LIC New Scheme : The country’s largest insurance company Life Insurance Corporation of India (LIC) has introduced a new scheme called Group Post Retirement Medical Benefit Scheme. This scheme will be implemented from 02 May 2023.
This plan is available to any employer with 50 or more employees. Explain that apart from this scheme, LIC also offers 11 group products and a group accident benefit rider to its customers.
LIC Group Post Retirement Medical Benefit Scheme
LIC Group Post Retirement Medical Benefit Scheme is a non-linked, non-participating, life, group savings insurance product. According to LIC, under this scheme, employees will be able to take advantage of medical benefits after retirement. This scheme helps in fulfilling the responsibility of the employer related to the medical benefits of the employees.
Life cover benefit
The plan also provides a fixed life cover benefit (Sum Assured) to the employees. Any employer who wants to fund the benefit of their employees can apply for this scheme.
LIC said in a regulatory filing, “Pursuant to Regulation 30 of the Securities and Exchange Board of India Regulation 2015, you are informed that the Corporation has announced the launch of its new product on May 02, 2023.”
