Excelsior Correspondent
JAMMU, May 4: Life Insurance Corporation of India– one of the largest providers of insurance products and policies in India, has announced a new plan for employers who have 50 or more employees.
As a part of this scheme titled ‘Group Post Retirement Medical Benefit Scheme’, employers can help their employees with post-retirement medical benefits, thus giving each member a fixed life insurance payout (sum assured). Notably, LIC is known for giving out a range of insurance policies for everyone including men, women, children, and senior citizens. Brought into effect this month from 2 May 2023, any employer willing to fund their Employees’ Benefit is eligible for the scheme.
A new LIC launch, the Group Post Retirement Medical Benefit Scheme is a Non-Linked, Non-Participating, Life, Group Savings Insurance product. As a part of this plan, it will help meet the employer’s obligation to give Post-Retirement Medical Benefit to their employees. It also offers a fixed Life Cover Benefit (Sum Assured) to each employee.
Group Post Retirement Medical Benefit Scheme is in addition to the bouquet of LIC’s 11 Group products and one Group Accident Benefit Rider.
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