Utility News: LIC closes Jeevan Amar and Tech term insurance, but policy holders will get benefit

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Life Insurance Company of India (LIC) has reportedly discontinued two very talked-about time period insurance coverage of LIC – Jeevan Amar and Tech Time period Insurance. Based on media stories two LIC plans Jeevan Amar and Tech Time period Insurance have been discontinued apparently because of enhance in reinsurance charges.

Ought to Jeevan Amar coverage holders and Tech time period insurance coverage coverage holders fear as LIC has withdrawn the plans from the market?

Although the insurance coverage supplier has withdrawn these two time period insurance coverage insurance policies, the prevailing coverage holders of Jeevan Amar, Tech time period insurance coverage needn’t fear. The policyholders will proceed to get all the advantages as promised by the bond. The coverage covers and premiums for present Jeevan Amar and Tech time period insurance coverage coverage holders will proceed.

The information solely signifies that LIC is not going to concern new Jeevan Amar, Tech time period insurance coverage insurance policies.

LIC’s Jeevan Amar is a non-linked, non-participating, particular person, pure threat premium life insurance coverage plan, which gives financing safety to the Life Assured’s household in case of unlucky dying through the coverage time period. This plan might be purchased offline by means of licensed brokers, company brokers, brokers and insurance coverage advertising companies.

LIC’s take-term is a non-linked, non-profit, pure safety "Online Term Assurance Policy" Which gives financing safety to the household of the Life Assured in case of unlucky dying of the Life Assured through the coverage time period. Nevertheless, Tech time period insurance coverage was an online-only plan.

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