look news india
Life Insurance Corporation of India (LIC) has launched a new insurance scheme 'Group Micro Term Insurance Plan' for microfinance institutions, cooperative societies and self-help groups. This is a single premium plan and is specifically designed for groups with 50 or more members. The sum assured in this policy ranges from Rs 5 thousand to Rs 2 lakh and can be chosen for a period ranging from 1 month to 10 years. The special thing is that it does not require any medical test.
This new scheme of LIC has been brought with the aim of providing financial security to groups, especially to organizations like microfinance and NGOs. Its main points are as follows.
This is a single premium policy, that is, the premium has to be paid only once.
This policy is for groups with 50 or more members.
The limit of insurance amount has been kept from Rs 5,000 to Rs 2 lakh.
This plan can be taken for a period ranging from 1 month to 10 years.
If both husband and wife are working in an institution then they can take it jointly.
No medical test is required in this policy.
Who will get the benefit and when will it not?
The biggest advantage of this policy is that employees in unorganized sectors can also avail its benefits. If the policyholder dies, his family will get financial assistance. However, if the policyholder leaves the group for any reason or crosses the prescribed age limit then the policy can be cancelled.
Current status of LIC shares
LIC shares saw a gain of 1.5% on Monday. However, there has also been a decline of about 8% in the last month. The share was listed in May 2022 and till now it has gained more than 14%.