LIC launches Group Post Retirement Medical Benefit Scheme; know benefits

One of the largest providers of insurance products and policies in India, Life Insurance Corporation of India or LIC 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. About LIC Group Post Retirement Medical Benefit 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. In its regulatory filing, LIC said, “Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Corporation has announced the launch of its new product on 02nd May, 2023.” Thereafter, it is an addition to LIC’s eleven Group products and one Group Accident Benefit Rider. 
Benefits of LIC Group Post Retirement Medical Benefit Scheme 1. As stated by LIC, the insured amount will be paid if a member dies while remaining in service before retirement. 2. Also, this will be given along with post-retirement medical benefits in accordance with the plan’s rules on resigning or retirement. 3. In case the scheme’s rules and subject allow in line with the availability of funds in the group policy account, eligible family members of the insured members may also receive post-retirement medical benefits. 4. The plan will also provide every insured member with a fixed Life Cover Benefit (Sum Assured). Read all the Latest News, Trending News, Cricket News, Bollywood News, India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.