LIC launches post retirement medical benefit scheme

Life Insurance Corporation of India (LIC) has introduced Group Post Retirement Medical Benefit Scheme. “This plan is a non-linked, non-participating, life, group savings insurance product. The plan helps to meet the employer’s obligation for post-retirement medical benefit to their employees,” the company said in a statement.

“The plan also offers a fixed life cover benefit (sum assured) to each member. Any employer willing to fund for their employees’ benefit may adopt the scheme.