Eligibility conditions proposed to be relaxed on LIC policies for disabled, others

The Finance Bill 2013 has proposed to relax eligibility conditions of Life Insurance Policies for persons suffering from disabilities or certain ailments.

Presenting the Union Budget in the Lok Sabha today, the finance minister P Chidambaram proposed that the permissible premium rate would be hiked from 10 per cent to 15 per cent of the sum assured in such cases. This relaxation would be available in respect of policies issued on or after 01.04.2013.