LIC decision to introduce new plans comes as a response to the IRDAI master circular, which required all insurance companies, including LIC, to discontinue their existing policies by September 30, 2024. This was done to modernize and streamline the life insurance products available in the market, ensuring they are more customer-centric and in line with the latest regulations. LIC followed this directive by modifying its old plans and introducing new ones, with changes reflecting new surrender value calculations, possible adjustments to agent commissions, and premium revisions.