LIC Group Post-Retirement Medical Benefit Scheme:- A new non-linked, non-participating life group savings insurance policy called the Group Post-Retirement Medical Benefit Scheme has been released by LIC (Life Insurance Corporation of India).
What is LIC Group Post-Retirement Medical Benefit Scheme ?
The program is intended to help employers fulfill their duties to provide their workers with post-retirement medical benefits. Each member of the group coverage program receives a fixed life insurance payout (sum assured), and any employer with 50 or more employees is eligible to join. The benefits of the plan are as follows.
Details of LIC Group Post-Retirement Medical Benefit Scheme
|Name||LIC Group Post-Retirement Medical Benefit Scheme|
|Released by||Life Insurance Corporation of India|
|benefits||To help employers fulfil their duties to provide their workers with post-retirement medical benefits|
Benefits of LIC Group Post-Retirement Medical Benefit Scheme
Following are the benefits of the scheme:
- Under the group’s cover,the sum insured will be paid if a member passes away while still in service before retirement.
- Post-retirement medical benefits will be given out in accordance with the scheme rules whenever a member leaves their position or retires.
- If permitted by the plan rules and provided there are sufficient assets in the group policy account, eligible family members of such employee members may also get post-retirement medical benefits.
- The Master Policyholder must pay the Corporation so that the Corporation can pay out benefits if the balance in the Group Policy Account of the Scheme is insufficient to do so according to the scheme’s rules.However, the Corporation’s overall liability to the Master Policyholder for the Post-Retirement Medical Benefit is capped at the Group Policy Account Value.
Features of Scheme
The following are the features of the scheme:
- A non-linked, non-participating life insurance policy, the scheme is a group savings insurance. The plan, in accordance with LIC, aids in fulfilling the employer’s duty to provide Post-Retirement Medical Benefit to its employees.
- Additionally, the plan provides each member with a fixed Life Cover Benefit (Sum Assured). The program may be adopted by any firm wanting to contribute to their employees’ benefits.
- LIC stated in a regulatory filing that it would introduce its new product on May 2, 2023, in accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.