LIC comes up with new norms
LIC comes up with new norms : GUWAHATI: The Life Insurance Corporation (LIC) of India is introducing certain regulatory norms which would have significant impact in life insurance products from October 1.
The LIC has several products which are extremely popular and attractive for customers for risk cover, specially in terms of returns in the form of maturity value and money back. At present, it is commanding the market share among 24 other life insurance companies. Company officials believe customers continue to repose their faith in LIC for their life insurance needs.
The life insurance industry in the country has been undergoing a lot of change over the last few years. Consequences of the changes include availability of sale of several popular products only up to September 30 following by the increase in the service tax rate by 3.09 per cent on premium along with a substantial increase in risk coverage, an LIC official said.
It has also emphasized on the requirement of extra information of the customers and their family history. The norms will be in effect from October 1. “We are expecting a positive long-term impact,” said Ashim Bhuyan, senior divisional manager.