Economy Desk: Three months after the launch of the universal pension program in the country, Jeevan Bima Corporation has stopped private pension insurance. In an office order, the state-owned insurance company has stopped selling this policy as unprofitable as of December 1.
According to the order, the actuarial consultant of the Life Insurance Corporation has recommended stopping the marketing of the individual pension policy as unprofitable. The actuarial consultant’s recommendation was approved in the 624th meeting of the Board of Directors. The corporation said that even if the new insurance policies are not sold, the benefits of the old ones will continue.
Note that this insurance policy was introduced for people of any profession, including professionals and working people. It became popular because of the financial security of life insurance in case of untimely death during working life and the opportunity to receive a death pension for retirement. But three months after the launch of the country’s first public pension scheme in August last year, the life insurance authority shut down the private pension policy as unprofitable.
Note that in the case of accidental death insurance in a personal pension policy, if the insured dies immediately after the accident or within 90 days of the accident, the nominee gets 30 times the annual premium. This insurance premium has to be paid both annually and semi-annually. If the beneficiary dies within 10 years of receiving the pension, the nominee gets the pension benefit for the remaining period. There is also a provision for a lump sum payment to the nominee of the pension or the option, which has more money in case of the natural death of the insured, before drawing the pension. At the time of retirement, the policyholder has the option of surrendering 50 percent or the entire pension amount to take a lump sum. There was also an opportunity for the customer to take a loan against the insurance policy due to the income-tax-free facility.
Meanwhile, even if the universal pension program is introduced, there is no response. 17 thousand 995 people have become subscribers to the four schemes of public pension in five months since their launch on August 17, 2023.
