Big news for LIC customers! This time this rule will change, the Ministry of Finance will issue a notification –

: The country’s largest insurance company LIC (Life Insurance Corporation of India) is going to bring major changes in the new year. It is known that the organization has already passed the amendment bill in this regard. In such cases, composite license clauses are considered. According to sources, this change in LIC will give a big advantage to the applicants. It should be noted that LIC is also preparing to change the rules related to insurance.

Applications can be made for multiple categories: It should be noted that the proposed bill contains a provision that an applicant can register or apply for any category of insurance business for one or more categories.

What are the advantages of composite license: It is pertinent to note that if an organization has a composite license, both general and health insurance services can be offered through the same organization. For this they do not have to do separate insurance.

Restrictions on reinsurance include: According to the agency, in case of passing of LIC’s Insurance Amendment Bill, composite license and all other matters related to insurance will be considered keeping in mind the Life Insurance Corporation Act, 1956. At the same time, reinsurance companies are prevented from registering for any other class of insurance business.

The budget may present: In such circumstances, it is expected that this bill, to amend the Insurance Act of 1938 and the Insurance Regulatory and Development Authority Act of 1999, may be introduced in this year’s budget. Basically, the Finance Ministry is currently planning to bring major changes in the Insurance Act.

Policy holders will get better returns: The Finance Ministry is planning to make major changes in the Insurance Act for the convenience of policy holders and keeping their interests in mind. Through this policy holders will get good returns as well as create new employment opportunities in the market. Which will also increase the economic sector.

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