LIC New Plan: LIC has launched a new plan. This plan is for companies, groups etc. and the employees working in them. NGOs etc. will also get its benefit. This is a single premium plan. In this, the employee’s cover is up to Rs 2 lakh. If the employee leaves that institution or group, then he will not get its benefit.
Life Insurance Corporation of India (LIC) has launched a new plan. Its name is ‘Group Micro Term Insurance Plan’. It is a single premium plan. It is a pure risk, group, non-linked and non-participating policy.
This plan is especially for financial institutions like micro finance, cooperative societies, self-help groups and non-governmental organizations (NGOs). This plan will not only be able to meet the demand of these financial institutions but will also cover the members and beneficiaries of these institutions.
These people will also get the benefit of this plan
Unorganized groups, companies and employee groups etc. will also get the benefit of this plan of LIC. If the policy holder dies in an accident, the family will get financial assistance. If there is any loan on the policy holder, it can be repaid from this policy. Nothing has been told about its premium yet.
These are the main benefits of this plan
- This plan will benefit those groups which have 50 or more members.
- It will have a risk cover of sum assured of Rs 5 thousand to Rs 2 lakh. This will be for each member.
- This is a single premium plan. That is, on taking it, the premium will have to be paid only once.
- There will be flexibility in choosing this plan. That is, it can be chosen for one month to 10 years.
- If both husband and wife work in an institution, then it can be taken jointly by both of them.
- The biggest advantage of this is that no medical test is required to take this plan.
Maturity benefit will not be available
There will be no maturity benefit in this plan. The family members will get the policy amount only if the policy holder dies in an accident. In such a situation, the sum assured of the policy will be given to the nominee. However, if the death occurs due to any reason other than accident, then less amount will be given.
