Good News For Policy Holders.!!
LIC Last Date Extended till January 2020 to withdraw products and riders.
LIC have been given a two-month extension to withdraw products and riders that are not in tandem with the new product regulations. This is a good news for policyholders. They have more time to get products out of the market.
The Insurance Regulatory and Development Authority of India (IRDAI) had earlier asked insurers to withdraw products by November 30.
But this deadline has now been extended to January 31, 2020.
IRDAI said that they had received representations from Life Insurance Council and various other life insurers, requesting for an extension of the timeline. Insurers had sought an extension citing reasons like the need to ensure system preparedness and necessary training of personnel.
However, the last date to refile or modify existing products, which was fixed at February 29, 2020, will continue. This applies to products under the linked and non-liked insurance segment.
The regulator had said that the extension does not apply for products already approved under ‘File & Use’ under the new regulations. IRDAI has advised all life insurers to file these products as early as possible without waiting for the last date available. It also said that the no further requests for extension will be entertained.
Last Date: January 31, 2020
Sources: LIC, IRDAI, money control