A notice circulating on social media (here, here, and here) claims that the Life Insurance Corporation of India (LIC) will withdraw all its insurance products and plans for revision by 30 September 2024. Let’s verify this claim in this article.
Claim: LIC is going to withdraw all insurance plans for revision from 30 September 2024.
Fact: There is no press release or notification about LIC withdrawing all its insurance plans. However, LIC regularly withdraws some plans each year as part of standard practice to comply with regulations and introduce new products. The Press Information Bureau (PIB) also clarified on X (formerly Twitter) that the viral post claiming LIC will withdraw all insurance plans by 30 September 2024 is fake. Therefore, the claim made in the viral post is FALSE.
To verify the viral claim, we first visited the LIC website and found no press release or notification about LIC withdrawing all its insurance plans. However, we found that LIC routinely withdraws some insurance plans each year, which is standard practice to comply with regulatory guidelines, adapt to market conditions, and introduce new products that better meet customer needs. Additionally, we couldn’t find any news reports or media coverage addressing this issue. You can read more about the withdrawn plans of LIC for the Financial year 2024-25 (here).
Further investigation led us to a Press Information Bureau (PIB) clarification on X (formerly Twitter). PIB stated that the viral post is fake, “A notice allegedly issued by LIC is circulating on social media, claiming that it will withdraw all insurance products/plans for revision on 30 September 2024.” This confirms that the viral claim is not true.
To sum up, the Life Insurance Corporation of India (LIC) has not issued any letter or notification regarding the withdrawal of all its insurance products by 30 September 2024.
