Overview

Withdrawn Plans refer to insurance policies that are no longer available for new purchases. These plans were previously offered by LIC but have been discontinued or replaced by updated versions with enhanced features and benefits. While new customers cannot opt for these plans, existing policyholders will continue to receive the benefits as per the terms of their policy.

What are Withdrawn Insurance Plans?

Withdrawn Plans refer to insurance policies that were previously offered by insurance companies but have now been discontinued or phased out from the market. These plans may have been withdrawn due to regulatory changes, updated product offerings, or strategic realignments by the insurer. While new customers cannot buy these plans, existing policyholders continue to enjoy the benefits until maturity or as per policy terms.

Reasons for Withdrawal of Plans

• Regulatory Changes:
  Plans discontinued to comply with new IRDAI (Insurance Regulatory and Development Authority of India) regulations.

• Product Upgradation:
  Older plans phased out to introduce newer, more competitive or compliant insurance products.

• Low Demand:
  Plans withdrawn due to limited popularity or low customer base.

• Repricing or Structural Revisions:
  Products withdrawn temporarily to be reintroduced with revised features, benefits, or pricing.
  
  

Insurance plans are withdrawn due to various reasons, such as regulatory updates, introduction of new policies with better features, or changes in market demands. LIC ensures that all withdrawn plans are replaced with more comprehensive and customer-friendly options to serve policyholders better.

Key Points for Existing Policyholders

• Continued Benefits: If you hold a withdrawn plan, your policy benefits remain unchanged as per the terms of the agreement.
  
  
• Claim Processing: Claims under withdrawn plans will still be processed as per the policy conditions.
  
  
• Policy Servicing: Existing policyholders can continue to avail of services such as premium payments, policy loans, and renewals (if applicable).
  
  
• Plan Migration Options: In some cases, LIC may offer alternative plans for policyholders who wish to switch to an active policy.
  
  

For more details on Withdrawn Plans, visit: LIC Withdrawn Plans

What Happens If You Hold a Withdrawn Plan?

• Continued Benefits:
  All promised benefits under the withdrawn plan will remain intact as per the policy contract.

• No New Purchase:
  These plans are not available for sale to new customers.

• Renewals Allowed (If Applicable):
  Some term-based plans allow policy renewals or conversions as per original terms.

• Customer Support:
  Policy servicing, claims processing, and maturity payouts will continue for existing holders.
  
  

Examples of Withdrawn Plans

• LIC Jeevan Mitra

• LIC Jeevan Saral (original version)

• ULIPs launched before IRDAI’s 2010 guideline changes

• Health plans withdrawn due to coverage limitation updates
  
  
  

Fastzeal Support – Here to Help You

At Fastzeal, we help you:

• Understand if your plan is still valid or has been withdrawn

• Clarify benefits and continuation rules for withdrawn policies

• Switch or port to equivalent current plans with similar or better features

• Process claims or maturity benefits of withdrawn plans seamlessly

• Stay informed about new product offerings that replace the old ones