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News From Press Insurance regulator asks LIC to lower rates on Jeevan Akshay plan

Insurance regulator asks LIC to lower rates on Jeevan Akshay plan

Source: Moneycontrol Sep 14, 2017

Jeevan Akshay, the immediate annuity plan from Life Insurance Corporation of India (LIC) that provides guaranteed return of 6.75-7 percent has been asked by the Insurance Regulatory and Development Authority of India (IRDAI) to review the return as the yield on 10-year government bond has fallen to 6.5 percent, reports TOI.

The insurance regulator wants the rate offered by the pension plan to be brought down in accordance with the return on company’s investment.

The pension plan has seen a record inflow as it provides regular income for life time of the annuitant on payment of one-time lump sum.

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2 Comments
Prashant · 1 week ago
Haha..now IRDA will decide how much a company should pay it's policyholders. This is really
Prashant · 1 week ago
It seems that only regulator is running the companies and no autonomy given to companies. This is horrible.
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