposal for insurance and paid the deposit till 22 November for buying these term insurance will be given the plan if their proposal gets accepted by 30 November, said the source.

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