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LIC Set to Roll Out New Insurance Policies and Service, Here’s What to Expect

Prepare yourself for a revolution in insurance as the Life Insurance Corporation of India, or LIC, is about to introduce a number of new protections.

LIC New Insurance Policies: In the upcoming months, three to four new insurance policies or products will be introduced by public sector life insurance company LIC, also known as Life Insurance Corporation of India. According to the company, this will contribute to the new policy’s premium experiencing double-digit growth in the current fiscal year 2023–2024. Language News reports that Siddharth Mohanty, the chairman of LIC, made this statement.

Double-Digit Aspirations

As per the report, Siddharth Mohanty has stated that double digit growth is anticipated in comparison to the previous year. In-person retail is growing, according to recent trends. As a result, we will accomplish this goal. He stated that during the first week of December, LIC will also launch a new service. I hope the market will react positively to it.

LIC’s Innovative Service Offers Policyholders 10% for Life

He described some of the features of the new service, saying that it will guarantee returns and that the policyholder will receive 10% of the total insured for the duration of their life after it is finished. He was optimistic about the new service’s impact on the market because everyone is curious about what he is paying and what kind of return he will receive in 20 to 25 years.

LIC’s New Service Empowers Policyholders with Loan Options

Among the features of this new service are a loan facility and premature withdrawal. In the first half of the current financial year 2023–24, LIC’s new policy premium in the income (individual) segment increased by 2.65% to Rs 25,184 crore, from Rs 24,535 crore during the same period the previous year. The insurance premium payable in the first policy year of the life insurance contract or a one-time payment made by the policyholder is the new policy premium.

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