Life Insurance Corporation of India Direct makes false pitch to sell annuity product, Jeevan Akshay VI
LIC Direct, an alternate distribution route from Life Insurance Corporation of India (LIC), is sending promotional emails with a pitch about India joining the club of developed countries in a few years. As a developed country, interest rates in India after 20 years can be 2% to 4%, it claims. The offer is to buy Jeevan Akshay VI, which has current annuity rates of 7% to 8%. If the interest rates were really going to fall to such lows, LIC should not be taking the risk of locking the customer at high annuity rates of 7% to 8%. Has Insurance Regulatory and Development Authority (IRDA) approved the LIC advertisement? Read more