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.
They 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 through this policy. Its premium has not been told yet.
These are the main benefits of this plan
- The benefit of this plan will be available to 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. This means that you will have to pay the premium only once for purchasing this plan.
- There will be flexibility in choosing this plan. That is, it can be chosen from one month to 10 years.
- If both husband and wife work in an institution, then it can be taken jointly by both of them.
- Its biggest advantage is that no type of medical test is required to avail this plan.
You will not get the benefit of maturity
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 an accident, then less amount will be given.
