LIC’s Jeevan Akshay plan may be stopped from next month
Life Insurance Company Jeevan Akshay is one of the most popular policies of Life Insurance Corporation of India (LIC). LIC has said it will stop selling Jeevan Akshay from next month. The company hoped that it would be impossible to keep the policy in the wake of high interest rates. As part of this, a senior executive of the company said it will stop policy sales. However, it has been suggested that the policy will be resumed with a lower interest rate.
Jeevan Akshay is one of the best saled policy for LIC. about one fourth business was done on this policy. This policy, which has a single premium plan, has been revenue of Rs 10,000 crore this year and has reached Rs 22,000 crore in the last two years. Regular revenue stream Jeevan Akshay has a higher interest rate of 7.5 per cent.
We will stop selling Jeevan Akshay policy from December 1, “a senior official of the company said. We are planning to restart this policy with a 6-6.5 per cent interest, “the Insurance Regulator and Development Authority of India said. From there, the permits will be resumed. Public sector bonds getting 7.05 per cent interest for 10-year, while income from Jeevan Akshay is more than that.