Life Insurance Corporation of India has decided to relaunch its traditional single-premium without-profit insurance polices to offer increased returns in line with rise in interest rates in recent times.
It is going to offer the products under Bima Nivesh and Jeevan Akshay insurance plans. LIC officials said this is an attempt at passing on the benefits of higher interest rates to its customers. The single-premium policies where it has proposed repricing also include 'guaranteed returns' products.
Interest rates have gone up by 25-50 basis points across short, medium and long terms in the last six to seven months. Keeping this in mind, LIC has filed revised policies with Insurance Regulatory and Development Authority for approval, the officials said.
The single-premium policies account for 10-15
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