From 1st October, service tax will be levied for all LIC policies. The IRDA has also decided to bring the changes to the existing policies. LIC currently us over 50 life insurance plans and of which most of the plans have been stopped from issuing and only a very few policies are now in the act.
The changes have also been made in the premium payment structure in LIC and other private insurance companies. However, this will not affect those who have already taken the policy and are in the act. Though, it becomes applicable for those who take new insurance policies from 1st October.
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