 Early Times Report
JAMMU, Oct 8: In a significant move to expand insurance accessibility, Life Insurance Corporation of India (LIC) has launched its new Single Premium Group Micro Term Insurance Plan effective from October 7, 2024. This plan is a Non-Participating, Non-Linked, Group, Pure Risk, Life Micro Insurance product designed specifically for finance institutions, microfinance bodies, cooperatives, SHGs, NGOs, and other homogeneous groups like employer-employee setups.
The plan is tailored to meet the life insurance needs of the economically vulnerable sections of society. It offers simple, flexible, and affordable life insurance solutions, especially addressing the requirements of groups that are often uninsured. The coverage provides essential credit protection, safeguarding families from the financial burden of loan repayments in the event of the death of the earning member.
Key Features of the Plan:
Available for groups with a minimum of 50 members.
Sum Assured ranging from ?5,000 to ?2,00,000 per member.
Single premium payment in a lump sum.
Flexibility to choose the policy term, from 1 month to 10 years.
Joint life cover for spouse in lender-borrower relationships.
No medical examination required, making it easy to avail.
The introduction of this plan underscores LIC's commitment to providing accessible life insurance solutions for the underserved sections of India, ensuring financial protection at a nominal cost. This plan could prove to be a crucial instrument for financial institutions, protecting their customers and their families in times of crisis. |
