Life Insurance Corporation of India (LIC) has launched ‘Group Micro Term Insurance Plan’, which is specially designed for organizations like micro finance, cooperatives, and self-help groups. This is a single premium policy that provides insurance cover to groups with 50 or more members.
Life Insurance Corporation of India (LIC) has launched a new insurance plan ‘Group Micro Term Insurance Plan’, which is for micro finance institutions, cooperatives and self-help groups. This is a single premium plan and is specially designed keeping in mind those groups which have 50 or more members. This policy has a sum assured of Rs 5 thousand to 2 lakh and it can be chosen for a period of 1 month to 10 years. The special thing is that no medical test is required in this.
This new plan of LIC has been brought with the objective of providing financial security to groups, especially for organizations like micro finance and NGOs. Its main points are as follows.
This is a single premium policy, i.e. premium has to be paid only once.
The policy is for groups that have 50 or more members.
The sum assured limit is kept from Rs 5,000 to Rs 2 lakh.
This plan can be taken for a period of 1 month to 10 years.
If both husband and wife are employed in an institution, then they can take it jointly.
No medical test is required in this policy.
Who will get the benefit and when will they not get it?
The biggest advantage of this policy is that even employees of unorganized sectors can benefit from it. If the policyholder dies, his family will receive financial assistance. However, if the policyholder leaves the group for any reason or crosses the prescribed age limit, the policy may be cancelled.
Current status of LIC shares
LIC shares saw a gain of 1.5% on Monday. However, it has also declined by about 8% during the last month. The stock was listed in May 2022, and so far it has gained more than 14%.
