LIC Scheme LIC Group Post Retirement Medical Benefit Scheme is a non-linked non-participating life saving group insurance scheme. Only a company with 50 or more employees can take advantage of this scheme.
Recently a new plan has been introduced by the country’s largest government insurance company Life Insurance Corporation i.e. LIC. It is a group post retirement medical benefit scheme. The special thing about this plan is that it can be taken by the employer with 50 or more employees.
What is Group Post Retirement Medical Benefit Scheme?
LIC Group Post Retirement Medical Benefit Scheme is a non-linked, non-participating life saving group insurance scheme. It has been told by LIC that it helps the employer in fulfilling the obligation of post retirement medical benefits towards the employees.
Benefits of this scheme
The biggest advantage of this group scheme is that if the person covered in this scheme dies while in service before retirement, the sum assured is given to him. On the other hand, if a person retires while in the scheme, he is given post retirement medical benefits as per the rules.
As per the policy terms, post retirement medical benefits are also provided to the family of the employees if funds are available in the group policy account. In this plan, the Fixed Life Cover Benefit (Sum Assured) is fixed for each member.
LIC issued statement
On behalf of LIC, it was said about this scheme that it is in addition to the company’s 11 group products and a group accident benefit rider. It has been started from 2 May.
Let us tell you, LIC is the largest government insurance company in the country. The company has more than 50 percent share of the insurance market.
