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LIC modifies Jeevan Akshay VII, New Jeevan Shanti plans; revised policy available for sale from Feb 1

The annuity amount under both annuity options of New Jeevan Shanti can be calculated through calculator provided in LIC’s website as well as through various LIC Apps, the state-run insurance provider said.

January 31, 2022 / 07:06 PM IST

The Life Insurance Corporation of India (LIC) on January 31 announced a revision in two of its prominent insurance plans - Jeevan Akshay VII and New Jeevan Shanti.

The changed policy, with revised annuity rates, will be available for sale from February 1, 2022, the state-run insurance provider said in a press release.

"LIC of India has revised annuity rates in respect of its annuity plans LIC’s Jeevan Akshay VII (Plan 857) and LIC’s New Jeevan Shanti(Plan 858) with effect from 1st Feb 2022," it said.

"The modified version of these plans with revised annuity rates shall be available for sale from 1st Feb 2022. The annuity amount under both annuity options of New Jeevan Shanti can be calculated through calculator provided in LIC’s website as well as through various LIC Apps," the release further noted.

In addition to revision of annuity rates LIC’s Jeevan Akshay VII (Plan no 857) can be purchased from new distribution channel Common Public Service Centres (CPSC – SPV) along with other existing distribution channels, it said.

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The plans are available both online and offline, LIC further clarified.

Notably, the IPO-bound LIC continues to remain the most preferred insurance firm in the country with a market share of 74.58 percent for the annual period ending on March 31 last year.

Meanwhile, the tenure of MR Kumar, chairman of the state-run insurance company, has been extended by another year, the Department of Financial services confirmed on January 30.  Along with the chairman, the government has also extended the tenure of one of the managing directors, Raj Kumar, for one year.



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Moneycontrol News
first published: Jan 31, 2022 07:06 pm
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