India’s largest insurer Life Insurance Corporation of India (LIC), has kicked-off a massive customer campaign informing customers to buy their popular products before January 1, 2014. The campaign which read, ‘Your favourite products now available till December 31, 2013 only’, mentions the popular products Jeevan Tarang, Jeevan Anand, Bima Bachat and Jeevan Saral, which would be phased out from January 1 onwards.
LIC, which has already withdrawn 19 of its products, is expected to halt sales of several more products in December. From January 1 onwards, the insurer will begin with a portfolio of 15 products, some of which would be modifications of existing products.
The new product regime that has made changes in the surrender charges and product structure of traditional policies will be enforced from January 1, 2014. These guidelines, which were earlier to be implemented from October 1, 2013 had led to a customer frenzy due to fear of non-availability of the products from October 2013 onwards.
Industry experts said that this was the primary reason why LIC had seen a sharp rise in new premium business in September. A similar jump is expected in their first premium for the month of December too.
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