Hope you are doing fine & in good health & spirit especially regarding your vision related issues as we had discussed earlier. Sir, This is regarding your article "Performance of Life Insurance Corporation of India - Part 1" dated 22 December 2019. Sir, on page 45 under the heading "Discounted Premium - An Alternative to Single Premium", what you have stated seems same as Advanced Premium Facility available to us a few years ago where we used to take a 6-year Endowment plan as single premium plan with 1 current year & 5 Advance premiums. As per my knowledge, it was discontinued as per some new regulations of IRDA (now IRDAI). Later, IRDA had allowed to taken current financial year premium in advance but not beyond that. Has IRDA allowed now for advance premium upto 5 years like earlier or I am missing something here? With that regulation being in force, can LIC bring this concept of discounted premium, kindly guide? Wish you good health.
3 comments:
Respected Sir,
Hope you are doing fine & in good health & spirit especially regarding your vision related issues as we had discussed earlier. Sir, This is regarding your article "Performance of Life Insurance Corporation of India - Part 1" dated 22 December 2019. Sir, on page 45 under the heading "Discounted Premium - An Alternative to Single Premium", what you have stated seems same as Advanced Premium Facility available to us a few years ago where we used to take a 6-year Endowment plan as single premium plan with 1 current year & 5 Advance premiums. As per my knowledge, it was discontinued as per some new regulations of IRDA (now IRDAI). Later, IRDA had allowed to taken current financial year premium in advance but not beyond that. Has IRDA allowed now for advance premium upto 5 years like earlier or I am missing something here? With that regulation being in force, can LIC bring this concept of discounted premium, kindly guide? Wish you good health.
Rajnish Bahuguna
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