Life Insurance Corporation of India (LIC) has launched Single Premium Group Micro Term Insurance Plan from 07 October. This plan is a non-participating, non-linked, group, pure risk, micro life insurance product.
This plan is specially designed to provide simple, flexible and affordable life insurance. It aims to meet the needs of financial institutions, including microfinance institutions, to cover their lenders, co-operative societies, self-help group members and NGOs. It also addresses the essential insurance needs of members of unorganised groups, employer-employee groups and other affinity groups.
In the context of the Indian market, this product has the potential to provide accessible life insurance solutions at nominal costs to a significant segment of the Indian population. It is aimed at those who still do not have insurance. It has the potential to provide accessible life insurance solutions at nominal costs to such a population. More importantly, it provides customized credit protection to the customers of financial institutions and protects families from the burden of repayment of outstanding loans in case of unfortunate death of the breadwinner.
What is the specialty of this scheme?
- This plan is for groups with 50 or more members.
- The risk cover sum insured for members ranges from Rs 5000 to Rs 2,00,000.
- Single premium mode payable in lump sum.
- Flexibility to choose cover period from 1 month to 10 years.
- Joint life cover available for spouses under lender-borrower relationship.
- Easy to get insurance and no medical test required.
