LIC has changed its insurance rules by allowing younger people to join but raising the costs.

Life Insurance Corporation has introduced new updates starting October 1, including new rules for the surrender value of policies.

Life Insurance:- The biggest insurance company in the country, LIC, has updated several of its popular plans. They’ve lowered the maximum entry age for the New Endowment Plan from 55 to 50 years, which could negatively affect older customers. Additionally, premiums have been raised. These changes took effect on October 1, 2024. Experts say LIC is trying to lower its risk due to a higher chance of death after this age.

Endowment plans provide both maturity benefits and life insurance coverage.

A report from Business Standard states has introduced new surrender rules. The New Endowment Plan-914 offers both security and savings, combining death benefits with maturity benefits. This means that if the insured person passes away during the policy, their family receives a payout, and there are also additional benefits when the policy matures. LIC has not yet responded to questions about this change.

This offers six endowment plans, and new changes started on October 1.

These plans include the LIC Single Premium Endowment Plan, New Endowment Plan, New Jeevan Anand, LIC Jeevan Lakshya, LIC Jeevan Labh Plan, and LIC Amritbaal. All of these plans have been updated as of October 1, 2024.

Premium rates also increased by about 10%, sum assured also increased 

Has updated around 32 products based on new surrender value rules. Sources say that premium rates have gone up by about 10%. Additionally, the sum assured for the New Jeevan Anand and Jeevan Lakshya plans has been raised from ₹1 lakh to ₹2 lakh. In contrast, private companies have only increased their endowment plan premiums by 6 to 7%.