LIC Makes Major Changes To Several Popular Plans; Discover The Details Behind This Decision | Paisa Live

The country's largest insurance company, LIC, has decided to make significant changes to several of its popular plans, which could be detrimental for elderly individuals. As part of this alteration, the entry age for the new Endowment Plan has been reduced from 55 years to 50 years. Additionally, premiums have also seen an increase. LIC implemented these new regulations on October 1, 2024. According to industry experts, following this age limit, death benefits will apply as per LIC's website, which currently lists six Endowment Plans: LIC Single Premium Endowment Plan, LIC New Endowment Plan, LIC New Jeevan Anand, LIC Jeevan Lakshya, LIC Jeevan Labh Plan, and LIC Amrit Badal. Furthermore, LIC has made changes to approximately 32 products in accordance with surrender value regulations, with premium rates increasing by about 10%.